Hurricane Energy PLC Operational Update (3495O)

TIDMHUR

RNS Number : 3495O

Hurricane Energy PLC

17 May 2018

17 May 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:

Lancaster EPS Buoy Sail-away

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 on the Lancaster Field ("Lancaster EPS").

The newly-fabricated buoy for the Lancaster EPS has departed from Drydocks World in Dubai, following successful testing and final inspection. The buoy forms a critical element of the turret mooring system for the Aoka Mizu FPSO and its completion concludes a key part of the construction phase of the project.

Arrival of the buoy by the end of June 2018 is expected to permit installation of the turret mooring system at the Lancaster field by the end of Q3 2018, as previously guided. The other components of the turret mooring system: piles, chains and wires, have already been delivered and installation is therefore expected to proceed on schedule.

Dr Robert Trice, Chief Executive, commented:

"The installation of the turret mooring system is critical to the overall timetable for the Lancaster EPS development. The departure of the buoy from Dubai is on schedule and I'd like to thank Bluewater Energy Services and Drydocks World Dubai for their diligence and teamwork, both of which have been material in achieving this key project milestone."

Contacts:

 
                        Dr Robert Trice (Chief Executive 
 Hurricane               Officer) / Alistair Stobie 
  Energy plc             (Chief Financial Officer)          [phone] 
                        Nominated Adviser and Corporate 
                         Broker 
 Stifel Nicolaus         Callum Stewart / Nicholas 
  Europe Limited         Rhodes / Ashton Clanfield          [phone] 
 Vigo Communications    Public Relations                    [phone] 
                         Patrick d'Ancona / Ben Simons       [e-mail] 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 17, 2018 02:01 ET (06:01 GMT)