Junior oil firm Hurricane Energy announced Wednesday that it is raising $82 million in a two-stage fundraising process, including a stockmarket flotation on London's Alternative Investment Market.
Hurricane is seeking to focus on fractured basement reservoirs on the UK Continental Shelf and is specifically targeting prospects in the West of Shetland area of the North Sea, where it was awarded several license blocks in offshore licensing rounds between 2005 and 2012.
The firm has entered into an agreement with Transocean Drilling UK Limited and Talisman Sinopec Energy UK Limited for the provision of the Sedco 712 rig for the drilling and testing of the Lancaster basement oil discovery, which is located across blocks 205/21a, 205/22a and 205/26b West of Shetland on the P1368 license. An independent report has estimated recoverable contingent resources of 207 million barrels of oil equivalent at the Lancaster discovery.
Hurricane CEO Robert Trice commented in a company statement:
"We are delighted to be proceeding with an IPO of Hurricane in what is a difficult market for new issues in our sector. We believe that the investor support we have received is a strong endorsement of our story and the Hurricane team, and of course the potential for basement reservoirs in the UK.
"Hurricane has built a high quality asset base and, with the forthcoming drilling of the horizontal appraisal well on our Lancaster discovery, we believe we will rapidly advance our understanding of the potential productivity and ultimate scale of the Lancaster field's recoverable reserves."
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