Hurricane Energy - Focus shifting to drilling ahead of EPS first oil
With the Aoka Mizu FPSO now on station and hooked up at the Lancaster field, early production system (EPS) first oil remains on track for the end of H119. Hurricane (HUR) is currently focusing on topside commissioning prior to start up, which will be followed by a ramp-up period to a targeted gross plateau rate of 20kbd. In addition to progressing Lancaster, the company has a full programme of activity in its neighbouring Greater Warwick Area (GWA), with a three-well E&A programme expected to kick off in Q219 at Warwick Deep. This accelerated GWA programme is being made possible by Hurricane’s 2018 farm-out to Spirit Energy. Our risked valuation stands at 102.3p/share (from 102.8p/share) as we remove Edison’s 5% capex cost contingency, roll forward NAV and adjust our short-term oil price assumptions (long-term Brent remains $70/bbl).Hurricane Energy is engaged in the exploration of oil and gas reserves principally on the U.K. continental Shelf. Co.'s acerage is focused on the Rona Ridge, West of Shetland.
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