13 Sep 2018 07:00
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:
Hurricane Energy plc | Dr Robert Trice (Chief Executive Officer) / Alistair Stobie (Chief Financial Officer)
| +44 (0)1483 862 820 |
Stifel Nicolaus Europe Limited | Nominated Adviser and Joint Corporate Broker Callum Stewart / Nicholas Rhodes / Ashton Clanfield
| +44 (0)20 7710 7600 |
Morgan Stanley & Co. International plc | Joint Corporate Broker Andrew Foster / Tom Perry / Alex Smart
| +44 (0)20 7425 8000 |
Vigo Communications | Public Relations Patrick d'Ancona / Ben Simons
| +44 (0)20 7390 0230 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
The content of this announcement does not comprise price sensitive information.