Hurricane Energy Plc (LON:HUR) updated investors on the development of Lancaster’s early production system, where well completion operations have now concluded.
It said that both previously drilled production wells for the EPS are now ready to be tied-in to the subsea infrastructure.
"I'm pleased to report that we have concluded well completion operations safely, bringing us another step closer to first oil,” said Dr Robert Trice, Hurricane chief executive.
READ: Hurricane Energy ticking boxes as it approaches major value catalysts
“Offshore operations continue, with the installation of the mooring system for the FPSO well underway, and SURF installation on schedule to commence thereafter."
The company said the completed operations represent one of three programmes of work scheduled for the summer weather window – it also intends to install the mooring system for the floating production storage and offloading (FPSO) and the installation of the SURF.
All operations remain on schedule to take place before the FPSO arrives at the field, leaving the project on target for first oil in the first half of 2019.
In a separate stock market statement, the company announced that it has appointed Morgan Stanley & Co to act as joint corporate broker alongside Stifel Nicolaus.
This week saw speculation and media reports that Hurricane could be a takeover target as BP flexed its muscles in the West of Shetland region, dealing with Conocco to increase ownership of the Clair field.
For the uninitiated, the Lancaster EPS - which is expected to yield 17,000 bopd - is essentially a proof of concept and a pre-cursor to a potentially massive, multi-billion barrel oil project.
Facilitating a full development would most likely require some form of involvement with much larger oil companies, with the financial and operational wherewithal to deliver what would be a very substantial long term development.
In late afternoon trading Friday, Hurricane shares were up 5.3 at 53p.
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