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Hurricane Energy to engage with stakeholders on funding to enhance well at Lancaster site
StockMarketWire.com
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Oil and gas company Hurricane Energy said it would engage with stakeholders on the funding of options to enhance a well at its Lancaster site.
Development costs were currently estimated at about $60 million. First production from the existing 205/21a-7z well should be possible by late 2021, the company said.
While several development options continue to be evaluated, a side-track of the existing 205/21a-7z well to an up-dip oil producer location could increase oil production from late 2021, the company said.
This could be followed by a water injection well in the northwest of the Lancaster field, which, with related FPSO and subsea work, could provide pressure support and sweep oil within the onlapping sandstone reservoirs towards the producing wells from late 2022, it added.
The sidetrack would cost £44 million and the injector £55 million.
Hurricane warned that without additional investment, further development activity at Lancaster 'might not be possible.'
At 9:34am: (LON:HUR) Hurricane Energy PLC share price was 0p at 3.25p
Story provided by StockMarketWire.com
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