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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
  0.01 0.13% 7.83 7.73 7.83 7.83 7.81 7.81 323,310 12:02:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 240.5 18.2 0.9 8.5 156

Hurricane Energy PLC Operational and Financial Update

11/08/2022 7:00am

UK Regulatory (RNS & others)


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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.

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

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August 11, 2022 02:00 ET (06:00 GMT)

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