8th Jun 2016 08:47
LONDON (Alliance News) - Hurricane Energy PLC on Wednesday said it has decided to temporarily suspend current farmout discussions until the drilling, testing and analysis of the Lancaster 7 Wells has been completed.
The UK-based oil and gas company raised GBP52.1 million in a share placing and subscription last month, which it had said would allow it to proceed independently to drill and test both a pilot well and a horizontal sidetrack well on the Lancaster field this summer.
The Lancaster 7 wells, which are based around 60 miles west of Shetland and 100 miles north of mainland Scotland, are designed to refine the Lancaster Contingent Resource range and provide a second future production well. The first Lancaster 7 well is expected to spud in July.
As such, with the funding in place, Hurricane said it has decided to temporarily suspend farmout discussions until the drilling, testing and subsequent analysis of the Lancaster 7 wells has been completed, as this will allow it to focus on the upcoming drilling campaign.
Hurricane said the campaign should provide new information to help optimally plan the Lancaster field development and will put it in a better position to pursue its farmout options.
Hurricane said it expects to reopen its data room for farmout discussions once the results from the Lancaster 7 wells have been interpreted and integrated with the ongoing development planning.
Shares in Hurricane were down 2.1% at 17.62 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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