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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Hurricane Energy PLC    HUR   GB00B580MF54

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Hurricane Energy : Operational Update

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09/14/2017 | 08:10am CEST

14 September 2017

Hurricane Energy plc

('Hurricane' or the 'Company')

Operational Update

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 on the Lancaster Early Production System ('EPS').

Highlights

· Lancaster EPS remains on schedule for first oil in 1H 2019

· Hurricane has taken the Final Investment Decision on the development of the Lancaster Early Production System

· Agreements now effective with Bluewater Energy Services for upgrade, lease and operation of the 'Aoka Mizu' FPSO vessel

· 'Aoka Mizu' now on tow to Dubai for upgrade work

· Rig contract signed with Transocean to complete already drilled EPS production wells

· Fabrication orders placed with TechnipFMC for SURF and SPS

· Development and Production regulatory approval expected shortly

Following completion of the equity placing and convertible bond offering announced in June 2017 (the 'Fundraising'), Hurricane and its key contractors have proceeded with procurement, fabrication and contracting activities related to the EPS on the Lancaster field. The Company, now fully-funded to reach first oil, remains on track for first oil in 1H 2019.

FPSO Aoka Mizu contract awarded to Bluewater

On 14 August 2017, key contracts between Bluewater Energy Services and the Company outlining terms for the upgrade, lease and operation of the FPSO vessel, 'Aoka Mizu', and associated agreements, became effective in accordance with their terms. These agreements had previously been executed on 23 June 2017. The vessel left Gdansk on 27 July 2017 and is currently on tow to Dubai, where its upgrade is planned to be undertaken. It is expected to arrive by early October. The mooring buoy is also being fabricated in Dubai, where work has commenced.

Rig contract awarded to Transocean

The Company has entered into a contract with Transocean for the Paul B. Loyd Jr. semi-submersible drilling rig to complete the previously drilled Lancaster 205/21a-6 and 205/21a-7Z horizontal production wells, commencing 2Q 2018.

SURF and SPS contract awarded to TechnipFMC

TechnipFMC has commenced procurement and fabrication of the main subsea components of the development including subsea umbilical, risers and flowlines 'SURF' and subsea production system 'SPS'. Subsea installation activities at Lancaster are scheduled for summer 2018, in advance of the planned arrival of the 'Aoka Mizu'.

A TechnipFMC vessel has recently completed a further seabed survey as part of the planning process for boulder clearance around the area planned for SURF installation.

The Company is making good progress with the regulatory authorities in relation to the approval of Company's Field Development Plan ('FDP') and associated consents and permits for the Lancaster EPS development. Approval is expected shortly, with no impact to overall project schedule anticipated.

Dr Robert Trice, Chief Executive, commented:

'I am delighted that all operational work streams are proceeding on track for delivery of the project within the target timeline of first oil in 1H 2019.

'Successful completion of the Fundraising allowed the Company to move ahead with the upgrade of the FPSO, fabrication of the buoy, and procurement of the subsea components for installation work to begin next summer. We greatly appreciate the contributions of our key contractors and partners, Bluewater Energy Services and TechnipFMC, in progressing the project at pace.

'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.

'We look forward to providing further updates as we move forward with engineering, procurement, installation and commissioning (EPIC) activities; and once regulatory approval is obtained.'

Contacts:

Hurricane Energy plc

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

+44 (0)1483 862 820

Cenkos Securities plc

Nominated Adviser and Joint Corporate Broker
Derrick Lee/Nick Tulloch/Beth McKiernan

+44 (0)131 220 6939

Stifel Nicolaus Europe Limited

Joint 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 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 - This classification is consistent with SPE/AAPG/WPC and SPEE guidelines for Petroleum Resource Management - Determination of Discovery Status

Glossary / Definitions

AAPG

American Association of Petroleum Geologists

EPIC

Engineering, Procurement, Installation and Commissioning

EPS

Early Production System

FPSO

Floating Production, Storage and Offloading vessel

SPE

Society of Petroleum Engineers

SPEE

Society of Petroleum Evaluation Engineers

SPS

Subsea Production System

SURF

Subsea Umbilicals, Risers and Flowlines

WPC

World Petroleum Council

Important notice

Readers of this announcement should note that timeliness relating to the Lancaster EPS Development are indicative only. Sustained production is dependent on, amongst other things, successful receipt of the Regulators' approval of the field development plan and associated consents and permits, manufacture and installation of the FPSO mooring buoy, SPS and SURF equipment, completion of the producer wells, completion of the modifications to the FPSO Aoka Mizu and its successful hook up and commissioning at the Lancaster field, together with reservoir performance.

Hurricane Energy plc published this content on 14 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 September 2017 06:08:08 UTC.

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EBIT 2017 -8,08 M
Net income 2017 -7,63 M
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NameTitle
Robert Clive Trice Chief Executive Officer & Executive Director
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Neil Robert Platt Chief Operations Officer & Executive Director
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