Hurricane Energy PLC Operational Update and Analyst Visit (9898Y)
12 December 2017 - 6:00PM
UK Regulatory
TIDMHUR
RNS Number : 9898Y
Hurricane Energy PLC
12 December 2017
12 December 2017
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update and Analyst Visit
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, is pleased to provide an operations update on
activities related to the Early Production System on the Lancaster
Field ("Lancaster EPS"), at Drydocks World, Dubai, ahead of an
analyst visit this week.
The Aoka Mizu FPSO ("Aoka Mizu"), the facility for the Lancaster
EPS, arrived in Dubai on 30 September 2017. Its repair, upgrade and
life extension works are being carried out at the Drydocks World
yard in Dubai. Fabrication of the buoy, to which the vessel's
turret mooring system will connect, is taking place at the same
yard.
An analyst site visit to these operations will take place on
12-13 December 2017, prior to which, the Company provides the
following update:
-- Internal turret removed from Aoka Mizu for upgrade
-- First planned dry-docking completed on schedule, during which
a number of works were undertaken, including: removal of a thruster
for overhaul, outer hull surveys, replacement of a number of sea
valves, and installation of new bilge keels
-- Initial tank inspections and cleaning has taken place
-- Buoy structure is taking shape, with major sections including
the top cone preassembled and shell plating being attached to the
cone module
-- Buoy locking ring has arrived from fabricator and is being installed
-- All critical components for the mooring are now undergoing
fabrication and the first of the 12 chains has been completed
Dr Robert Trice, Chief Executive of Hurricane, commented:
"We are pleased to provide an update on operations in Dubai,
which are critical components of the Lancaster EPS. Operations
remain on schedule for planned first oil in H1 2019 and I look
forward to showing analysts this progress."
Contacts:
Dr Robert Trice
(Chief Executive
Officer)/Alistair
Hurricane Stobie (Chief Financial
Energy plc Officer) +44 (0)14 8386 2820
--------------------- -------------------------- -------------------------
Nominated Adviser
and Corporate Broker
Stifel Nicolaus Callum Stewart/Nicholas
Europe Limited Rhodes/Ashton Clanfield +44 (0)20 7710 7600
--------------------- -------------------------- -------------------------
Vigo Communications Public Relations +44 (0)20 7830 9704
Patrick d'Ancona/Ben Hurricane@vigocomms.com
Simons
--------------------- -------------------------- -------------------------
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
The content of this announcement does not comprise price
sensitive information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 12, 2017 02:00 ET (07:00 GMT)
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