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Hurricane Energy PLC (HUR)

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Monday 15 October, 2018

Hurricane Energy PLC

Operational Update

RNS Number : 9677D
Hurricane Energy PLC
15 October 2018
 

15 October 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:

Sail-away of the Aoka Mizu FPSO

 

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to announce sail-away of the Aoka Mizu FPSO.

The Aoka Mizu FPSO has now departed Dubai, following sea trials, and will sail to Rotterdam for completion of a final scope of work before proceeding to the Lancaster field.

The vessel, which will be used in Hurricane's Early Production System development of the Lancaster field, has been undergoing a programme of repair, upgrade and life extension works at the Drydocks World Dubai shipyard.

The final stage of preparations at the field was a programme of rock dumping to protect sub-sea infrastructure, which has been successfully completed.

 

Contacts: 

Hurricane Energy plc

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

 

+44 (0)1483 862 820

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 7390 0230

[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 (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. 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

Lancaster EPS

Early production system on the Lancaster field

FPSO

Floating production storage and offloading vessel

Spirit Energy

Spirit Energy Limited

 

Inside Information

 

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

 

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.


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 [email protected] or visit www.rns.com.
 
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