Analysts fret on Hurricane’s single well reliance
The North Sea fractured basement specialist’s dependence on one producing well at its Lancaster project is causing concern
The UK’s Hurricane Energy has seen founder Robert Trice vacate the CEO role—to be replaced by Beverley Smith on an interim basis—and announced a data review to determine a future activity programme. But it is May’s shutdown of the Lancaster field’s 205/21a-7z well and thus the firm’s reliance solely on the 205/21a-6 well that is causing greater analyst concern.
The good news for Hurricane is that its one well, which is producing at 12,000bl/d oe, has “excellent productivity and a water cut of c.8pc”, says Carlos Gomes, associate oil and gas analyst at investment research firm Edison. It has not been tested much beyond 14,000bl/d oe, he cautions, although it briefly flowed at 16,500bl/d oe d
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