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Hurricane Energy PLC (HUR)

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Tuesday 20 March, 2018

Hurricane Energy PLC

Operational Update

RNS Number : 2138I
Hurricane Energy PLC
20 March 2018
 

20 March 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update

Delivery of Xmas Trees & Other Key Subsea Components for Lancaster EPS

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 on the Lancaster Field ("Lancaster EPS").

Highlights

·     Two horizontal Xmas tree systems delivered by TechnipFMC

·     FPSO subsea control system also delivered by TechnipFMC

·     Xmas trees and controls were some of the key long lead items for the Lancaster EPS

·     Completion of this scope is an important step in enabling Hurricane to maintain schedule for the planned Q2/3 2018 well completions and installation programme

The horizontal Xmas tree systems for the Lancaster EPS, including fishing friendly protective structures, have now been delivered ex-works by TechnipFMC from its facility in Dunfermline. Proserv UK Ltd will now carry out integration and testing with its Intervention Workover Control Systems (IWOCS). Once this and other testing has taken place, the Xmas tree systems will be prepared for loading onto the rig, to be installed during the completion works planned for later this year.

The FPSO subsea control system has also been delivered ex-works by TechnipFMC from its facility in Kongsberg. It is now being shipped to Dubai, ready for installation on the Aoka Mizu FPSO.

Hurricane continues to work closely with TechnipFMC as part of its contracted integrated service offering. Together with its subcontractors, including SBM Offshore Services Inc, TechnipFMC is continuing to work to ensure the safe and timely installation of the turret mooring system (TMS) and the subsea systems (flowlines, risers, umbilical, jumpers and manifold), for the Lancaster EPS. These elements remain on schedule for installation during the Q2/3 2018 weather window.

Dr Robert Trice, Chief Executive of Hurricane, commented:

"I'm pleased to report that the two horizontal Xmas trees and the FPSO subsea control system have now been successfully delivered. The Company ordered the Xmas trees and control system in December 2016 and they were some of the key long lead items that drove the financing schedule in 2017. Their delivery represents a significant milestone in readiness for our 2018 well completion programme.

"I recently visited the Dunfermline facility with our engineering team and was glad that all were impressed by quality of work taking place. We have a fantastic working relationship with TechnipFMC and I'd like to thank them for completing this particularly critical element of the Lancaster EPS development.

"With other operations continuing as planned, we remain on schedule for first oil in H1 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 Corporate Broker

Callum Stewart/Nicholas Rhodes/Ashton Clanfield

 

+44 (0)20 7710 7600

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.

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
 
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