Operational Update

RNS Number : 1997O

Hurricane Energy PLC

16 May 2018

 

16 May 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:

Lancaster EPS Offshore Installation Phase Commences

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 offshore installation phase of the Lancaster EPS development has commenced. The first operation to be carried out was the installation of the Enhanced Horizontal Xmas Trees on the two existing wells. The 'Far Superior' offshore construction vessel successfully landed and secured both Xmas Trees and is now scheduled to demobilise.

Additional logistical work is also taking place at the field ahead of the installation of the turret mooring system for the FPSO.

Dr Robert Trice, Chief Executive, commented:

"I'm delighted to see the start of the installation phase of the project with activity beginning to take place offshore. All workstreams are proceeding well; we remain on budget and on schedule for first oil in H1 2019."

Contacts: 

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

 

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