Prax Group to build Upstream portfolio
Prax Group to build Upstream portfolio
UK-based Prax Group has reached a deal to acquire Hurricane Energy, the operator of the producing Lancaster oil field, west of Shetland.
Hurricane has one asset, the Lancaster oil field, that produces from a single well (“P6”) and riser. As at ERCE, CPR estimated 6.6 mmbbls of 2P Reserves at the field as as at December 31, 2022.
As at March 14, production from Lancaster was currently 7,710 bopd with a rising water cut, current...