Sign up Australia
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

picture of gas flare
February 13 2018
A new gas generator also came on stream recently and has started to produce the first power from the project
Green energy
April 10 2018
PowerHouse Energy has been busy over the past year, establishing its demonstration plant in the UK, signing deals to develop a hydrogen bus, and even trialling its technology in Qatar ahead of the 2022 FIFA World Cup
Jack-up oil rig
February 14 2018
'Russia represents a major opportunity for the company'

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) 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 in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

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.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

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