Hurricane Energy PLC Operational Update (1150H)

TIDMHUR

RNS Number : 1150H

Hurricane Energy PLC

13 November 2018

13 November 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on the passage of the Aoka Mizu FPSO from Dubai to Rotterdam.

The Aoka Mizu FPSO has put into Algeciras, Spain for planned personnel changes and bunkering. This stopover will be extended to undertake a repair to an auxiliary system associated with power generation. Commissioning activities which were being undertaken during transit will continue.

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 (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 
 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.

Competent Person

The technical information in this release has been reviewed by Dr Robert Trice, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Dr Robert Trice, Chief Executive Officer of Hurricane Energy plc, is a geologist and geoscientist with a PhD in geology and has over 30 years' experience in the oil and gas industry.

Standard

Resource estimates contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.

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.

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November 13, 2018 02:00 ET (07:00 GMT)