Hurricane Energy PLC Lancaster EPS Field Development Plan Approval (6354R)
25 September 2017 - 4:00PM
UK Regulatory
TIDMHUR
RNS Number : 6354R
Hurricane Energy PLC
25 September 2017
25 September 2017
Hurricane Energy plc
("Hurricane" or the "Company")
Lancaster EPS Field Development Plan Approval
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, is pleased to announce that it has received development
and production consent for its Lancaster field development plan,
the Early Production System ("EPS").
Dr Robert Trice, Chief Executive, commented:
"I am delighted that we have been granted consent for the
Lancaster field development plan for the EPS phase of the Lancaster
Field. With funding and regulatory approvals in hand, we can now
fully focus on delivering the project within the target timeline of
first oil in 1H 2019.
The Lancaster EPS is not only an essential step in planning for
the full field development of the Company's Rona Ridge assets, but
also represents a substantial development in its own right, with
planned production of 17,000 barrels of oil per day.
I would like to thank the Oil and Gas Authority, the Department
for Business, Energy & Industrial Strategy, and the Health
& Safety Executive for their support in our achieving the first
approval of a field development plan for a UK basement field. This
is an important step in demonstrating the potential of basement
West of Shetland and in the UKCS more generally.
We greatly appreciate the contributions provided to date by our
key contractors and partners: Bluewater Energy Services,
TechnipFMC, and Transocean. We look forward to providing further
updates as we move forward with engineering, procurement,
installation and commissioning (EPIC) activities."
Contacts:
Dr Robert Trice (Chief
Executive Officer)/
Hurricane Alistair Stobie (Chief +44 (0)1483 862
Energy plc Financial Officer) 820
Nominated Adviser
& Corporate Broker
Stifel Nicolaus Callum Stewart/Nicholas +44 (0)20 7710
Europe Limited Rhodes/Ashton Clanfield 7600
Vigo Communications Public Relations +44 (0)20 7830
Patrick d'Ancona/Ben 9704
Simons Hurricane@vigocomms.com
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 licence, the Company's most appraised
asset, has combined 2P Reserves and 2C Resources of 523 million
barrels. In addition, the Company has 205 million barrels of oil
equivalent on its Whirlwind licence (under the Whirlwind oil
case).
During the 2016-2017 drilling campaign the Company made two
significant discoveries* at Halifax and Lincoln, indicating that
the Greater Lancaster Area and the Greater Warwick Area have the
potential to be two large accumulations.
*Discovery under SPE PRMS definitions
Forward looking statements and dates referenced in this
announcement, in relation to Hurricane's exploration and
development assets, are estimates and subject to change. Oil and
gas operations, particularly those relating to development stage
assets are subject to varying inputs that may impact timing,
including inter alia permitting; environmental regulation; changes
to regulators and regulation; third party manufacturers and service
providers and the weather. The Company's estimates of timing for
forward looking operations are based on the best information it has
to hand at the time, however these timings may change with little
or no notice to the Company. The Company will update the market as
and when it becomes aware of a material change to any of the
operations or timings referenced in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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