Update: Defining EPS development volumetrics
Hurricane’s 2016 well programme aims to firm up volumes in Lancaster’s mapped structural closure, oil that Hurricane plans to monetise through a two-well EPS development. More clarity on volumes will support concept definition and should provide the basis for further farm-out discussions, taking the Lancaster field through to EPS first oil in 2019. Hurricane’s £52m fund-raise, announced on 18 April, was carried out at a 46% premium to market and will provide capital for the Q316 Lancaster 7 Wells drilling programme consisting of a multi-objective vertical pilot well and horizontal production test. Our RENAV for Lancaster, including net cash and net of corporate overheads, stands at 34p/share, down from our last published 47p/share as a result of fund-raising equity dilution, a 10$/bbl reduction in our long-term oil price assumptions and higher risk assigned to full field development volumes outside mapped structural closure.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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