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Hurricane Energy shares rise as it hooks up Aoka Mizu FPSO to Lancaster field

Whilst very significant to Hurricane’s current strategy, this early production system represents only a small part of what could become a giant field in the West of Shetland region

Hurricane Energy - Aoka Mizu FPSO for the Lancaster oil field
Investors can start the countdown to 'first oil' from the Lancaster field

Hurricane Energy plc (LON:HUR) shares nudged higher on Tuesday as UK oil field developer confirmed that, after failed previous attempts, it has now hooked up the Aoka Mizu floating production vessel to the Lancaster field’s infrastructure.

In a statement the company said that the vessel arrived at the field on March 17and it was hooked up to the Lancaster turret mooring system on 19 March. It is now on station and securely moored, Hurricane added.

READ: Hurricane Energy's move into production will cap impressive story

The offshore oiler will continue to press ahead with operations to start production in the coming months.

“After first oil, Hurricane anticipates a gradual ramp-up of production towards its planned average plateau rate of 17,000 barrels of oil per day, net of operating efficiency,” Hurricane said in the statement.

In London, the share moved up 1.46p or 2.95% to change hands at 50.77p.

Quick facts: Hurricane Energy PLC

Price: 41.44 GBX

LSE:HUR
Market: LSE
Market Cap: £824.75 m
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