We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hurricane Energy Plc | LSE:HUR | London | Ordinary Share | GB00B580MF54 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.79 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHUR
RNS Number : 8869S
Hurricane Energy PLC
19 July 2022
19 July 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Operational and Financial Update
Hurricane Energy plc, the UK based oil and gas company, provides an update on Lancaster field operations and net free cash balances as of 30 June 2022.
Lancaster Field Operations Update
The following table details production volumes, water cut and minimum flowing bottom hole pressure for the 205/21a-6 ("P6") well during June 2022.
June 2022 Lancaster Field Data
P6 P7z(1) O il produced during the month - (Mbbls) 256 ------ ------- Average oil rate (bopd) 8,527 - ------ ------- W ater produced during the month 214 - (Mbbls) ------ ------- A verage water cut(2) 46% - ------ ------- Well gauge p ressure (psia)(3) 1,564 - ------ -------
1. The 205/21a-7z ("P7z") well was not on production during June 2022
2.Expressed as total water produced divided by total fluid (oil and water) production
3.Pressure reported is the monthly minimum from well downhole gauges.
As of 16 July 2022, Lancaster was producing c.8,650 bopd from the P6 well alone with an associated water cut of c.46%.
There was no lifting of Lancaster crude in June. The next cargo is anticipated to be lifted later in July 2022.
Financial Update
As of 30 June 2022, the Company had net free cash(4) of $127 million compared to the last reported balance of $139 million as of 31 May 2022. $78.5 million of Convertible Bonds remain outstanding and are due to be repaid by 24 July 2022. Following the repayment, assuming oil prices remain at over $90/bbl, at the end of July the Company is forecasting to be holding net free cash in excess of $75 million. If oil prices for the July cargo are above $110/bbl, the net free cash forecast increases to be above $85 million.
4.Unrestricted cash and cash equivalents, plus current financial trade and other receivables, current oil price derivatives, less current financial trade and other payables.
Following the repayment of the Convertible Bond, the Company intends to reduce the frequency of its production and financial updates to quarterly rather than monthly, being more in line with standard industry practice.
Antony Maris, CEO of Hurricane, commented:
"With another steady month of production, we now look beyond repayment of the bonds with a strong cash position and balance sheet. We believe that there are good investment opportunities ahead and the Company is well placed to deliver significant shareholder value."
-ends-
Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer communications@hurricaneenergy.com +44 (0)1483 862820 Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Jason Grossman +44 (0)20 7710 7600 Investec Bank plc Joint Corporate Broker Chris Sim / Jarrett Silver / Charles Craven +44 (0)20 7597 5970 Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons hurricane@vigoconsulting.com +44 (0)20 7390 0230
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.
Visit Hurricane's website at www.hurricaneenergy.com
Glossary
bbl Barrels bopd Barrels of oil per day =========================================== FPSO Floating production storage and offloading vessel =========================================== Mbbls Thousand barrels =========================================== psia pounds per square inch absolute ===========================================
Inside Information
This announcement does not contain inside information.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
UPDBKFBDCBKDAOD
(END) Dow Jones Newswires
July 19, 2022 02:00 ET (06:00 GMT)
1 Year Hurricane Energy Chart |
1 Month Hurricane Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions