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Hurricane Energy's Lancaster field struck by coronavirus as offshore worker tests positive

Production has not been impacted to date and the London-listed said it is working with the authorities to determine the next steps

Hurricane Energy PLC -

Hurricane Energy PLC’s (LON:HUR) Lancaster oil field has been struck by the coronavirus (Covid-19) with a crew member on the Aoka Mizu floating production vessel testing positive for the virus.

In a statement, the company said that the crew member was evacuated from the vessel located in the West of Shetland region, offshore Scotland, to the mainland for medical reasons and subsequently tested positive.

READ: Hurricane hit with extra costs as Spirit funding stalls

The crew member was transported onshore by an HM Coastguard helicopter and is now receiving medical treatment.

Hurricane noted that production operations have not been affected.

It added: “Hurricane is supporting Bluewater Lancaster Production (UK) Ltd, installation operator of the Aoka Mizu FPSO, with its response.

“Bluewater is working within the guidelines provided by NHS Scotland, Health Protection Scotland, and Oil and Gas UK in determining the next steps.”

The Aoka Mizu FPSO (floating production storage and offloading) vessel houses up to 84 people. It is close to 250 metres long, by about 42 metres, and has around 8,000 square metres of deck space.

Up to around 604,000 barrels of crude can be stored across 11 tanks, and, it can offload crude into shipments of up to 500,000 barrels.

Lancaster has been producing at around 20,000 bopd, and, earlier this week the company repeated guidance of 18,000 bopd for 2020.

As recently as Tuesday, Hurricane told investor that although Lancaster was a low cost operation, with operating costs at around US$17 per barrel, it anticipated that cash flow from the Lancaster field would be materially lower than previously forecasted.

At that time, the company noted that it had a strong balance sheet including US164mln of unrestricted cash.

“[Hurricane] is therefore in a strong position to weather this current downturn. However, should this change in the market environment persist, it is likely to have a material impact on our capacity to fund capital expenditure,” the company said on Tuesday.

Quick facts: Hurricane Energy PLC

Price: 6.69487 GBX

LSE:HUR
Market: LSE
Market Cap: £1.33 m
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