Hurricane Energy demobilises drilling unit at Lancaster field

3rd Jul 2014 10:53

AIM-listed oil and gas group Hurricane Energy has demobilised a drilling unit on the Lancaster horizontal appraisal well that had been located West of Shetland approximately two days earlier than planned. The unit successfully drilled and tested a one kilometre section on its wholly-owned Lanaster field, which is estimated to have contingent resources of 207m barrels of oil equivalent. Chief Operating Officer Neil Platt said: "I am extremely pleased to confirm completion of the drilling and testing campaign on the Lancaster horizontal appraisal well and the safe demobilisation of the drilling unit within the AFE duration." The group said it expects to make a further announcement by the end of the third quarter, once it has completed the technical analysis of the results. Shares slumped 14.26% to 40.30p by 11:04. NR