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HUR Hurricane Energy Plc

7.79
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hurricane Energy Plc LSE:HUR London Ordinary Share GB00B580MF54 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.79 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hurricane Energy PLC Operational Update (6049A)

13/09/2018 7:00am

UK Regulatory


Hurricane Energy (LSE:HUR)
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From Mar 2019 to Mar 2024

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TIDMHUR

RNS Number : 6049A

Hurricane Energy PLC

13 September 2018

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:

 
                        Dr Robert Trice (Chief Executive 
 Hurricane Energy        Officer) / Alistair Stobie 
  plc                    (Chief Financial Officer)          +44 (0)1483 862 820 
                        Nominated Adviser and Joint 
                         Corporate Broker 
 Stifel Nicolaus         Callum Stewart / Nicholas 
  Europe Limited         Rhodes / Ashton Clanfield          +44 (0)20 7710 7600 
 Morgan Stanley &       Joint Corporate Broker 
  Co. International      Andrew Foster / Tom Perry 
  plc                    / Alex Smart                       +44 (0)20 7425 8000 
 Vigo Communications    Public Relations                    +44 (0)20 7390 0230 
                         Patrick d'Ancona / Ben Simons       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.

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 rns@lseg.com or visit www.rns.com.

END

UPDGGUGCBUPRGAP

(END) Dow Jones Newswires

September 13, 2018 02:00 ET (06:00 GMT)

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