Hurricane Energy PLC Lancaster Field Development Plan Addendum Approval (1689C)
June 17 2021 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 1689C
Hurricane Energy PLC
17 June 2021
17 June 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Lancaster Field Development Plan Addendum Approval
Hurricane Energy plc, the UK based oil and gas company, is
pleased to announce the approval of the Lancaster Field Development
Plan Addendum (the "FDPA") by the UK's Oil and Gas Authority (the
"OGA").
The FDPA approval, together with associated production, flare,
and vent consents, enables p roduction with the flowing bottom hole
pressure up to 300 psi below the bubble point pressure of the fluid
(1,605 psia at 1,240 metres TVDSS), subject to the Company ensuring
that no incremental liberated gas is produced to surface.
The initial consent is for a three-month period from 16 June
2021 to 15 September 2021. Production, flare, and vent consents
will be issued on a three-monthly basis. The Company will regularly
provide the OGA with data to demonstrate conformance with the
consent conditions.
In line with the FDPA, the Company will ensure that no
incremental liberated gas is produced to surface and commits to
choking back or shutting in any well which may produce incremental
gas liberated due to below bubble point production.
The approval of the Lancaster FDPA satisfies a key condition of
the Company's proposed financial restructuring, as originally
announced on 30 April 2021.
Antony Maris, CEO of Hurricane, commented:
"I would like to express my thanks to the OGA technical and
management teams for the open-minded approach they brought to these
discussions. This approval, whilst not having any immediate impact
on the reservoir performance of the Lancaster field, will assist
with longer term reservoir management, enabling us to optimise the
field's performance. Approval now, while we still have some months
before we reach bubble point, will allow both us and the OGA to
establish base line performance and to test the three-month
approval process."
-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 +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Rahul Sharma +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigoconsulting.com +44 (0)20 7390 0230
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster
field, the UK's first field to produce from a fractured basement
reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area
licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Glossary
bubble point The pressure at which gas begins to come out of
solution from oil within the reservoir
psi pounds per square inch unit of pressure
===================================================
psia pounds per square inch (absolute) unit of pressure
===================================================
TVDSS True Vertical Depth Sub Sea
===================================================
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END
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