Hurricane Energy has tripled its recoverable resource estimate for its Lancaster field in the North Sea to nearly 600 MMbbl.
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In its investor presentation, Hurricane provided an "exaggerated" 3D model of Lancaster. Image from Hurricane. |
In presentations given to the company’s investors, Hurricane said that Lancaster is now expected to hold 593 MMbbl, compared to the 2013 estimate of 200 MMbbl.
Lancaster’s final investment decision (FID) is expected towards the end of Q2 2017, and will include the field development plan, environmental statement, and financial capability of the project. Production is expected to begin in 1H 2019 with a daily production rate of some 17,000 b/d soon after start up.
Hurricane also sees a potential farmout deal in the future that will lead to a potential appraisal program that gathers early production system data, and finally lead to full field development in 2020.
Hurricane told investors that its 2016/2017 drilling program has led to a view that its Rona Ridge assets are separated into two accumulations: the Greater Lancaster Area (GLA) and the Greater Warwick Area (GWA).
The company’s exploration success on Lincoln has indicated that Lincoln and Warwick could be a single field that is separated from Lancaster by the Brynhild fault.
In addition, initial data analysis of the Halifax well indicates that it is linked to the Lancaster field, forming a single large hydrocarbon accumulation.
Hurricane recently completed the 205/23-3A Halifax well in late-March using the Transocean Spitsbergen semisubmersible. The well was suspended to allow future operations to either deepen or do further testing on the well, following analysis on the latest results. Halifax identified an extensive oil column, estimated at some 1156m in pervasively fractured reservoir, significantly below local structural closure and with consistent porosity with Lancaster.
The well was drilled and cased to 1179m true vertical depth subsea (TVDSS) and then to 1801m TVDSS and a drill stem test was performed. Due to budget, time and technical constraints, Hurricane said that only traces of formation oil were recovered to surface. The well reached 2004m TVDSS, with no confirmed oil-water contact encountered.
Read more:
Lancaster could be UK's largest undeveloped discovery
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