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Hurricane Energy walked away from plans to connect the Lincoln Crestal well for production this year and said it would abandoned and plug the well if it failed to get approval to extend the suspension consent.
The GWA Partners - comprising Hurricane GWA and Spirit Energy - concluded that it would not be possible to tie-back the Lincoln Crestal Well to the Aoka Mizu FPSO in 2020 and now planned to seek a delay to the abandonment of the well to carry out further testing amid plans for an additional production well.
The 205/26b-14 well, Lincoln Crestal Well, was drilled in the third quarter 2019, and tested at a maximum stable flow rate of 9,800 stb/d, in preparation for production.
Regulatory consent for suspension of the well was granted to allow the company to carry out more tests, and required that the well be plugged and abandoned by 22 June 2020.
'If the GWA Partners are unable to obtain approval to extend the suspension consent, the Lincoln Crestal Well will be plugged and abandoned by the Paul B Loyd Jr rig in March 2020, prior to the planned start of the Lincoln Commitment Well,' the company said.
'A rig contract is being negotiated in order to be able to drill and test a production well on the Lancaster licence (Lancaster -8 Well) during the second or third quarter of 2020,' the company said.
At 10:00am: (LON:HUR) Hurricane Energy Plc Ord 0.1p share price was -3.14p at 17.96p