In a recent interview on The Watchlist, Ricki Lee sat down with Jim Johnson, CEO of Hunting PLC (LSE:HTG), to discuss a major milestone in the energy sector. The company’s Organic Oil Recovery (OOR) technology has delivered staggering results at the Pine Mills field, signaling a potential shift in how the industry approaches mature oil wells.
The Results: Doubling Production and Eliminating Waste
The pilot results from Pine Mills have provided a powerful proof of concept for Hunting PLC’s proprietary technology. The data highlights two critical achievements:
- 100% Production Uplift: Output at the test well effectively doubled.
- Water Cut Elimination: The technology successfully eliminated the “water cut” in one well, a common and costly issue where water is produced alongside oil.
According to Johnson, these results validate the company’s recent acquisition of the technology’s global rights. While Hunting PLC previously focused on offshore applications, this onshore success in the USA opens a massive new door.
Tapping Into a Massive U.S. Market
The implications for the American energy landscape are significant. Johnson pointed out that the U.S. currently houses over 400,000 oil wells that produce 15 barrels of oil per day or less.
For operators, these “stripper wells” represent a difficult choice: find a way to boost production or face the high costs of decommissioning.
“Operators try to avoid decommissioning costs and obviously increase production. Having this verified in what is a new territory for us… is critically important for future growth,” Johnson noted.
Following the success, Buccaneer Energy has already announced plans to roll out OOR across additional wells, providing the crucial field-operator endorsement needed to scale the solution.
What Makes Organic Oil Recovery (OOR) Different?
Traditional Enhanced Oil Recovery (EOR) methods, such as steam injection or polymer flooding, are often expensive, equipment-intensive, and require significant downtime. Hunting PLC’s approach takes a different path:
1. Tailored Nutrient Solutions
Instead of a “one size fits all” chemical treatment, Hunting’s laboratory teams analyze the specific biology of a reservoir. They then develop a bespoke “nutrient” mix designed to stimulate the organic elements already present in the well to facilitate oil flow.
2. Operational Simplicity
Unlike steam injection, OOR does not require massive infrastructure or work crews. This results in:
- Lower Capex: Significantly cheaper than traditional flooding methods.
- Reduced Downtime: The application is simpler and doesn’t require the well to be offline for extended periods.
- Global Scalability: The ease of deployment makes it applicable for both small-scale onshore wells and complex offshore developments.
Looking Ahead
With the rights to the Americas now secured and a successful pilot under their belt, Hunting PLC is positioning OOR as the go-to, lower-cost method for global enhanced recovery. For an industry looking to maximize existing assets while minimizing environmental footprints and costs, the Pine Mills results may just be the beginning.
For more information on Hunting PLC’s global operations, visit huntingplc.com.
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