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Hurricane Energy sees ‘significant milestone’ as Lancaster field development advances

Last updated: 06:35 20 Mar 2018 EDT, First published: 03:36 20 Mar 2018 EDT

Hurricane
Key long lead items have been delivered

Hurricane Energy Plc (LON:HUR) revealed that it has received key long lead items for the Lancaster field’s early production system.

TechnipFMC delivered two horizontal Xmas tree systems as well as the control system for the floating production storage and offloading (FPSO) vessel.

READ: Hurricane Energy ticks off another item from the Lancaster early production system checklist

It is described by Hurricane as “an important step” in the project which maintains the schedule for the planned programme of well completion and installation, due in the second or third quarter of this year.

Dr Robert Trice, Hurricane chief executive, highlighted that the Lancaster EPS remains on track for ‘first oil’ during the first six months of 2019.

"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,” Trice said.

“Their delivery represents a significant milestone in readiness for our 2018 well completion programme.

He added: “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.”

Hurricane said it continues to work with TechnipFMC to ensure the safe and timely installation of the turret mooring system and the subsea systems for the Lancaster EPS. These elements are part of the works anticipated in the Q2/3 weather window, the company added.

In mid-morning trading, Hurricane Energy shares were 0.2% higher at 32.64p.

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