Hurricane Energy Live Discussion

bobsson 06 Feb 2020

Share Price Share price now around 17.75p at 1pm 6/2/2020. Losing a lot of money here at the moment. But todays RNS not a surprise. Clearly the the joint venture with Spirit is on hold pending its sale. HUR being patient as they are not losing a lot of money (only rig hire) at the moment and clearly think that Lincoln field is commercial so they can afford to wait. We have to take the statement at face value, namely the JV have applied to the OGA to extend the date for completion of the LC well pending the outcome of the L sub vertical well data. Seem fair enough to me so lets see what the OGA say.

bobsson 06 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 Hundreds of posts on other bbs none of them appear to mention as has been on this thread, that the Warwick licence expires on 31/8/2020. Looking likely it will be abandoned.

bobsson 06 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 In respect of GWA and the joint venture, as I have said numerous times, it is clear the joint venture has been put on hold pending the sale of Spirit Energy. the current owners of Spirit are trying to find a buyer, they do not know if the buyer wants the purchase to include the GWA joint venture. Given the mixed results so far on the GWA I am surprised that Spirit have not officially dropped out, and I think it highly likely that the buyer will not want anything to do with the GWA, they may only be interested in the current producing assets and not bothered about further exploration. In which case the formal withdrawal of Spirit will only be a few months away.

Empty_Sporran 06 Feb 2020

Share Price Don’t worry, you still have time to double yer money and sell now at 18p and buy back in at 9p or lower IMHO. Talk about the gift that keeps on giving with respect to the opportunity to buy back in at single figures. I almost bought back in at 26p last week thinking this cannot go lower well!! Late 2018 had a feeling this was a boom or bust share no matter what the new was good or bad, it looks like a bust job no with a complete take out at below 20p with a lot of tears shed on the way. I think you may see a massive one day drop very very soon maybe even today as a major shareholder pulls the plug and gets there money out at this SP price. All above of course in my own very honest opinion and guess work!!! Good luck to all still invested, you will need it.

squinn 06 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 What a great buy this has turned out to be…

riverside_red 06 Feb 2020

Share Price Amend statement " No reason that should be in the public domain at this time, don’t those contractors know about client confidentiality."

ash6666 06 Feb 2020

Share Price It now turns out there was a very good reason for the SP drop.

fynne 06 Feb 2020

Share Price Ricfle: After the operations update RNS which contained comments about “no reason for the SP drop”, which had no lasting effect on the SP, I can now see the SP being pushed down into the teens, where I will be looking to buy in the next 4 weeks. “no reason for the SP drop” … how low will this go I wonder

fynne 06 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 So no Lincoln well tie back to the Aoka … one, hopefully two drills with no (new well production) before Q1 2022. …

ash6666 06 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 Tried to sell first thing at 20p but it wouldn’t go through.

ash6666 06 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 UPDATE Greater Warwick Area The 205/26b-14 well (the “Lincoln Crestal Well”) on the Greater Warwick Area (“GWA”) was drilled in Q3 2019, and tested at a maximum stable flow rate of 9,800 stb/d. Regulatory consent for suspension of the well, with gauges downhole, was granted for the purposes of completing pressure build-up tests and gathering interference data. The suspension consent required that the well be plugged and abandoned by 22 June 2020. The GWA Partners (comprising Hurricane GWA and Spirit Energy) intend to seek regulatory consent from the Oil and Gas Authority to delay the abandonment of the Lincoln Crestal Well in order to obtain interference data during well testing in 2020. One or more sub-vertical wells are planned to be drilled and tested in 2020, to determine the maximum vertical extent of the Lincoln field in order to meet the commitment well requirement of the P1368 licence extension (“Lincoln Commitment Well”). The GWA Partners have concluded that it will not be possible to tie-back the Lincoln Crestal Well to the Aoka Mizu FPSO in 2020 and therefore the installation vessels to carry out this work under contract with the oilfield service provider have been released. The GWA Partners have agreed to continue to build all the previously ordered equipment. If the GWA Partners are unable to obtain approval to extend the suspension consent, the Lincoln Crestal Well will be plugged and abandoned by the Paul B Loyd Jr rig in March 2020, prior to the planned start of the Lincoln Commitment Well. The GWA Partners are reviewing the future work programme and budget for the Greater Warwick Area. Further updates will be provided on conclusion of these discussions with Spirit Energy. Greater Lancaster Area The Company still intends to make maximum use of the Aoka Mizu FPSO’s oil throughput capacity. As part of this strategy, Hurricane is planning an accelerated Lancaster work programme, focussed on drilling an additional production well on Lancaster in 2020, in addition to the drilling of one or more subvertical wells (in 2021) to determine the maximum extent of the Lancaster field, to satisfy the terms of the P1368 licence extension (the “Lancaster Commitment Well”). A rig contract is being negotiated in order to be able to drill and test a production well on the Lancaster licence (“Lancaster -8 Well”) during Q2 / Q3 2020. The Company is carrying out the necessary steps to be able to proceed on this schedule, subject to regulatory consent, finalisation of costs and contracting, and has already ordered the time critical long lead items. On success, and subject to regulatory consents, the Company would intend to tie-back the Lancaster -8 Well to the Aoka Mizu FPSO in 2021, with a provisional first oil date in Q1 2022. Commitment to capital expenditure in respect of the installation of the tie-back will not be made until after the Lancaster -8 Well has been successfully tested. Increased production through the Aoka Mizu FPSO would improve unit economics and generate increased operating cash flow for providing returns to shareholders and/or funding future phases of development. Dr Robert Trice, Chief Executive of Hurricane, commented: “We continue to focus on progressing opportunities towards full utilisation of the Aoka Mizu’s throughput capacity. A further Lancaster production well would allow us to evaluate the productivity of another part of the Lancaster reservoir, away from the two existing wells, whilst aiming to deliver additional wholly owned production and reducing per barrel costs. I look forward to providing further confirmation as costs are finalised and the relevant agreements are put in place.”

ash6666 04 Feb 2020

Share Price I don’t know if I’m looking forward to it or not. I think the size of the whole operation is going to be substantially smaller than we thought a year ago.

Albi1 04 Feb 2020

Share Price Bobsson, Ash, Think we’re all in the same boat at the moment. Just weeks to go now before we get the 6 months data updated. Then we’ve got September to look forward to! (Ricfle - read the Sep '19 RNS)

riverside_red 02 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 Leader is planned to drill a third production well on Solan.

bobsson 02 Feb 2020

Warwick & Lincoln 3 wells drilling 2020 Skandi Hera now over the Lincoln field, and been there since Saturday evening. It is mid point between the FPSO and the Solan platform. There also appears to be a lot of activity around the Solan platform (PMO licence) with four support ships very close by.