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EQS-News News vom 16.05.2017

Edison Investment Research Limited: Edison issues outlook on Hurricane Energy (HUR)

EQS-News: Edison Investment Research Limited / Key word(s): Research Update

16-May-2017 / 14:52 GMT/BST


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London, UK, 16 May 2017

Edison issues outlook on Hurricane Energy (HUR)

Hurricane Energy's 2016/17 drilling programme has significantly increased understanding of the Greater Lancaster Area (GLA) and Greater Warwick Area (GWA) hydrocarbon accumulations. Initial data analysis suggests that the GLA is one large accumulation including the Halifax and Lancaster basement oil discoveries contained between the Westray Fault Zone and Brynhild Fault Zone. RPS resource estimates for Lancaster alone range from 157-1,166mmbbls recoverable (P50 523mmbbls), making it a giant oil field and one of the largest discoveries on the UKCS over the last decade. Incorporating wider GLA and GWA resource is likely to take this figure to upwards of 1bnbbls, 100% owned by Hurricane. Management expects first oil from a Lancaster early production system (EPS) in 2019, with the company looking at equity and debt funding options. We assume a 60/40 equity to debt split in our latest Lancaster NAV of 102p/share, rising to 134p/share including risked Halifax/Lincoln upside.

Our Lancaster NAV stands at 102p/share for Lancaster and 134p/share including risked resource at Halifax and Lincoln. On the basis of Lancaster alone, we believe the market is implying a long-term oil price of sub-50$/bbl Brent.

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All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:

Sanjeev Bahl Edison Investment Research +44 (0)20 3077 5742
Elaine Reynolds Edison Investment Research +44 (0)20 3077 5713 oilandgas@edisongroup.com

Contact details: Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn www.linkedin.com/company/edison-investment-research
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
Google+ https://plus.google.com/105425025202328783163/posts


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