Hurricane builds acreage position west of Shetland
July 29, 2015
Hurricane Energy has secured two more blocks west of Shetland under the UK Oil and Gas Authority’s 28th Offshore Licensing Round Second Tranche of Offers.
Hurricane’s applications for blocks 204/30b and 205/26d were based on identification of a new basement prospect named Warwick – considered analogous to the company’s basementLancaster discovery – and on a possible extension of its Lincoln prospect.
The commitment includes a drill-or-drop decision on either of the identified prospects.
Since completing an appraisal well on Lancaster last year, Hurricane has worked with Schlumberger to develop a full-field simulation model of the reservoir. They aim to optimize the model in order to refine the development.
One conclusion from analysis of the 1-km (.6-mi) horizontal well is that the reservoir could be developed commercially in phases at an oil price below the current level, initially via an early production system.
