logo-loader
viewHurricane Energy PLC

Hurricane Energy buoy hook-up operation hits another snag

The Aoka Mizu vessel is returning to the Cromarty Firth to await delivery of a new pull-in rope

A schematic of the Hurricane early production system
A schematic of the Hurricane early production system

Hurricane Energy PLC (LON:HUR) will have to wait to complete the buoy hook-up operation as it makes the final, crucial preparations for its planned early production system on the Lancaster Field, in the waters west of Shetland.

On Saturday (Feb 2) the pull-in rope failed. There were no casualties and the buoy returned to its starting position and is not damaged.

READ: Hurricane Energy updates on operations amid predictions of worsening weather conditions

The Aoka Mizu vessel is returning to the Cromarty Firth to await delivery of a new pull-in rope, Hurricane said.

Last month, the company’s hook-up operation was foiled when a rope became snagged.

In a note to clients, analysts at SPAngel commented: “The continued issues with the morning buoy are unfortunate, but not altogether unheard of. Given that this equipment if not strictly ‘standard’ isn’t new technology, we believe that it has been a run or bad luck, opposed to anything more sinister.

“Consequently, any weakness on the back of this news is to be taken advantage by investors who back the longer-term valuation story.”

In late afternoon trading, shares in Hurricane Energy were 5.7% lower at 46.98p.

 -- Adds analyst comment, share price --

Quick facts: Hurricane Energy PLC

Price: 41.44 GBX

LSE:HUR
Market: LSE
Market Cap: £8.44 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Hurricane Energy PLC named herein, including the promotion by the Company of Hurricane Energy PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Hurricane Energy produces oil to surface at its Lincoln...

Headlines from the Proactive UK newsroom. Hurricane Energy PLC (LON:HUR) has confirmed that it has struck oil at its Lincoln Crestal well off the west coast of the Shetland Islands. The group said a drill stem test on the well produced oil to surface, resulting in a flare. Touchstone...

on 9/9/19

2 min read