The exploitation of challenging oceanic gas hydrate reservoirs with low permeability and permeable boundary layers faces the challenges of methane leakage and low production. Considering this aspect, a novel five-spot injection–production system combined with hydraulic fracturing was proposed. In particular, the potential of this development mode, including hydrate dissociation, gas production, and gas capture, was evaluated in comparison with a three-spot injection–production system. The results showed that increasing the fracture conductivity cannot prevent CH₄ leakage in the three-spot, and the leakage accounted for 5.6% of the total gas production, even at the maximum fracture conductivity of 40 D·cm. Additionally, the leakage amount increased as the well spacing increased, and the leakage accounted for 36.7% of the total gas production when the well spacing was 140 m. However, the proposed development mode completely addressed CH₄ leakage and significantly increased gas production. The average gas production rate reached 142 m³/d per unit length of the horizontal section, which was expected to reach the commercial threshold. The variance analysis indicated that optimal plans for the challenging hydrates in the Shenhu area were well spacing of 100–120 m and fracture conductivity greater than 20 D·cm.