Hurricane Energy Starts Up Lancaster Oil Field
Hurricane Energy has started up its Lancaster Field west of Scotland’s Shetland Islands, the company said on May 13, pushing its shares up 6% to a seven-week high.
The British oil and gas company specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude.
Hurricane’s FPSO vessel was connected to the group’s North Sea Lancaster oil field in March after a technical hiccup in January.
Hurricane expects the field, which it started up on May 11, to produce at a plateau of 17,000 barrels of oil per day. The company will analyse data from each well individually and reiterated it would reach first oil, or three days of simultaneous flow from both wells at the field, by the end of June.
There is no fractured basin field in production in Britain at present. Lundin Petroleum extracts oil from a fractured reservoir in the Norwegian North Sea.
Together with its Greater Warwick Area project, Hurricane aims to add net reserves of 750 million barrels to its portfolio.
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