UK-based fractured basement explorer Hurricane Energy has suspended farm-outs talks on its west of Shetland Lancaster project after raising enough financing to do its latest appraisal work itself.
The firm raised £52.1 million in May, covering its costs for drilling and testing a pilot well and a horizontal sidetrack well on the Lancaster field (the Lancaster 7 wells) this summer.
The Lancaster 7 wells - the first of which is expected to spud in July - are designed to refine the Lancaster contingent resource range (currently 62 - 456 MMboe) and provide a second future production well.
Farmout discussions will resume once the drilling and subsequent analysis are complete.
"This will allow the Company to focus on the upcoming drilling campaign, provide new information to help optimally plan the Lancaster field development, and is expected to provide a strengthened position from which the company may pursue its farmout options," says Hurricane.
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