GODALMING, UK – Hurricane Energy plc has provided an update on its farm-out discussions.
On May 9, the company completed a £52.1-million ($75.7-million) placing and subscription, which will enable it to proceed independently to drill and test both a pilot well and a horizontal side track well on the Lancaster field (the Lancaster 7 wells) west of Shetland this summer.
The Lancaster 7 wells - the first of which is expected to spud in July - are designed to refine the Lancaster contingent resource range, which is currently 62-456 MMboe, and provide a second future production well.
Accordingly, with funding in place, the board has decided to temporarily suspend current farm-out discussions until the drilling, testing, and subsequent analysis of the Lancaster 7 wells has been completed.
This will allow the company to focus on the upcoming drilling campaign, provide new information to help optimally plan the Lancaster field development, and is expected to provide a strengthened position from which the company may pursue its farm-out options.
It expects to reopen its data room for farm-out discussions, once the results from the Lancaster 7 wells have been interpreted and integrated with the ongoing development planning.
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