Hurricane Energy PLC Operational Update (6049A)
September 13 2018 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 6049A
Hurricane Energy PLC
13 September 2018
13 September 2018
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update:
Completion of Lancaster EPS Subsea 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 Early Production System development of the Lancaster Field
("Lancaster EPS").
The installation of subsea umbilical, risers and flowlines
("SURF") for the Lancaster EPS has been successfully completed,
marking the end of the offshore installation programme. The final
activity at the field will be a programme of protective rock
dumping, expected to take place in October.
The system is now complete and ready for the arrival of the Aoka
Mizu FPSO. The works on the vessel in Dubai are in their final
stages, with sea trials expected to commence by the end of the
month and sailaway to follow shortly thereafter.
Dr Robert Trice, Chief Executive of Hurricane, commented:
"I'm pleased to report successful completion of subsea
installation, the final element of the installation campaign
scheduled for the 2018 summer weather window. The required
infrastructure is now in place for the Aoka Mizu FPSO to hook-up
and commence commissioning upon arrival. I look forward to first
oil in 1H 2019."
Contacts:
Dr Robert Trice (Chief Executive
Hurricane Energy Officer) / Alistair Stobie
plc (Chief Financial Officer) +44 (0)1483 862 820
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 7390 0230
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 (100%) 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 (50%), Warwick (50%),
Halifax (100%), Whirlwind (100%), and Strathmore (100%). Together
with Lancaster, these assets have total combined 2P reserves and 2C
contingent resources of 2.6 billion barrels of oil equivalent (2.3
billion barrels of oil equivalent net to Hurricane).
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln
and Warwick assets committing to a five-phase work programme
targeting sanction of full field development in 2021.
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
Aoka Mizu The Aoka Mizu FPSO
Lancaster EPS Early production system on the Lancaster
field
FPSO Floating production storage and offloading
vessel
Spirit Energy Spirit Energy Limited
Inside Information
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END
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