Hurricane Energy confirms spudding of Lincoln Well

9th Nov 2016 13:07

(ShareCast News) - Hurricane Energy confirms the spudding of the Lincoln Well, which targets targets a basement prospect geologically similar to the nearby Lancaster structure."Seismic interpretation indicates a well-connected fault network within the Lincoln basement," the company said."Encouragingly, a previous well (205/26-1) drilled in 1975 by Arco on the down-dip flank of the Lincoln structure found oil in sandstones immediately above the basement, thus mitigating the oil charge risk to the prospect," it said.AIM-quoted Hurricane added that subsequent analysis had identified traces of oil in the short interval of basement that was drilled below the oil-bearing sandstones.The basement interval in which it believed oil to be present was 2135m TVDSS, which was 355m TVD below the structural closure interpreted by RPS Energy Limited in the 2013 CPR.At about 13:04 GMT, shares in Hurricane were up 1.45% to 35p.