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Production starts at UK’s first fractured basement field – huge upside but significant risk
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Report summary
On 4 June, Hurricane Energy announced first oil from its Lancaster field. Located in the West of Shetland area, it is the first fractured basement development in the UK. Assuming production targets are hit, we value the six-year early production system at US$800 million (NPV10, 1 Jan 2019). This inform looks at the significance of this milestone in the UK and its wider implications for further developments in the area.
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