Hurricane Energy PLC Selection of Exclusive Subsea Provider (2825M)
12 October 2016 - 7:00AM
UK Regulatory
TIDMHUR
RNS Number : 2825M
Hurricane Energy PLC
12 October 2016
For immediate release: 12 October 2016
This announcement contains inside information.
Hurricane Energy plc
("Hurricane" or the "Company")
Selection of Technip and FMC Technologies, under their alliance,
as Exclusive Subsea Provider
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, announces that the Company has provisionally selected
Technip and FMC Technologies, under their alliance, as its
exclusive provider of subsea solutions for the Lancaster Early
Production System ("EPS") and for subsequent development of the
Greater Lancaster Area.
Technip and FMC Technologies, under their alliance, have
developed with Hurricane, an innovative approach to enhance the
economics of the proposed development. Key to this approach is
focusing on system design optimisation and risk reduction in
project execution.
The parties are currently undertaking front end engineering
studies, in order to meet Hurricane's stated sanction date of the
end of H1 2017.
Dr Robert Trice, Hurricane's CEO, commented: "I am delighted
that we have been able to select such world-class service companies
as Technip as our SURF provider and FMC Technologies for our SPS
provider. Their combined solution is ideally suited to the
development of Lancaster and the Greater Lancaster Area.
Hurricane, Technip and FMC Technologies have worked
collaboratively to develop the Lancaster EPS as a fit for purpose
concept. This has allowed us to reduce the scope and the cost of
the development, and ensure full alignment amongst those driving
the project forward.
We believe that the alliance's innovative proposal is an
endorsement of the significant potential of Hurricane's fractured
basement portfolio West of Shetland. Our collaboration with them is
a very important milestone as we look over time to develop the
Greater Lancaster Area's full potential, whose full extent we
believe is yet to be defined. The initial results from our recent
Pilot Well has increased our internal base case resources on
Lancaster to in excess of 300 million barrels. Furthermore, it is
clear that such collaboration will be pivotal in developing the
remaining recoverable reserves not just at Lancaster but on the UK
continental shelf as a whole."
Knut Boe, President, North Sea Canada, Technip said: "Both
Technip and FMC Technologies, through the alliance, are delighted
to be selected as Hurricane's exclusive SURF / SPS providers and
look forward to facilitating the EPS and Greater Lancaster Area
development."
Contacts:
Dr Robert Trice (Chief
Executive Officer)/
Hurricane Alistair Stobie (Chief +44 (0)1483 862
Energy plc Financial Officer) 820
Nominated Adviser and
Joint Corporate Broker
Cenkos Securities Derrick Lee/Nick Tulloch/Beth +44 (0)131 220
plc McKiernan 6939
Macquarie Joint Corporate Broker
Capital (Europe) Alex Reynolds/ Guy de +44 (0)20 3037
Limited Freitas 2000
Vigo Communications Public Relations +44 (0)20 7830
Patrick d'Ancona/Ben 9704
Simons hurricane@vigocomms.com
About Hurricane
Hurricane is an oil and gas company focused on hydrocarbon
resources in naturally fractured basement reservoirs. The Company's
focus is to discover, appraise and develop oil reserves in basement
rock. Hurricane has already successfully discovered substantial
volumes of oil on the UKCS. The Company has 444-470 mmboe of 2C
Contingent Resources and 432-442 mmboe of P50 Prospective Resources
on acreage it controls 100%.
This information is provided by RNS
The company news service from the London Stock Exchange
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October 12, 2016 02:00 ET (06:00 GMT)