Hurricane Energy Plc (LON:HUR) expects it will have brought in some US$165mln of revenue by the end of 2019, thanks to the continuing successes of the Lancaster field early production system (EPS).
The Lancaster EPS is seen performing strongly which, for investors, is in contrast to the disappointing end to the 2019 drill campaign at Hurricanes 50% owned Greater Warwick Area.
Lancaster is set to have produced around 3.1mln barrels of crude for the year (after the May start-up) with the rate averaging 13,300 barrels of oil per day since coming online – the rate has been constrained whilst Hurricane gathers valuable production data.
United completed the sale of North Sea Blocks 15/18d and 15/19b (Licence P2366) to Hibiscus for US$5mln. The AIM-listed group gets US$855,000 now, a further US$3mln by the end of next year and an additional US$1mln as royalty once the Crown discovery on the blocks moves into production.
Brian Larkin, Uniteds chief executive, said: “We have, in a short space of time, added significant value to Licence P2366 and realised a significant return."
The Trinidad oiler told investors it has seen encouraging results to date in the Saffron well, on the South West Peninsula.
The company said that the well, which is still in the drilling phase, is continuing as planned. A pilot hole encountered hydrocarbon bearing zones within the tertiary target and has given sufficient encouragement for the company to prepare this part of the well for future testing. As drilling has continued further shows of oil bearing intervals have been encountered within the wells secondary target.
Presently, the programme is in the main section advancing towards the primary target, in the Lower Cruse formation. It is planned that the well will undergo logging and production testing.
G3 Exploration PLC (LON:G3E)
It saw its shares continue to recover on Thursday as a court in Grand Cayman granted it leeway to sort out its problems. The court has appointed Alvarez & Marsal as joint provisional liquidators (JPL) but they will work with the existing management to devise a restructuring plan for the China-focused gas group.
The drill programme for the Campo La Mata exploration well (CLMx-1), at the Tapi Aike project, was completed. In a statement, Echo said the well was drilled down to 2,513 metres and wireline logging has taken place. Drilling data and initial analysis has encouraged the exploration partners to take the next steps to move the well through completion and testing.
It noted that the Mag 60 or Lobe G prospect, the wells secondary target, was reached at 1,977 metres and the well encountered two fine-grained sandstones that have been identified to coincide with elevated gas shows.
The primary target, known as Mag 20 or Lobe C, was encountered at 2,181 metres and it coincided with elevated gas shows. Another secondary target, known as D3 or Anita, was found at 2,265 metres and elevated gas showRead More – Source