Hurricane Energy Plc (LON:HUR) boss Robert Trice was all oil business as he spoke to Proactive Investors Stocktube at the Oil Council conference in London this week.
Trice, giving rapid fire answers, highlighted that the operations side of the innovative UK offshore oil firm is very much on-track – following this year’s US$530mln funding Hurricane is now working to deliver first oil from the Lancaster field in around 18 months’ time.
Investor don’t have to wait that long for new share price catalysts, however, as Trice told Stocktube’s Andrew Scott that a hotly anticipated new competent persons report still expected before the end of the year. The report is expected to deliver new estimates for the group’s discoveries in the West of Shetland region, which are seen by some as multi-billion barrel opportunities.
“That [the CPR] is still on track and we anticipate news shortly,” Trice said.
Trice also highlighted, following a recent visit to the DP World dry-dock in Dubai, that work on the floating production, storage and offloading (FPSO) vessel for the Lancaster field’s early production system is on-track.
The EPS, which was fully funded by the recent financing deals, is due to come online in the first half of 2019 and it will initially deliver around 17,000 bopd of early production for the group.
“The idea is to understand how the reservoir behaves and if deemed appropriate we will increase that productivity,” he added.
As the operational aspects continue to advance, on the corporate side of things the company is quickly maturing – albeit not without some signs of ‘growing pains’.
Hurricane, which today has a market cap of around £525mln, last month revealed it was considering an upgrade to a premium stock market listing.
At the same time, then chairman Dr Robert Arnott left the company without immediate effect - shortly thereafter his comments in the media criticised the remaining management and the company’s governance standards.
Trice, in the interview, said the company will update the market ‘imminently’ on the progress regarding the possible main market listing.
“That is something that a lot of shareholders have shown enthusiasm for,” Trice said, adding that there’ll also be news shortly on the appointment of a new chairman.
“We’ve got an excellent team in place. Not only at Hurricane, but, also our tier one contractors.”
Trice expects development work will be underway through 2018, likely starting around March or April, with the FPSO potentially arriving at the field from September onwards.