North Sea explorer Hurricane Energy has announced that its giant Lancaster field and others near the Shetland isles may contain more than three times its previously-announced reserves.
The Surrey-based operator said these reserves are independently estimated to contain as much as 2.6 billion barrels of oil in its Lancaster and its Halifax and Lincoln fields West of Shetland.
RPS Energy Consultants said Halifax and Lincoln may contain 1.2 billion barrels oil equivalent and 0.6 boe respectively, with reservoir properties similar to Lancaster. Other finds and prospects may contain around 240 million barrels.
Whilst RPS also recognises the potential for Lincoln and Warwick to be a single hydrocarbon accumulation, they have elected to take a more conservative approach by evaluating them as separate structures, at least until a well is drilled at Warwick.
Dr Robert Trice, Chief Executive, Hurricane Energy, said: “We’re committed to maximising shareholder value by monetising the vast resource within these Rona Ridge reserves via a farm-out, and ultimately a sale to an industry partner, at the appropriate time.
“The Lancaster production system is fully funded and on track for first oil by Summer 2019.”
13 Dec 2017