Hurricane Energy announces significant increase in recoverable volumes

Recoverable volumes at Hurricane Energy's Lancaster field are well over twice what was previously thought, fresh estimates revealed.

A new competent person's report from RPS Energy Consultants estimated that they stood 523.0m barrels of oil, 162% more than the 2C contingent resource estimated in 2013.

So-called 2P reserves at that same field attributed to the initial six-year period of the planned Early Production System at Lancaster were pegged a 37.3m barrels, with the remaining 484.0m classed as 2C contingent resources.

Assuming a six-year EPS, the 2P Reserves were estimated to have a net presen value of $525.0m at a discount rate of 10%, the new report indicated.

If the EPS were deemed commercially attractive and extended to 10 years, then the 2P reserves would incerase to 61.2m barrels, the company said in a statement.

Company chief Dr. Robert Trice said Hurrican was continuing to target first oil at Lancaster in the first half of 2019 with CPRs for the Halifax and Lincoln fields expected later in 2017.

Trice said he was confident the latter would make "a material addition to our already significant resource base".