6 Jul 2018 07:01
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:
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 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 7830 9704 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 |
EPS | Early Production System |
FPSO | Floating production storage and offloading vessel |
SURF | Subsea umbilicals, risers and flowlines |
Inside Information
The content of this announcement does not comprise price sensitive information.