A new evaluation on Hurricane Energy's Lancaster field, west of Shetland, has said the field contains 2.3 billion bbl in place, a 120% increase compared to the 2013 estimate, and attributed 2P reserves to the field for the first time.
According to the Competent Persons Review (CPR), by RPS, Lancaster's best estimate recoverable volumes are 523 MMbbl, up 162% compared to the 2013 CPR of 200 MMbbl.
Hurricane's planned early production system development would tap 37.3 MMbbl 2P reserves over six years from the fractured basement reservoir field. The remaining 484 MMbbl are classified as 2C contingent resources as "development unclarified" or "on hold" whilst the EPS assesses full field development potential. Should Hurricane extend the EPS to 10 years, 2P reserves volume would rise to 62.1 MMbbl, says RPS.
Hurricane's EPS basis of design for Lancaster, targeting production in 2019, is for a 10-year production period. Hurricane has agreed with Bluewater Energy Services that a contract for the Aoka Mizu FPSO could include an extension option for up to 10 years. Hurricane has a heads of terms agreement with Bluewater.
The reserves and resources review of Lancaster is only based on License P.1368 Central, with a further update on the Greater Lancaster Area, and broader portfolio, expected by the end of the year.
Dr Robert Trice, Hurricane CEO, said: “It is a landmark for Hurricane to have reserves assigned at the field relating to our planned EPS, for which we continue to advance plans, maintaining our target for first oil of 1H 2019. We expect to publish CPRs relating to Halifax and Lincoln later in 2017, which we are confident will be a material addition to our already significant resource base.”
Since its 2013 CPR , Hurricane has drilled five wells in its Lancaster area licenses in the area (including a horizontal sidetrack).
At Lancaster, this included drilling and testing 205/21a-7 (the Pilot Well), and two 1km horizontal production wells, 205/21a-6 and 205/21a-7Z (the horizontal sidetrack well).
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