Partnership dropping second Shetlands area license
June 1, 2022
Hurricane Energy and joint venture partner Spirit Energy have decided to relinquish the P2294 license area west of Shetland, which includes the Warwick oil discovery.
Courtesy Hurricane
Offshore staff
GODALMING, U.K. — Hurricane Energy and joint venture partner Spirit Energy have decided to relinquish the P2294 license area west of Shetland, which includes the Warwick oil discovery.
Hurricane's Greater Warwick Area asset includes several licenses.
The partners had reviewed the basement and Mesozoic potential, but they have concluded that further appraisal and development costs to attain an economic development of Warwick within the license’s remaining term would not be feasible.
Previously, they had agreed to relinquish the nearby Lincoln P1368(S) license sub area.
Hurricane CEO Antony Maris said, “There is no reasonable expectation that the P2294 license could generate any near-term cash realization, thus voluntarily relinquishing the license at this time allows the company to focus its time and financial resources on alternative and more attractive opportunities.”
