Hurricane Energy Plc (LON:HUR) has reported on its ‘transformative’ 2017, highlighting that in the year the Lancaster oil field moved into the project execution phase.
The project timeline puts Lancaster on course for ‘first oil’ in the first half of 2019.
In the results statement the company highlighted the key milestones achieved during the period, including the final investment decision, the approval of the field development plan by the UK regulator, major resource upgrades and first reserves, then the start of development operations.
READ: Hurricane Energy sees ‘significant milestone’ as Lancaster field development advances
"Last year saw the company gain both operational and commercial momentum as it moves toward first production and material cash generation,” said Robert Trice, Hurricane chief executive.
Trice added: "First oil on the Lancaster EPS remains on schedule for H1 2019.
“As we look ahead to this milestone, we are in a position of strength with 100% ownership of a portfolio of assets with resources measured in the billions of barrels and with line of sight on further activity to ultimately achieve monetisation."
In terms of financials, the pre-revenue company reported a US$7mln loss after tax in 2017 and it ended the year with US$360mln of cash and liquid investments.
Hurricane raised US$547mln of funds, equity and convertible bonds during the year as it advanced Lancaster.