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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 : 6352V
Hurricane Energy PLC
11 August 2022
11 August 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 31 July 2022 following the lifting of the July cargo.
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 July 2022.
July 2022 Lancaster Field Data
P6 P7z(1) O il produced during the month - (Mbbls) 258 ------ ------- Average oil rate (bopd) 8,324 - ------ ------- W ater produced during the month 224 - (Mbbls) ------ ------- A verage water cut(2) 46% - ------ ------- Well gauge p ressure (psia)(3) 1,556 - ------ -------
1. The 205/21a-7z ("P7z") well was not on production during July 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 9 August 2022, Lancaster was producing c.8,400 bopd from the P6 well alone with an associated water cut of c.47%.
The 30(th) cargo of Lancaster oil, totalling approximately 534 Mbbls, was lifted on 24 July 2022. This cargo was priced by reference to the average of the last five days of July's Dated Brent quotes, being $111/bbl, resulting in net revenue of $60 million.
The Company will be carrying out its planned annual shutdown during September with the next cargo anticipated to be lifted in October 2022.
Financial Update
As previously reported, during July 2022 the Company repaid in full its outstanding $78,515,000 7.50 per cent Convertible Bonds plus $1.5 million of accrued interest and is now debt free. As of 31 July 2022, the Company had net free cash(4) of $89 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.
-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
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.
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August 11, 2022 02:00 ET (06:00 GMT)
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