TIDMHUR

RNS Number : 0001Y

Hurricane Energy PLC

10 May 2021

10 May 2021

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update and Notice of Results

Operational Update

Hurricane Energy plc, the UK based oil and gas company, provides an update on Lancaster field operations, pursuant to the Company's reporting framework outlined in the Proposed Financial Restructuring announcement as initially published by the Company on 30 April 2021.

The following table details production volumes, water cut and minimum flowing bottom hole pressure for the 205/21a-6 ("P6") well during April 2021. During the month, and as part of the Company's periodic well testing programme for reservoir management purposes, the Lancaster field was producing from both the P6 and 205/21a-7z ("P7z") wells in various different configurations and at various production rates, including periods of well shut-ins for pressure build-up tests. As a result, monthly oil and water production is also included for the P7z well.

April 2021 Lancaster Field Data

 
                                       P6     P7z(1) 
 O il produced during the month 
  (kbbls)                             303       19 
                                    -------  ------- 
 Average oil rate (bopd)             10,100    n.m. 
                                    -------  ------- 
 W ater produced during the month 
  (kbbls)                             116       83 
                                    -------  ------- 
 A verage water cut(2)                28%      n.m. 
                                    -------  ------- 
 Well gauge p ressure (psia)(3)      1,657    n.m. 
                                    -------  -------

1. P7z on production for nine days in the period for the purpose of well testing. Average oil, water cut and pressure data are not meaningful (n.m.) due to short production duration

   2.       Expressed as total water produced divided by total fluid (oil and water) production 
   3.       Pressure reported is the monthly minimum from well downhole gauge

The average Lancaster oil production rate for April 2021 was lower than prior months, when the P6 well was producing on a standalone basis in line with the Company's near-term production strategy. Lancaster is currently producing 11,600 bopd from the P6 well alone with an associated water cut of 29%.

Notice of Results

Hurricane's full-year results for 2020 will be announced on 25 May 2021.

-ends-

Contacts:

 
 Hurricane Energy plc 
  Antony Maris, Chief Executive Officer 
  Philip Corbett, Head of Investor Relations    +44 (0)1483 862820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / Ashton Clanfield             +44 (0)20 7710 7600 
 Investec Bank plc 
  Joint Corporate Broker 
  Chris Sim / Rahul Sharma                      +44 (0)20 7597 5970 
 
 Vigo Communications 
  Public Relations 
  Patrick d'Ancona / Ben Simons 
  hurricane@vigocomms.com                       +44 (0)20 7390 0230

About Hurricane

Hurricane was established to discover, appraise and develop hydrocarbon resources associated with naturally fractured basement reservoirs. The Company's acreage is concentrated on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf.

The Lancaster field (100% owned by Hurricane) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

Visit Hurricane's website at www.hurricaneenergy.com

Glossary

 
 bopd    Barrels of oil per day 
 FPSO    Floating production storage and offloading 
          vessel 
        =========================================== 
 kbbls   Thousand barrels 
        =========================================== 
 psia    pounds per square inch absolute 
        ===========================================

Inside Information

This announcement does not contain inside information.

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END

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