Sign up USA
Proactive Investors - Run By Investors For Investors

Hurricane Energy delighted’ as it quickens towards first oil at Lancaster field

Hurricane has made its final investment decision for the Lancaster early production system (EPS) and is now advancing operations to deliver 'first oil' in the first half of 2019.
Hurricane Energy CEO, DR Robert Trice onboard offshore drilling rig
The Lancaster EPS is expected to yield some 17,000 bopd

Hurricane Energy Plc (LON:HUR) told investors that it has taken the final investment decision for the Lancaster early production system (EPS) which is now on track for ‘first oil’ in the first half of next year.

The UK offshore oiler, in a stock market statement, said its agreement for the 'Aoka Mizu' floating production storage and offloading vessel is now effective and the vessel is now on tow to Dubai for necessary upgrade work.

A rig contract has, meanwhile, been signed with Transocean which will complete the already drilled wells for production in the EPS. At the same time, fabrication orders placed with TechnipFMC for SURF and SPS.

Regulatory approval for development and production is expected shortly, the company added.

READ: Hurricane Energy sidelines plans for US$5mln shareholder funding

Hurricane highlighted that it is fully funded to reach ‘first oil’ thanks to the funding arrangements that were put in place in the summer.

"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,” said Dr Robert Trice, Hurricane chief executive.

He added: “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."

View full HUR profile View Profile

Hurricane Energy PLC Timeline

Related Articles

oil and gas operations
October 30 2017
Chief executive Hugh Mackay highlighted the oiler sees " so much activity on so many fronts in the months ahead".
picture of gas pipes
June 14 2017
The Ntorya-3 appraisal well may be delayed in favour of acquiring another batch of 3D seismic over the licence.
oil and gas operations
October 02 2017
"This placing will strengthen our balance sheet while we concurrently work towards finalising the project financing, operations program and plan for our OPL 226 project offshore Nigeria"

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use