Hurricane Exploration completes further evaluation of the Lancaster Prospect

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04 Dec 2009

Hurricane Exploration plc (“Hurricane”) is pleased to announce that it has completed further evaluation of the drilling and testing results from its Lancaster discovery well. The well results have confirmed the validity of the company’s pre-drill geological expectations, namely that:

  • Seismic scale faults would be permeable and hydrocarbon bearing
  • Permeable fractures would exist ‘outside’ of seismic faults
  • Light oil would be found at Lancaster
  • Oil would be found outside of structural closure

Hurricane has had provisional contingent resource estimates evaluated by Logicom E&P Ltd (1), an independent third party, and Logicom has determined a P50 contingent resource of 147 mmstb. If confirmed through production testing of the Lancaster well and further appraisal, this would be one of the largest finds of oil in the UK in recent years.

In addition, Hurricane believes that the Lancaster well significantly de-risks Hurricane’s other prospects in the West of Shetlands, which Hurricane is keen to drill as soon as possible, and that additional oil bearing volumes may reside beyond the depth of the Lancaster well.

Basement reservoirs are challenging and difficult to evaluate. The remaining key geological factors on the Lancaster prospect, which could provide either upside or downside, are the:

  • Flow potential of Lancaster’s fault zones
  • Ability to effectively isolate water zones
  • Depth of the deepest oil water contact
  • Aerial distribution of oil across the Lancaster structure

Hurricane believes that further well testing will significantly mitigate uncertainty relating to the flow potential of fault zones and the ability to isolate water, and is therefore working towards undertaking an extended well test on the Lancaster well in the summer of 2010. Appraisal drilling would then be undertaken subsequently in order to mitigate the uncertainty related to the extent of the oil column and distribution of hydrocarbon across the Lancaster structure.

Hurricane’s objective for 2010 is therefore to undertake an extended well test on Lancaster and to drill an exploration well on a basement prospect, a prospect that has been significantly de-risked through the drilling of the Lancaster well.

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