Hurricane Energy PLC Operational Update (3495O)
May 17 2018 - 1:01AM
UK Regulatory
TIDMHUR
RNS Number : 3495O
Hurricane Energy PLC
17 May 2018
17 May 2018
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update:
Lancaster EPS Buoy Sail-away
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 on the Lancaster Field ("Lancaster
EPS").
The newly-fabricated buoy for the Lancaster EPS has departed
from Drydocks World in Dubai, following successful testing and
final inspection. The buoy forms a critical element of the turret
mooring system for the Aoka Mizu FPSO and its completion concludes
a key part of the construction phase of the project.
Arrival of the buoy by the end of June 2018 is expected to
permit installation of the turret mooring system at the Lancaster
field by the end of Q3 2018, as previously guided. The other
components of the turret mooring system: piles, chains and wires,
have already been delivered and installation is therefore expected
to proceed on schedule.
Dr Robert Trice, Chief Executive, commented:
"The installation of the turret mooring system is critical to
the overall timetable for the Lancaster EPS development. The
departure of the buoy from Dubai is on schedule and I'd like to
thank Bluewater Energy Services and Drydocks World Dubai for their
diligence and teamwork, both of which have been material in
achieving this key project milestone."
Contacts:
Dr Robert Trice (Chief Executive
Hurricane Officer) / Alistair Stobie
Energy plc (Chief Financial Officer) +44 (0)14 8386 2820
Nominated Adviser and Corporate
Broker
Stifel Nicolaus Callum Stewart / Nicholas
Europe Limited Rhodes / Ashton Clanfield +44 (0)20 7710 7600
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.
Hurricane's acreage is concentrated on the Rona Ridge, West of
Shetland. The Lancaster field, the Company's most appraised asset,
has combined 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, with first oil targeted for 1H 2019.
During the 2016-2017 drilling campaign, the Company made two
significant discoveries* at Halifax and Lincoln. Together, these
discoveries* have 2C Contingent Resources of 1,839 million barrels
of oil equivalent.
Hurricane's other assets include Warwick, which has best case
Prospective Resources of 935 million stock tank barrels of oil,
Whirlwind, which has 2C Contingent Resources of 205 million barrels
of oil equivalent (under the Whirlwind oil case) and Strathmore,
which has 2C Contingent Resources of 32 million stock tank barrels
of oil. Together, this brings Hurricane's total combined 2P
Reserves and 2C Contingent Resources to 2.6 billion barrels of oil
equivalent.
*Discovery - This classification is consistent with SPE/AAPG/WPC
and SPEE guidelines for Petroleum Resource Management -
Determination of Discovery Status
Inside Information
The content of this announcement does not comprise price
sensitive information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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