Last month the company completed a £52.1-million ($75.7-million) placing and subscription, which will allow it to drill and test a pilot well and a horizontal side track well on the basement Lancaster oil field.
The “Lancaster 7 Wells” - the first of which is expected to spud next month - are designed to firm up the field’s current contingent resource range of 62-456 MMboe, and to provide a second future production well.
Hurricane prefers to focus on drilling, testing and subsequent analysis of the campaign, and to use the results to strengthen its position for the resumption of farm-out talks.
It expects to re-open its data room to interested parties once it has interpreted and integrated the new data with its ongoing development plans.
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