Operational Update

RNS Number : 2866T

Hurricane Energy PLC

19 March 2019

 

19 March 2019

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:
Hook-up of FPSO at the Lancaster Field

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.

The Aoka Mizu FPSO arrived at the Lancaster field on 17 March 2019 and successfully hooked-up to the turret mooring system buoy on the morning of 19 March 2019. The vessel is now on station and securely moored.

Work to achieve first oil continues, following which a further announcement will be made. After first oil, Hurricane anticipates a gradual ramp up of production towards its planned average plateau rate of 17,000 bopd, net of operating efficiency.

Contacts: 

Hurricane Energy plc	Dr Robert Trice (Chief Executive Officer) / Alistair Stobie (Chief Financial Officer)	[phone]
Stifel Nicolaus Europe Limited	Nominated Adviser and Joint Corporate Broker Callum Stewart / Nicholas Rhodes / 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	[phone] [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 (gross production of 20,000 bopd with assumed operating efficiency of 85% following ramp-up). 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
bopd	Barrels of oil per day
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.

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.

 

END

 

 

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