Hurricane Energy PLC Operational Update (5695N)
January 21 2019 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 5695N
Hurricane Energy PLC
21 January 2019
21 January 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, provides an operational update in relation to the Early
Production System development of the Lancaster field.
During the buoy hook-up operation on 18 January 2019, the rope
being used to pull in the buoy became snagged and it was not
possible to complete the hook-up operation. The rope has now been
freed and the buoy returned to its starting position. Due to the
predicted deterioration in weather conditions, the Aoka Mizu FPSO
has returned to the Cromarty Firth to complete remediation work on
the buoy pull-in system and prepare for the next opportunity to
pull in the buoy.
A further announcement will be issued once hook-up has been
successfully completed.
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 (gross production of 20,000 bopd with
assumed operating efficiency of 85% following ramp-up). 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
================================================
bopd Barrels of oil per day
================================================
FPSO Floating production storage and offloading
vessel
================================================
Spirit Energy Spirit Energy Limited
================================================
Inside Information
This announcement contains inside information as stipulated
under the market abuse regulation (EU no. 596/2014). Upon the
publication of this announcement via regulatory information service
this inside information is now considered to be in the public
domain.
Competent Person
The technical information in this release has been reviewed by
Dr Robert Trice, who is a qualified person for the purposes of the
AIM Guidance Note for Mining, Oil and Gas Companies. Dr Robert
Trice, Chief Executive Officer of Hurricane Energy plc, is a
geologist and geoscientist with a PhD in geology and has over 30
years' experience in the oil and gas industry.
Standard
Resource estimates contained in this announcement have been
prepared in accordance with the Petroleum Resource Management
System guidelines endorsed by the Society of Petroleum Engineers,
World Petroleum Congress, American Association of Petroleum
Geologists and Society of Petroleum Evaluation Engineers.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDPGUGPGUPBPUU
(END) Dow Jones Newswires
January 21, 2019 02:00 ET (07:00 GMT)
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Apr 2023 to Apr 2024