Hurricane Energy PLC Operational Update (7926T)
July 06 2018 - 1:01AM
UK Regulatory
TIDMHUR
RNS Number : 7926T
Hurricane Energy PLC
06 July 2018
6 July 2018
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update:
Completion of Well Operations
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").
Well completion operations for the Lancaster EPS have concluded,
and the Paul B. Loyd Jr. rig has departed from the field. Both
production wells for the development are now ready to be tied-in to
the subsea infrastructure.
These operations were one of three main elements of the
installation campaign for the Lancaster EPS planned to take place
during the summer 2018 weather window, the other two being the
installation of the mooring system for the FPSO and the
installation of the SURF. The installation of the mooring system is
currently ongoing and will be followed by the SURF programme. These
elements remain on schedule to take place prior to arrival of the
FPSO at the field, and first oil remains on target for 1H 2019.
Dr Robert Trice, Chief Executive, commented:
"I'm pleased to report that we have concluded well completion
operations safely, bringing us another step closer to first oil.
Offshore operations continue, with the installation of the mooring
system for the FPSO well underway, and SURF installation on
schedule to commence thereafter."
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
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EPS Early Production System
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FPSO Floating production storage and offloading
vessel
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SURF Subsea umbilicals, risers and flowlines
------------------------------------------------
Inside Information
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END
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