Hurricane Energy plc : 'Warwick West' 204/30b-4 Well Result & Lancaster Operational Update

Monday 2 December 2019

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, reports the results of testing of the 204/30b-4 ("Warwick West") well and provides an update in relation to the Lancaster Early Production System ("Lancaster EPS").

The Highlights in Warwick West was the well was spudded on 24th September 2019. The well flowed for 85 hours at variable rates. The well had a maximum stable flow rate of 1,300 bopd on natural flow. Analysis of Oil samples in the initial stage found Discovery of light, 43° API oil with further analysis to be done. Warwick West is the third and final well of the 2019 programme on the Greater Warwick Area ("GWA") which has been carried out using the Transocean Leader semi-submersible rig. In accordance with regulatory requirements, the rig will now plug and abandon the well before demobilising. Currently Hurrance Energy Plc and It's Partners are evaluating results of the wells drilled. Further analysis will be done on the potential.

Lancaster Oil field has sold 2.5 million barrels of Oil since it's first Oil in July 2019. The expected production on average is to conitnue in will with Q4 guidance of about 11,000 barrels per day. As part of this data gathering, the company has been been gather periods of production from the 205/21a-6 and 205/21a-7Z wells separately. Interim information from this data should available in December 2019

Dr Robert Trice, Chief Executive of Hurricane, commented

"We are pleased to have made another discovery with the Warwick West well. The flow test results confirm the presence of light, mobile oil.

"The impact that this well will have on how the Company views the GWA accumulation and its associated volumetrics will require further technical analysis. The GWA joint venture is now assessing the optimal appraisal strategy for the GWA, and Hurricane will provide an update in due course.

"Further progress is also being made in our understanding of the Lancaster reservoir. Uninterrupted vessel uptime combined with good well productivity have allowed us to carry out additional data gathering whilst remaining in line with guidance for Q4 2019. We will provide a further update later in December.

"In 2019 we have generated a wealth of new data from both the GWA and Lancaster and I look forward to presenting our findings in detail at our proposed Capital Markets Day in Q1 2020."