They have been in talks with Britain’s Oil & Gas Authority (OGA) on a technical re-evaluation and interpretation of the GWA license potential, and have requested a deferral of an obligation well on the P1368(S) Lincoln license beyond June 30, 2022.
However, the OGA has indicated it will not support the request unless the partners demonstrate that they will be able to fund the well in a timely manner.
In parallel, Hurricane has been examining options that include pursuing third-party funding for the well.
At the same time, Spirit Energy and its largest shareholder, Centrica, have been reviewing Spirit’s future on the UK continental shelf.
The partners have agreed to suspend further investment in planning and drilling of the obligation well on Lincoln in 2022, but will continue to release funds to promote the area’s prospectively.
Without progress, however, there is a strong likelihood the P1368(S) licence sub-area will be relinquished on or before end-June next year, Hurricane warned.