Boss of UK oil and gas company Hurricane backs Wood reforms
THE CHIEF executive of UK-focused oil and gas company Hurricane yesterday said that he supported Sir Ian Wood’s recommendations on how to maximise North Sea output, ahead of his company’s Aim flotation today.
Dr Robert Trice, who founded Hurricane, told City A.M. that he would like to see more financial backing from the government for the UK’s oil and gas industry and that he was “fully supportive” of Sir Ian Wood’s proposed reforms, ahead of the oil veteran’s final report due to be published at the end of the month.
Hurricane lists on the stock market today having raised £49.4m in pre-initial public offering (IPO) and IPO funding. Investors include fund manager Blackrock and FTSE 100 oil giant BP.
The niche energy explorer is looking to extract oil from naturally fractured basement reservoirs such as granite and is currently focusing its operations on the West of Shetland, in the Atlantic Margin. Trice said that he also sees “serious potential” in the North Sea.
Hurricane, which has already discovered oil and gas in two assets in the West of Shetland, plans to drill its next well in April or May and may look for a larger commercial partner to develop the assets if this is a success.