Hurricane Energy PLC Operational & Financial Update & Notice of Results (0518F)
17 Marzo 2022 - 8:00AM
UK Regulatory
TIDMHUR
RNS Number : 0518F
Hurricane Energy PLC
17 March 2022
17 March 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Operational and Financial Update & Notice of Results
Hurricane Energy plc, the UK based oil and gas company, provides
an update on Lancaster field operations and net free cash balances
as of 28 February 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 February 2022.
February 2022 Lancaster Field Data
P6 P7z(1)
O il produced during the month -
(Mbbls) 263
------ -------
Average oil rate (bopd) 9,394 -
------ -------
W ater produced during the month 184 -
(Mbbls)
------ -------
A verage water cut(2) 41% -
------ -------
Well gauge p ressure (psia)(3) 1,590 -
------ -------
1. The 205/21a-7z ("P7z") well was not on production during February 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 gauge
As of 15 March 2022, Lancaster was producing c.9,250 bopd from
the P6 well alone with an associated water cut of c.42%.
There was no lifting of Lancaster crude in February. The next
cargo is anticipated to be lifted in late March 2022.
Financial Update
As of 28 February 2022, the Company had net free cash(4) of $71
million compared to the last reported balance of $85 million as of
31 January 2022. $78.5 million of Convertible Bonds remain
outstanding and due in July 2022.
As previously guided, during February, the Company lodged GBP5.7
million ($7.7 million) of additional funds as decommissioning
security for the Lancaster EPS following a formal request from the
Regulator. The amount of funds now held in trust, and classified as
restricted cash, is now GBP33.7 million ($45.9 million).
Also as previously guided, in early March, the Company received
$1.4 million of cash rebates relating to R&D tax claims in
respect of the 2020 tax year.
The Company believes that net free cash provides a useful
measure of liquidity after settling all its immediate creditors and
accruals and recovering amounts due and accrued from joint
operation activities, outstanding amounts from crude oil sales and
after settling any other financial trade payables or receivables.
It should be noted that the net free cash is calculated as at the
balance sheet date and does not take into account future
liabilities that the Company is already committed to but have not
yet been accrued. As such, not all of the net free cash would be
available for repayment of the remaining outstanding Convertible
Bonds at their maturity in July 2022.
4. Unrestricted cash and cash equivalents, plus current
financial trade and other receivables, current oil price
derivatives, less current financial trade and other payables.
Notice of results
Hurricane's full-year results for 2021 will be announced on 28
April 2022.
Antony Maris, Chief Executive Officer of Hurricane,
commented:
"Through a combination of further strong operational performance
at Lancaster and continued high commodity prices, coupled with our
ongoing constructive discussions with Bluewater over a charter
extension for the Aoka Mizu, we continue to build the platform for
Hurricane's future."
-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 +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.
Hurricane also has a 50% interest in the Greater Warwick Area
licence, which contains the Lincoln and Warwick assets.
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
===============================================
R&D Research and development
===============================================
Regulator Department for Business, Energy and Industrial
Strategy
===============================================
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END
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