Hurricane Energy confirms third huge new oil field find off Shetland

Hurricane Energy has issued results of its test drilling off eastern Shetland – where it has already confirmed its Lancaster field – which show it has discovered another major oil field.  

Test drillings in the Lincoln field have resulted in a significant fractured basement discovery with some 250 billion barrels of oil, which also show that:

• Hydrocarbons were encountered at the depth of the planned TD of the Lincoln Well resulting in the operational decision to deepen the Lincoln Well;
• Gas chromatography and logging while drilling data indicates a very significant hydrocarbon column of at least 660 metres -, comparable to that found at Lancaster – and that:
• The oil down to (“ODT”) was observed at approximately 520 metres TVD below structural closure which is 168 metres TVD below the ODT in the Arco 205/21-1 well, which was drilled on Lincoln’s flank in 1995 (the “Arco Well”).

Dr Robert Trice, Chief Executive, Hurricane Energy, said: “I am delighted that, at the end of an extraordinary year for Hurricane, the Lincoln Well has discovered a significant oil column outside structural closure on our Greater Lancaster Area acreage.

“Our initial assessment of the drilling results will be subject to refinement by analysis of wireline and sidewall core data.

“However, current analysis indicates that our pre-drill resource assessments – which were constrained by the oil down to in the Arco Well – of approximately 250 million barrels of recoverable oil for the Lincoln prospect – may be conservative.  

“We look forward to Hurricane’s imminent operations on the hugely important Halifax well and to simultaneously progressing towards the sanction of the Lancaster Early Production System in H1 2017.”

The Lincoln Well is now being plugged and abandoned ahead of the Transocean Spitsbergen drilling rig being demobilised from the Lincoln Well. A further announcement will be made once weather and sea state conditions have allowed for the rig to move to the Halifax well location and for the well to be spudded.