Big picture - Why invest in Hurricane Energy PLC
Hurricane Energy PLC Snapshot
At Hurricane, protecting the environment and ensuring the safety of personnel during operations are the first priorities in the successful execution of our strategy.
We take positive steps to address the potential environmental impacts of our offshore operations, which are reviewed by the Management Team and controlled through our fully certified Environmental Management System (ISO 14001:2004).
We are committed to achieving continual improvement in our environmental performance and regard compliance with the relevant laws and regulations as a minimum standard. In order to prevent pollution where possible, we work with our employees, contractors and suppliers to identify and manage the environmental impacts of our activities.
Hurricane Energy was founded in 2005 by Dr Robert Trice with the help and encouragement of a private investor, in the belief that fractured basement reservoirs represent a significant untapped resource.
Beginning with just a few highly expert staff, Hurricane gradually established a team of specialists with the skills, experience and determination to locate and develop this resource potential. Through successful participation in a series of UK licensing rounds Hurricane has built a portfolio of licences on the Rona Ridge, a major NE-SW trending basement feature on the UK Continental Shelf, to the west of the Shetland Islands. An extensive work programme has led to a number of significant discoveries (as defined under the SPE PRMS) in the Company's acreage, including Lancaster, Lincoln, Halifax and Whirlwind.
In just a short time Hurricane has achieved a great deal. During 2009 and 2010, the average size of oil discovery within the UK Continental Shelf was 20-23 million barrels. In the same period, Hurricane discovered around 200 million barrels, twice. These figures were independently verified by RPS Energy in a Competent Person's Report in 2013. Subsequent appraisal of Lancaster has doubled the contingent resources attributed to the field and led to the assignment of reserves associated with the first phase of development, an Early Production System (EPS).
Further drilling on Lincoln and Halifax led to a further significant Resource upgrade with a new RPS Energy CPR in December 2017, bringing total 2P and 2C Contingent Resources to 2.6 billion barrels of oil equivalent.
Since inception, Hurricane has identified basement prospects, discovered oil and is now moving forward to validate its model for basement exploration through extended production.
We explore basins that have proven petroleum systems.
These basins are often associated with low cost data packages, including wells and seismic data, offering a ready-made geological framework from which Hurricane generates new exploration ideas at relatively low risk.
Hurricane has retained operatorship of all our operations and that has been part of our strategy from the company's inception. We maintain control of the subsurface strategy so that we can capture the most value from our skills.
Hurricane's Rona Ridge discoveries, West of Shetland on the UK Continental Shelf, contain independently certified 2P Reserves plus 2C Contingent Resources of 2.6 billion1 barrels of oil equivalent (gross).
3D view of the Rona Ridge Top Basement depth surface, highlighting Hurricane’s P1368, P2308 and P2294 basement assets
The West of Shetland region of the UKCS is a proven petroleum basin with a number of large producing oil fields including Clair, Foinaven and Schiehallion.It is an area of significant activity attin terms of exploration and development.
Hurricane has five major discoveries in the region, the most advanced of which, Lancaster, is now progressing towards the first stage in a phased development, which is targeting first oil in H1 2019.
1Oil equivalent barrels includes gas; based on combination of RPS May-2017 CPR, Whirlwind oil case and RPS Dec-2017 CPR (Note that PRMS advises that arithmetic addition of resources is not statistically correct)
Lancaster is now proceeding towards first phase of development, an Early Production System (EPS)
Hurricane plans a phased development of the Lancaster field. The first phase of the development is an Early Production System (EPS), using two wells tied back to the Aoka Mizu Floating Production Storage and Offloading (FPSO) vessel.
Objectives of the EPS
1 To provide long term production data to enhance understanding of reservoir characteristics and associated full field development scenarios
2 Commence development of the resources in a phased manner with regard to managing uncertainties over reservoir characteristics and associated development risks
3 Deliver an acceptable return on investment
The percentage holdings of significant shareholders