The successful UK offshore oiler, which raised more than £500mln of capital earlier this year, has announced a number of measures to recognise the company’s new size and scale.
Hurricane has been able to advance the large Lancaster field in Scotland’s West of Shetland region to the cusp of development for an early production system (EPS).
Hurricane recently greenlighted the EPS which will come online in 2019 and deliver up to 17,000 barrels of oil per day. The EPS will be a precursor to a larger development of the potential multi-billion barrel oil project.
Lancaster EPS progress continues - the new buoy is taking shape and the Aoka Mizu #FPSO has entered the dry dock in Dubai - new photos added to our website #HUR @BluewaterEnergy https://t.co/BMxJesg7lP pic.twitter.com/4yyDltXW0u— Hurricane Energy (@hurricomms) November 9, 2017
Hurricane chief executive Dr Robert Trice gave investors a brief project update.
"I am pleased to confirm that operational progress towards our target of first oil on the EPS continues to be on schedule, with the FPSO currently undergoing upgrade work in Dubai and our planned revised CPR, which includes Lincoln and Halifax, remaining on track for publication by year end,” he said in the statement.
“We look forward to providing an update on operations as relevant milestones are reached."
On Thursday, Hurricane also told investors that it is going to review its current organisational and governance structure, and as part of that effort it has now called a listing and governance sub-committee to its board.
It will make recommendations for the future board size, composition and structure while also considering changes to the organisational structure and regulatory matters.
Additionally, Hurricane non-executive chairman Dr Robert Arnott has stepped down with immediate effect. He is being replaced by senior independent director Dr David Jenkins who is taking the role on an interim basis, until the new sub-committee recommends suitable permanent candidates.
Trice added: "Following our successful fundraising and corresponding business transformation, I am pleased to announce the board's preparation for future growth, through the formation of the listing and governance committee.
“The establishment of this committee demonstrates Hurricane's commitment to achieving best practice disclosure, reporting and corporate governance standards, commensurate with a Premium Listed business.”