Hurricane Energy 'delighted' with test results from Lincoln Crestal well

12th Sep 2019 10:49

(Sharecast News) - Oil and gas explorer Hurricane Energy was "delighted" to reveal that it had recorded a maximum stable flowrate of 9,800 barrels of oil per day during testing at its Lincoln Crestal well, off the west coast of the Shetland Islands.

Hurricane told investors on Thursday that, without the use of electrical submersible pumps, the Lincoln Crestal well flowed at an average rate of 4,682 bopd under natural conditions and noted that no formation water was produced.

Lincoln Crestal, the second well in a three-well programme on the Greater Warwick Area, will now be suspended, subject to regulatory approval, with long term gauges installed to test interference with future wells.

It will then be tied-back to the Aoka Mizu FPSO during 2020, subject to further technical evaluations, regulatory consent and a final investment decision.

Chief executive Dr Robert Trice said: "We are delighted with the results of the Lincoln Crestal well. We have confirmed the presence of light oil which can be produced at commercial rates.

"This successful result brings us closer to monetising this huge resource."

As of 1130 BST, Hurricane shares had climbed 8.54% to 49.17p.