Hunting PLC (“Hunting” or “the Company” or “the Group”) Organic Oil Recovery Pilot Test Result

LONDON--(BUSINESS WIRE)--Hunting PLC (LSE: HTG), the global precision engineering group, today notes the stock exchange announcement issued by Buccaneer Energy PLC (AIM : BUCE), which details the pilot test results at its Pine Mills field in East Texas, using Hunting’s Organic Oil Recovery enhanced oil recovery solution.

As noted in the announcement, production within the oil wells reported a 100% uplift, and in one well reduced the water cut to zero. Buccaneer Energy notes that the OOR technology will be rolled out across other wells within its portfolio.

Hunting is delighted with this successful pilot treatment, which highlights the impact that the Company’s OOR solution can have on oil production.

Commenting on this result, Jim Johnson, Chief Executive said:

“This well result supports our confidence in the OOR technology, as a lower cost enhanced oil recovery solution which can be utilised in many oil wells globally.”

About Hunting PLC

Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies (“ESCC”) category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.

The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa (“EMEA”); and Asia Pacific.

The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and Other Manufacturing.

Hunting PLC’s Legal Entity Identifier is 2138008S5FL78ITZRN66