Hurricane Energy shares fall 25% on Shetland news

Shares of West of Shetland oil and gas explorer Hurricane Energy have fallen about 25% in the past two days after its final drilling report for 2019 disappointed investors.

Hurricane updated investors on the results of testing of the 204/30b-4 (Warwick West) well and provided an update on the Lancaster Early Production System (Lancaster EPS).

Hurricane Energy CEO Robert Trice said: “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 (Greater Warwick Area) 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.”

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