An updated Competent Person Report (CPR) on Hurricane Energy’s Lancaster field by ERC Equipoise Ltd has increased Lancaster’s estimated reserves. The December 31, 2021 position is partly due to an improvement in expected future production and an increase in the economic life of the field driven by higher oil prices, offset by increased production in 2021.
On September 29, 2021, the company provided a production forecast for the six-month period from October 1, 2021 to March 31, 2022 of 8,500 to 10,000 bpd, based on an assumption of FPSO production availability of 96.5% and the production of the P6 well alone on an artificial lift via ESP. Production over this six month period was 9689 bpd, reflecting excellent continued availability on the FPSO combined with production rates towards the upper end of the range.
Management’s production forecast for the full calendar year 2022 is 7,500 to 8,600 bpd. This assumes a planned FPSO production availability of 96.5% and production from the P6 well alone on an artificial lift via ESP. The forecast includes the impact of an annual maintenance shutdown, scheduled for 3Q22.
Antony Maris, CEO of Hurricane, commented: “The efforts of the surface and subsurface teams to beat the mid-term performance target set at the start of the forecast period has been superb. With excellent availability of all elements of the system allowed the company to benefit from higher than expected oil prices and allowed to add more reserves in the updated CPR. This supports management’s production forecast for the coming years. Going forward, we hope to maintain the excellent performance of the well and the FPSO while we also focus on the company’s next steps.”
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