Hurricane Energy closing in on early production system

Hurricane Energy announced a key milestone on Wednesday with the completion of buoy dry trial fit testing operations ahead of schedule.

The tests, conducted in collaboration with Bluewater Energy and Dubai Drydocks World, were part of the company’s preparations for the Aoka Mizu FPSO floating production storage and offloading vessel’s installation in the planned Lancaster field early production system.

Robert Trice, chief executive of Hurricane Energy, "I would like to thank Bluewater and Dubai Drydocks World for reaching this milestone ahead of schedule, whilst maintaining safe operations."

With the vessel set to sail from Dubai during the third quarter of 2018, the company was drawing closer to concluding the first phase of development at the Lancaster field, the company’s most appraised asset, with estimated combined 2P reserves and 2C contingent resources of 523m stock tank barrels of oil.

"I look forward to the next time that this equipment is connected which will be to secure the FPSO in place for the life of the Lancaster EPS. With other operations continuing as planned, we remain on schedule for target first oil in H1 2019," said Trice.

Hurricane Energy is a Surrey based oil exploration company which aims to discover, appraise and develop resources associated with naturally fractured basement reservoirs, and claims to have discovered more oil in the UK than any other company in the past ten years.

The company lists its total combined 2P reserves and 2C contingent resources at 2.6bn barrels of oil equivalent.

As of 0816 GMT, Hurricane Energy shares were up 3.66% at 34.00p.