Hurricane Energy PLC Operational Update (5405W)
August 02 2018 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 5405W
Hurricane Energy PLC
02 August 2018
2 August 2018
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update:
Completion of Turret Mooring System Installation
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, is pleased to provide an operational update in relation
to the EPS development of the Lancaster Field.
The turret mooring system, including the newly-constructed buoy
for the Aoka Mizu FPSO, has been successfully installed at the
Lancaster field, subject to final classification society approval.
The operation utilised the Normand Installer offshore construction
vessel, together with associated support vessels.
The completion of this operation is a critical milestone
required to allow the installation of the subsea umbilical, risers,
and flowlines ("SURF"). SURF is the last phase of the offshore
installation programme in preparation for the arrival of the Aoka
Mizu FPSO at the Lancaster field. The buoy will now sit submerged
below the surface, held in place by 12 mooring lines connected to
piles, until the FPSO's arrival.
Dr Robert Trice, Chief Executive, commented:
"We are delighted to have completed this weather sensitive
turret mooring system installation. The SURF installation campaign
is due to commence shortly, with the mobilisation of subsea
equipment expected to begin in the coming weeks. We look forward to
providing further updates in the run-up to first oil, which remains
on track for 1H 2019."
Contacts:
Dr Robert Trice (Chief Executive
Hurricane Energy Officer) / Alistair Stobie
plc (Chief Financial Officer) +44 (0)14 8386 2820
Nominated Adviser and Joint
Corporate Broker
Stifel Nicolaus Callum Stewart / Nicholas
Europe Limited Rhodes / Ashton Clanfield +44 (0)20 7710 7600
Morgan Stanley & Joint Corporate Broker
Co. International Andrew Foster / Tom Perry
plc / Alex Smart +44 (0)20 7425 8000
Vigo Communications Public Relations +44 (0)20 7830 9704
Patrick d'Ancona / Ben Simons Hurricane@vigocomms.com
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs. The Company's acreage is concentrated on the Rona
Ridge, in the West of Shetland region of the UK continental
shelf.
The Lancaster field is Hurricane's most appraised asset, with
five wells drilled by the Company to date. It has 2P Reserves and
2C Contingent Resources of 523 million stock tank barrels of oil.
The Company is currently proceeding towards the first phase of
development of Lancaster, an Early Production System which will be
the UK's first basement field development. It involves a two well
tie-back to the Aoka Mizu FPSO and is expected to initially produce
17,000 barrels of oil per day. First oil is targeted for 1H
2019.
Hurricane's other assets include Lincoln, Halifax, Whirlwind,
Warwick and Strathmore. Together with Lancaster, these assets have
total combined 2P Reserves and 2C Contingent Resources of 2.6
billion barrels of oil equivalent. Hurricane owns all of its
licences 100%.
Glossary:
2P Reserves Proved plus probable reserves under the Society
of Petroleum Engineers' Petroleum Resources
Management System
2C Contingent Resources Best case contingent resources under the
Society of Petroleum Engineers' Petroleum
Resources Management System
EPS Early Production System
FPSO Floating production storage and offloading
vessel
SURF Subsea umbilicals, risers and flowlines
Inside Information
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END
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