Hurricane Energy PLC Operational Update (0007O)

TIDMHUR

RNS Number : 0007O

Hurricane Energy PLC

27 May 2020

27 May 2020

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:

Greater Warwick Area

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update in relation to planned activities on the Lincoln subarea of Licence P1368, part of the Greater Warwick Area ("GWA").

In light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence commitments pertaining to Lincoln. The Oil and Gas Authority has responded positively to these requests, extending the deadline for commencement of the GWA joint venture's commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021.

Dr Robert Trice, Chief Executive of Hurricane, commented:

"We would like to thank the Oil and Gas Authority for their flexibility regarding the timing of activities planned at Lincoln during these challenging times."

Contacts:

 
 Hurricane Energy plc                           [phone] 
  Dr Robert Trice, Chief Executive Officer       820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / Ashton Clanfield             [phone] 
 Morgan Stanley & Co. International plc 
  Joint Corporate Broker 
  Andrew Foster / Tom Perry / Alex Smart        [phone] 
 Vigo Communications 
  Public Relations 
  Patrick d'Ancona / Ben Simons 
  [e-mail]                       [phone] 
 

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% owned by Hurricane) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

Glossary

 
 FPSO            Floating production storage and offloading 
                  vessel 
 Spirit Energy   Spirit Energy Limited 
                =========================================== 
 

Inside Information

This announcement contains inside information as stipulated under the market abuse regulation (EU no. 596/2014). Upon the publication of this announcement via regulatory information service this inside information is now considered to be in the public domain.

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

UPDPPUCAAUPUPUQ

(END) Dow Jones Newswires

May 27, 2020 02:00 ET (06:00 GMT)