On May 9, 2016, the Company announced the successful completion of a £52.1 million Placing and Subscription, which will enable Hurricane to proceed independently to drill and test both a Pilot Well and a Horizontal Sidetrack Well on the Lancaster field (the "Lancaster 7 Wells") 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 (currently 62 - 456 MMboe) and provide a second future production well.
Accordingly, with funding in place, the Directors of the Company have taken the decision to temporarily suspend current farmout 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 farmout options.
The Company expects to reopen its data room for farmout discussions, once the results from the Lancaster 7 Wells have been interpreted and integrated with the ongoing development planning.
Dr. Robert Trice, CEO of Hurricane, commented:
"This is an exciting time for the Company, following the recent investments made by new and existing supporters of Hurricane earlier this year. We look forward to this summer's drilling campaign and are confident that the additional data obtained will put the Company in a stronger position from which to pursue funding options to progress the Lancaster development."