5th Jun 2019 09:18
LONDON (Alliance News) - Hurricane Energy PLC on Wednesday said it has achieved first oil at the Lancaster field in the UK.
The oil & gas company said the Aoka Mizu FPSO's start-up phase completed with a 72-hour production test of the Lancaster field.
The combined flow from two wells during this test period reached and maintained the planned production rate of 20,000 barrels of oil per day.
Hurricane Energy said it expects a gradual ramp-up in facilities availability over the first six months of production to long-term operating efficiency of 85%. It confirmed guidance for facilities availability of three months at 45% and then a further three months at 65%, resulting in average production rates of 9,000 barrels of oil daily and 13,000 barrels of oil daily, respectively.
"Lancaster is the UK's first producing fractured basement field and the fact that Hurricane has delivered this industry milestone on time and within budget is an incredible achievement," said Chief Executive Robert Trice.
"Up to 12 months of stable production will be required in order to provide a clear view of the reservoir and enable us to plan for associated full field development scenarios," added Trice.
Hurricane Energy shares were trading 0.8% higher on Wednesday at 59.50 pence each.
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