The newly listed
The Lancaster Field, which is 100% owned by Hurricane, has estimated 2C Contingent Resources of 207 million barrels of oil equivalent.
The programme was designed to show that commercial hydrocarbon flow rates could be achieved from a horizontal well through fractured basement rock.
"I am delighted to report the successful completion of our testing operations which have achieved hydrocarbon flow rates in the upper range of our pre-drill estimates," Chief Executive
The company, which joined
Fractured basement reservoirs are deep rock structures that have been naturally fractured by earthquakes and tectonic forces, and are as long as two and a half billion years old. The oil resides in the cracks that have formed between the rocks, rather than being contained in the rocks as with traditional sandstone reservoir oil plays.
Fractured basement reservoirs sites are closely associated with large oil plays such as the Bach Ho field offshore
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