9th Jun 2014 09:35
LONDON (Alliance News) - Hurricane Energy PLC said Monday it has completed the drilling phase of its ongoing operation to drill and test a horizontal appraisal well on its Lancaster discovery, West of Shetland.
The UK-based oil and gas company, which focuses on hydrocarbon resources in naturally fractured basement reservoirs, said the well has been drilled to plan and a one kilometre horizontal section through the basement reservoir is now being prepared for testing.
"The planned operation has gone well and we have succeeded in drilling the one kilometre horizontal section in the fractured basement structure," said Dr Robert Trice, Chief Executive of Hurricane Energy. "I am extremely encouraged by the data so far acquired as it indicates that the target fault zones are present and that the encountered section is fractured and oil bearing. Operations have now switched focus to the preparation for the well testing phase of this operation," he added.
Hurricane Energy shares were trading 2.07% higher at 30.75 pence per share Monday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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