Hurricane set to resume Whirlwind studies

Hurricane Exploration has raised $32 million in funds, mainly via a share placement with institutional investors.

Offshore staff

ALTON, UK -- Hurricane Exploration has raised $32 million in funds, mainly via a share placement with institutional investors.

The net proceeds will be used to re-enter Hurricane’s suspended Whirlwind oil discovery west of Shetland and to conduct drillstem tests to further evaluate the reservoir and its fluid properties.

Hurricane also has entered into a Letter of Intent under which AGR Petroleum Services will perform well management services and engage the semisub WilPhoenix to perform the drilling operations this summer.

WilPhoenix is one of Awilco Drilling’s two Enhanced Pacesetter semisubmersible drilling rigs, and is equipped for drilling in water depths up to 1,200 ft. (366 m.). It is currently at Remontowa Shipyard in Poland undergoing an upgrading program prior to delivery next month.

AGR Petroleum Services has agreed to take the rig for one firm and six optional wells, representing its entire multi-client drilling program for 2011. The contract value for the firm part is around $7 million.

03/16/2011

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