Hurricane Energy PLC

Description

Hurricane Energy is engaged in the exploration and production of oil and gas reserves and was established to discover, appraise, and develop hydrocarbon resources; it was founded in 2004 as Hurricane Exploration PLC, with the belief that there are some untapped resources in the UK’s fractured basement reservoirs. The group got listed on the Alternative Investment Market of the London Stock Exchange as LON: HUR in 2014. The group has expanded through strategic acquisition and participated in multiple licensing rounds, it has licenses to operating in the Rona Ridge, in the West of Shetland region of the UK Continental Shelf.  It has drilled 11 wells since 2019, of which five are located in the Lancaster field which was brought on-stream in 2019. The group aims to deliver high return and value to its shareholders by monetizing the untapped reserves and recourses associated with naturally fractured basement reservoirs within its portfolio. 

The group operates its multiple offshore petroleum basin licenses located on the UK Continental Shelf, West of Shetland that consist of Clair, Finaven and Schiehallion fields that produces huge amount of oil and is benefits from the established industry supply chain of the North Sea. Its licenses are focused on the Rona Ridge which is a major NE-SW trending basement feature with the water depth of around 150 meters.  It discovered licenses at Lancaster, Lincoln, Halifax and Warwick through its extensive exploration and appraisal activities. The Lancaster-PI368 Central field was discovered in 2009 and is in Blocks 205/21a, 205/22a and 205/26b with 100% interest. Further it is implementing a phased development on Lancaster field using the two horizontal wells drilled on the structure. The Halifax-P2308 is in blocks 205/22b, 205/23 and 205/24 with 100% interest. The great Warwick Area consist of two licenses that are P2294-Warwick/Lincoln and P1368 South- Lincoln, the P2294-Warwick/Lincoln field comprises of 204/30b and 205/26d blocks with 50% interest is with the group and 50% with Spirit Energy. The P1368 South consists of 205/26b block with 50% interest with the group and 50% with Spirit Energy.