So here’s an article from Energy Voice on Spirit and Hurricane GWA deal.
I have a question re. this article relating to: “At the development stage, Spirit would take over as licence operator.” - What does that mean for shareholders of Hurricane? Do we profit from that? (may be a stupid question but clarification appreciated).
Excerpt of key points from article below (https://www.energyvoice.com/oilandgas/north-sea/196244/from-pregnant-pause-to-promotion-for-north-sea-oil-boss/)
"When the GWA deal was announced in September, the partners intended to drill an appraisal well on Lincoln and two exploration wells on the adjacent Warwick prospect, with Spirit covering 100% of the cost.
If successful, one of the initial wells will be tied back to the Aoka Mizu floating, production, storage and offloading (FPSO) vessel, which is also being used for Hurricane’s wholly-owned Lancaster development, and was moored at the field last month.
A further three appraisal wells and a full field development of the GWA could follow.
Spirit would cover half of Hurricane’s costs for the tie-in of the well to the FPSO and pay a bonus of between £115m-£190m towards Hurricane’s costs of the full field development.
At the development stage, Spirit would take over as licence operator.
Drilling was initially expected to begin in the first quarter of 2019, but the campaign was set back by a few weeks because EnQuest hadn’t finished with the Transocean Leader rig."