Hurricane Energy said today it had taken another step towards production start-up from the North Sea Lancaster discovery after completing a second sidetrack well on the field.
Hurricane said it would draw up a new competent person’s report (CPR) in the coming months as it looks to secure approval for an early production system (EPS).
The London-listed company said productivity from the new horizontal well was about the same as that achieved on the first.
It will suspend the well to preserve it for future production.
The announcement comes as another boost for Hurricane, which last week said it had conditionally raised $70million through a share placing.
Hurricane chief executive Robert Trice said: “We are very encouraged by these excellent test results which support the company’s plans for a Lancaster field development and demonstrate that we now have two highly productive horizontal wells which we will use in our EPS.
“We will now be progressing a new CPR which will incorporate data gathered from this year’s drilling campaign. The CPR publication date is targeted for 1H 2017 to coincide with approval of the company’s field development plan for the Lancaster EPS.”
Lancaster, which is thought to be one of the North Sea’s largest undeveloped fields, forms part of Hurricane’s portfolio of west of Shetland “fractured basement” exploration projects.
Hurricane expects to make a final investment decision on the EPS in the first half of 2017, with first oil targeted for 2019.
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