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Hurricane Energy PLC (HUR)

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Thursday 02 August, 2018

Hurricane Energy PLC

Operational Update

RNS Number : 5405W
Hurricane Energy PLC
02 August 2018
 

2 August 2018

Hurricane Energy plc

("Hurricane" or the "Company")

 

Operational Update:

Completion of Turret Mooring System Installation

 

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 EPS development of the Lancaster Field.

 

The turret mooring system, including the newly-constructed buoy for the Aoka Mizu FPSO, has been successfully installed at the Lancaster field, subject to final classification society approval. The operation utilised the Normand Installer offshore construction vessel, together with associated support vessels.

 

The completion of this operation is a critical milestone required to allow the installation of the subsea umbilical, risers, and flowlines ("SURF"). SURF is the last phase of the offshore installation programme in preparation for the arrival of the Aoka Mizu FPSO at the Lancaster field. The buoy will now sit submerged below the surface, held in place by 12 mooring lines connected to piles, until the FPSO's arrival.

 

Dr Robert Trice, Chief Executive, commented:

 

"We are delighted to have completed this weather sensitive turret mooring system installation. The SURF installation campaign is due to commence shortly, with the mobilisation of subsea equipment expected to begin in the coming weeks. We look forward to providing further updates in the run-up to first oil, which remains on track for 1H 2019."

 

Contacts: 

 

Hurricane Energy plc

Dr Robert Trice (Chief Executive Officer) / Alistair Stobie (Chief Financial Officer)

 

+44 (0)14 8386 2820

Stifel Nicolaus Europe Limited

Nominated Adviser and Joint Corporate Broker

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

 

+44 (0)20 7710 7600

Morgan Stanley & Co. International plc

Joint Corporate Broker

Andrew Foster / Tom Perry / Alex Smart

 

+44 (0)20 7425 8000

Vigo Communications

Public Relations

Patrick d'Ancona / Ben Simons

 

+44 (0)20 7830 9704

[email protected]

 

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 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, Halifax, Whirlwind, Warwick and Strathmore. Together with Lancaster, these assets have total combined 2P Reserves and 2C Contingent Resources of 2.6 billion barrels of oil equivalent. Hurricane owns all of its licences 100%.

 

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

EPS

Early Production System

FPSO

Floating production storage and offloading vessel

SURF

Subsea umbilicals, risers and flowlines

 

Inside Information

 

The content of this announcement does not comprise price sensitive information.


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