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Hurricane Energy achieves ‘first oil’ at Lancaster field Early Production System

Chief executive Dr Robert Trice described it as an "incredible achievement'.

oil and gas operations
The aim is for the EPS to ramp-up production over the coming months.

Hurricane Energy Plc (LON:HUR) has now achieved ‘first oil’ at the Lancaster oil field, as the start-up programme began with a phase of production testing.

The opening of the Early Production System (EPS) began with a 72-hour test in which a production rate of 20,000 barrels of oil per day (bopd) was achieved.

In the actual start of the EPS the company intends to gradually ramp up facilities over a six month period.

READ: What do investors want from companies such as Hurricane Energy?

Initially, Hurricane anticipates facilities availability of 45% in the first three months before increasing to 65%. The production rate is expected to average between 9,000 to 13,000 bopd during this phase.

By the end of the six month period Hurricane expects the EPS to be running at 85%.

"I am delighted to announce that first oil has been achieved and that the Lancaster field is now on production, beginning the phased development of Hurricane's considerable resources on the Rona Ridge,” said Dr Robert Trice, Hurricane chief executive.

"Lancaster is the UK's first producing fractured basement field and the fact that Hurricane has delivered this industry milestone on time and within budget is an incredible achievement.”

Trice added: "We have successfully achieved our start-up data acquisition objectives and commenced the evaluation of this material.

“Up to 12 months of stable production will be required in order to provide a clear view of the reservoir and enable us to plan for associated full field development scenarios."

Quick facts: Hurricane Energy PLC

Price: 44.4492 GBX

LSE:HUR
Market: LSE
Market Cap: £884.64 m
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