Operational Update

RNS Number : 3301J

Hurricane Energy PLC

29 March 2018

 

29 March 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:

Boulder Relocation Works

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to provide an update on the requirement for boulder relocation works for the Lancaster Early Production System ("EPS") development.

In order to reduce 2018 installation and execution risk, Hurricane took the opportunity provided by prevailing market rates and vessel availability, to instruct TechnipFMC to accelerate the planned Q2 2018 boulder relocation programme into 2017. Site surveys had identified boulders in the vicinity of the proposed locations for Lancaster EPS subsea infrastructure, which required relocating. To undertake the work programme, TechnipFMC contracted the 'Far Superior' vessel and successfully completed the planned work scope in November 2017.

The results of this programme have now been reviewed by Bluewater Energy Services, as Installation Operator, and DNV GL, in their role as classification society. They have concluded that the extensive boulder relocation campaign has resulted in an acceptable seabed condition for the installation of the mooring system (taking the rocky soil condition into account). They have therefore confirmed that a further dedicated boulder relocation programme is not required prior to commencing subsea installation operations in Q2-Q3 2018. If any additional boulders are encountered during the subsea installation, these will be relocated, as required.

Dr Robert Trice, Chief Executive, commented:

"I am pleased that the boulder relocation works completed in 2017 are sufficient to allow us to continue with our 2018 operations without the requirement for another dedicated boulder relocation programme. This positive news further de-risks our installation programme and brings us closer to our planned first oil date.

"I would like to take this opportunity to thank Bluewater for their timely review and our continued constructive working relationship."

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

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.

 

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