Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Oil and gas company Hurricane Energy said it plans to drill a second production well at the Lancaster development programme was thrown into doubt as the proposed side-track appeared to be more complex than initially expected.
The company concluded that it would not be possible to drill the well during the 2021 summer weather window without unacceptable operational and cost risk.
'This proposed side-track is more complex in nature than previous wells on Lancaster due to the incorporation of an intelligent completion and the challenges of delivering the well trajectory from the side-track location,' the company said.
The company said was now considering various options including drilling the side-track in 2022 following further planning activity during 2021; drilling the side-track together with the water injection well as a combined programme in 2022, or drilling the side-track in 2022 and the water injection well in 2023.
At 10:05am: (LON:HUR) Hurricane Energy PLC share price was 0p at 3.25p