Hurricane Energy PLC Operational Update (7926T)

TIDMHUR

RNS Number : 7926T

Hurricane Energy PLC

06 July 2018

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:

 
                        Dr Robert Trice (Chief Executive 
 Hurricane Energy        Officer) / Alistair Stobie 
  plc                    (Chief Financial Officer)          [phone] 
                        Nominated Adviser and Joint 
                         Corporate Broker 
 Stifel Nicolaus         Callum Stewart / Nicholas 
  Europe Limited         Rhodes / Ashton Clanfield          [phone] 
 Morgan Stanley &       Joint Corporate Broker 
  Co. International      Andrew Foster / Tom Perry 
  plc                    / Alex Smart                       [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. 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

UPDUGUQUMUPRPPA

(END) Dow Jones Newswires

July 06, 2018 02:01 ET (06:01 GMT)