Hurricane Energy today confirmed it had suspended its efforts to source farmout partners for its Lancaster field development located west of Shetland.
It comes after the firm successfully raised £52.1million through placing and subscription, enabling it to independently drill and test both a pilot well and a horizontal sidetrack well on the Lancaster field this summer.
Chief executive Robert Trice said: “This is an exciting time for the company, following the recent investments made by new and existing supporters of Hurricane earlier this year. We look forward to this summer’s drilling campaign and are confident that the additional data obtained will put the company in a stronger position from which to pursue funding options to progress the Lancaster development.”
The farmout will be suspended as the firm until the drilling, testing and subsequent analysis of the Lancaster 7 Wells has been completed.
Hurricane 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.
