TIDMHUR

RNS Number : 0212M

Hurricane Energy PLC

19 May 2022

19 May 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 April 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 April 2022.

April 2022 Lancaster Field Data

 
                                      P6     P7z(1) 
 O il produced during the month                - 
  (Mbbls)                             273 
                                    ------  ------- 
 Average oil rate (bopd)             9,099     - 
                                    ------  ------- 
 W ater produced during the month     210      - 
  (Mbbls) 
                                    ------  ------- 
 A verage water cut(2)                43%      - 
                                    ------  ------- 
 Well gauge p ressure (psia)(3)      1,578     - 
                                    ------  ------- 
 
   1.       The 205/21a-7z ("P7z") well was not on production during April 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 17 May 2022, Lancaster was producing c.9,100 bopd from the P6 well alone with an associated water cut of c.44%.

There was no lifting of Lancaster crude in April. The next cargo is anticipated to be lifted later in May 2022.

Financial Update

As of 30 April 2022, the Company had net free cash(4) of $92 million compared to the last reported balance of $106 million as of 31 March 2022. During the month, there was a net movement of $3.2 million from free cash into restricted funds in line with the terms of the Aoka Mizu FPSO Bareboat Charter extension. $78.5 million of Convertible Bonds remain outstanding and are due in July 2022.

As stated in our Annual Results announcement on 28 April 2022, the Board is now confident that the bond will be repaid in full in July 2022, with the Company forecasting to be holding net free cash of at least $60 million following the repayment, assuming oil prices remain at over $90/bbl.

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.

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 
        =========================================== 
 

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

UPDBKFBNFBKDKPD

(END) Dow Jones Newswires

May 19, 2022 02:00 ET (06:00 GMT)

Grafico Azioni Hurricane Energy (LSE:HUR)
Storico
Da Feb 2024 a Mar 2024 Clicca qui per i Grafici di Hurricane Energy
Grafico Azioni Hurricane Energy (LSE:HUR)
Storico
Da Mar 2023 a Mar 2024 Clicca qui per i Grafici di Hurricane Energy