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Hurricane Energy says Lancaster EPS producing at targeted rates but water volumes remain high

The two Lancaster wells are flowing oil at 12,000 and 5,000 bopd though overall water cuts are reported at 12% and 53% respectively

Hurricane Energy PLC - Hurricane Energy’s Lancaster EPS producing at targeted rates but water volumes remain high

Hurricane Energy PLC (LON:HUR) has announced production rates of 17,000 barrels of oil per day (bopd) from the Lancaster ‘early production system’ (EPS), though high water volumes remain an issue.

The Lancaster EPS, located in the West of Shetland region, comprises two wells and following recent performance problems has had electric submersible pumps (ESPs) fitted.

READ: Hurricane says threat of resource downgrade looms at Lancaster

Now, well 205/21a-6 has returned to production on natural flow to yield some 12,000 bopd with a water cut said to measure 12% of total produced fluids. At the same time, the 205/21a-7z well adds 5,000 bopd and its water cut is marked at 53%.

Hurricane said there is no evidence of the prior performance issues which led to the 205/21a-7z well being suspended.

“As part of the ongoing geological and technical review, the company continues to evaluate options to enhance production from its West of Shetland asset base,” Hurricane said in a statement.

Hurricane added that its production guidance will remain suspended until the technical review is complete or until production uncertainties have reduced.

Quick facts: Hurricane Energy PLC

Price: 6.15 GBX

LSE:HUR
Market: LSE
Market Cap: £1.23 m
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