Another operational update from the EPS development of the Lancaster Field today with everything going on time and according to plan. The turret mooring system including the newly constructed buoy for the Aoka Mizu FPSO has been successfully installed at the Lancaster Field and only remains subject to final approvals.
The completion of this operation is ‘a critical milestone ‘ required to allow installation of the SURF kit which is the last phase of the offshore installation programme before arrival of the AOKA MIZU.
All is going well it seems and the CEO confirms that HUR is on track for first oil in 1H 2019 which is very encouraging. Every announcement like this brings forward delivery of Lancaster as predicted by the company and the potential of realising significant value for shareholders.
An update from IGas this morning which indicates that pretty much everything is going to plan. The only fly in the ointment is poor performance at Stockbridge which has ‘nudged down’ production guidance to 2,200-2,300 b/d for this year.
Elsewhere capex is up to £11m and the company has cash of £14.5m with net debt of £6.8m. The company is due to spud its first shale well in Q4 so, albeit slowly things are beginning to happen. With all industry eyes on the Cuadrilla results in the 4th quarter this will be an exciting sector to watch with IGas being a key access point.