12th Sep 2019 10:34
(Alliance News) - Hurricane Energy PLC is "delighted" with the results from the Lincoln Crestal well in the UK North Sea, it said on Thursday.
Hurricane shares were 9.1% higher on Thursday morning at a price of 49.44 pence each.
The well recorded a maximum stable flow rate of 9,800 stock tank barrels of oil per day using electrical submersible pumps. Under natural conditions, the average flow rate was 4,682 barrels a day, and no water was produced.
Hurricane will now suspend Lincoln Crestal, and then tie it back to the Aoka Mizu floating production, storage, & offloading vessel during 2020. This does, however, depend on a final investment decision being made.
Chief Executive Robert Trice said: "We are delighted with the results of the Lincoln Crestal well. We have confirmed the presence of light oil which can be produced at commercial rates. The Lincoln Crestal well is now planned to be tied back to the Aoka Mizu next year. This would make Lincoln the second producing basement field in the UK.
"Based on the result of the 2016 Lincoln well, RPS Energy assigned 2C contingent resources of 604 million barrels of oil equivalent to Lincoln. This successful result brings us closer to monetising this huge resource."
Lincoln Crestal is the second well in a three-well programme on the Greater Warwick Area.
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