Hurricane Energy - Resource downgrade warning
Hurricane’s technical committee has concluded that there is a reasonable probability that the oil water contact (OWC) in the Lancaster field is shallower than the range of OWCs estimated in the 2017 competent person’s report (CPR) by RPS Energy. As a result, the company believes there is a risk that the estimated reserves for the Lancaster early production system (EPS) and the contingent resources across the West of Shetland portfolio will be materially downgraded. Given the range of outcomes which could emerge from the technical review, and less than a month to the interim results on 11 September 2020, we believe suspending our valuation is a prudent move until there is further clarity on reserves, resources and remedial actions being considered to mitigate potential reserve downgrades.Hurricane Energy is engaged in the exploration of oil and gas reserves principally on the U.K. continental Shelf. Co.'s acerage is focused on the Rona Ridge, West of Shetland.
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