Energy Company of the Year—small cap
In a challenging operating environment, Hurricane Energy has enjoyed an impressive year, thanks largely to an exceptional fundraising period in July. The UK-based company successfully managed to raise $530m in equity and convertible bonds—the largest of a UK-listed E&P company for many years. The proceeds will now help fund the development of the Lancaster field, on the Rona Ridge, to the west of the Shetland Islands. The reserves total 523m barrels—the largest undeveloped oil resource in the UK.
Hurricane has pioneered fractured basement exploration in the UK since its founding in 2005. In its short history, the company has notched up a series of impressive finds.
Between 2009-10, the average size of crude finds in the UK Continental Shelf was 20-23m barrels. Over the same period, Hurricane discovered 200m barrels, twice. This year the company's drilling campaign added two new discoveries at Halifax and Lincoln, indicating that the Greater Lancaster Area and Greater Warwick Area could contain substantial deposits.
This is on top of the Whirlwind license which holds 205m barrels of oil equivalent. Hurricane—the first UK-based company to target fractured basement reservoirs—has already shown the technology's great potential to exploit many of the world's undeveloped basement reservoirs.