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12 Dec 2017 07:00
12 December 2017
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update and Analyst Visit
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to provide an operations update on activities related to the Early Production System on the Lancaster Field ("Lancaster EPS"), at Drydocks World, Dubai, ahead of an analyst visit this week.
The Aoka Mizu FPSO ("Aoka Mizu"), the facility for the Lancaster EPS, arrived in Dubai on 30 September 2017. Its repair, upgrade and life extension works are being carried out at the Drydocks World yard in Dubai. Fabrication of the buoy, to which the vessel's turret mooring system will connect, is taking place at the same yard.
An analyst site visit to these operations will take place on 12-13 December 2017, prior to which, the Company provides the following update:
· Internal turret removed from Aoka Mizu for upgrade
· First planned dry-docking completed on schedule, during which a number of works were undertaken, including: removal of a thruster for overhaul, outer hull surveys, replacement of a number of sea valves, and installation of new bilge keels
· Initial tank inspections and cleaning has taken place
· Buoy structure is taking shape, with major sections including the top cone preassembled and shell plating being attached to the cone module
· Buoy locking ring has arrived from fabricator and is being installed
· All critical components for the mooring are now undergoing fabrication and the first of the 12 chains has been completed
Dr Robert Trice, Chief Executive of Hurricane, commented:
"We are pleased to provide an update on operations in Dubai, which are critical components of the Lancaster EPS. Operations remain on schedule for planned first oil in H1 2019 and I look forward to showing analysts this progress."
Contacts:
Hurricane Energy plc | Dr Robert Trice (Chief Executive Officer)/Alistair Stobie (Chief Financial Officer)
| +44 (0)14 8386 2820 |
Stifel Nicolaus Europe Limited | Nominated Adviser and Corporate Broker Callum Stewart/Nicholas Rhodes/Ashton Clanfield
| +44 (0)20 7710 7600 |
Vigo Communications | Public Relations Patrick d'Ancona/Ben Simons
| +44 (0)20 7830 9704 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.
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