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Hurricane Energy begins start-up of Lancaster field EPS as Aoka Mizu takes on hydrocarbons

The Lancaster EPS will in the coming weeks put Hurricane on the map as a producer, with this initial phase of the project yielding some 17,000 bopd.

oil and gas operations
The EPS covers just a small part of a multibillion barrel project

Hurricane Energy Plc (LON:HUR) has confirmed a key milestone towards the delivery of the Lancaster field early production system (EPS), with the Aoka Mizu vessel taking on hydrocarbons.

The company, in a statement, told investors that the hydrocarbons were introduced into the Aoka Mizu FPSO (floating production storage and offloading) system on 11 May.

In doing so it marks the end of the commissioning phase and triggers the beginning of the Lancaster EPS start-up.

READ: Centrica’s Spirit kicks off Warwick drill campaign

Next, Hurricane will open up each of the two EPS production wells. Each will be individually tested and then shut-in, allowing data to be gathered, and the process will conclude once the company has initiated continuous flow from both wells for 72 consecutive hours.

After this point Hurricane will declare ‘first oil’ has been achieved at the Lancaster EPS area.

The EPS will yield some 17,000 barrels of oil per, though it is still only a relatively small pilot area in what is otherwise a very large multibillion barrel oil project.

It will deliver important and valuable cash flows to Hurricane and help de-risk the wider development project. Significantly, the EPS will provide longer term production data, which will help inform the larger development in the future.

At the same time as the EPS is starting up, Hurricane is also set for exploration catalysts with a new well programme underway at the neighbouring, 50% owned, Greater Warwick project area.

There, Hurricane is partnered with Centrica-backed Spirit Energy, which is paying for the exploration work as part of its US$387mln ‘farm-in’ package.

Quick facts: Hurricane Energy PLC

Price: 44.1 GBX

Market: LSE
Market Cap: £878.09 m

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