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Hurricane Energy releases 2022 production guidance

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Oilfield Technology,

An updated Competent Person's Report (CPR) on Hurricane Energy's Lancaster Field by ERC Equipoise Ltd has increased the estimated Lancaster Reserves. The 31 December 2021 position is partly due to an improvement in the expected future production and to an increase in the economic life of the field aided by higher oil prices, offset by the increased production during 2021.

On 29 September 2021, the company provided production guidance for the six-month period 1 October 2021 to 31 March 2022 of 8500 - 10 000 bpd, based on FPSO production uptime assumption of 96.5% and production from the P6 well alone on artificial lift via ESP. Production during this six-month period was 9689 bpd, reflecting continued excellent uptime on the FPSO combined with production rates towards the upper end of the range.

Management's production guidance for the full calendar year 2022 is 7500 - 8600 bpd. This assumes FPSO production planned uptime of 96.5% and production from the P6 well alone on artificial lift via ESP. Guidance includes the impact of an annual maintenance shutdown, anticipated to occur during 3Q22.

Antony Maris, CEO of Hurricane, commented: "The efforts of the surface and subsurface teams in beating the mid-case performance target set at the start of the forecast period have been superb. Together with excellent uptime across all elements of the system has allowed the Company to benefit from the higher than expected oil prices and enabled more reserves to be added in the updated CPR. This supports management's production forecast for the years to come. Going forward we look to maintain the excellent performance of both the well and the FPSO while we also focus on the Company's next steps."

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