Given its successes in 2016, Hurricane Energy (HUR) probably didn’t need to provide investors with a Christmas present as well. But the oil explorer has once again hit pay dirt, encountering a 660 metre oil column at its Lincoln well in another “significant” fractured basement discovery. The shares jumped 16 per cent in response.
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Chief executive Dr Robert Trice said that, based on current analysis, Lincoln’s indicated resources of 250m barrels of recoverable oil “may be conservative”. The find, which will now be plugged, follows the previous major discovery at the Lancaster field, and the rig used to drill both fields will transfer to the recently acquired Halifax prospect when weather and sea conditions permit.
