Hurricane Energy PLC (HUR.L) Lancaster EPS update

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on the Lancaster Early Production System (“EPS”).

The Company is pleased to report that the commissioning of the Electric Submersible Pumps (“ESPs”) has been completed successfully on both Lancaster EPS producing wells. Following the successful ESP commissioning programme, the 205/21a-6 well has been returned to natural flow, while the 205/21a-7z well will continue being produced using an ESP.

Following the Company’s most recent update on 8 July 2020, a period of ESP testing has seen Lancaster EPS production increase from c.15,000 bopd to c.17,000 bopd as oil and water production from the 205/21a-7z well has stabilised .

Currently, individual well production rates are as follows:

With the 205/21a-7z well currently flowing using the ESP there has been no evidence of the performance issues which led to this well being temporarily shut-in at the end of May 2020.

As part of the ongoing geological and technical review, the Company continues to evaluate options to enhance production from its West of Shetland asset base. Production guidance will remain suspended at this time until the technical review is complete or until production uncertainties have reduced. Further Lancaster EPS production updates will be given when appropriate.

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.

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