Hurricane Energy PLC Greater Warwick Area Update (4778N)
01 Giugno 2022 - 08:01AM
UK Regulatory
TIDMHUR
RNS Number : 4778N
Hurricane Energy PLC
01 June 2022
1 June 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Greater Warwick Area Update
Hurricane Energy plc, the UK based oil and gas company, provides
an update on its activities in the Greater Warwick Area
("GWA").
As announced on 28 April 2022, the GWA Joint Venture ("JV") has
reassessed its understanding of the area, evaluating both the
basement and the Mesozoic potential of the JV's licences and has
considered all options for further appraisal and routes to possible
development.
Hurricane has determined that further appraisal and development
costs to reach an economic development on the Warwick discovery
within the remaining licence term is not feasible for the Company.
Further to discussions with the Company's JV partner, Spirit
Energy, the GWA JV has decided to relinquish the P2294 licence
area. This is in addition to the previously announced decision to
relinquish the Lincoln P1368(S) licence sub area.
The carrying value of the P2294 asset in the Company's accounts
of c.$4.1 million will be impaired. This impairment will be an
accounting charge only and will not have any cash impact.
Antony Maris, CEO of Hurricane, commented:
"We have made this decision deploying the rigorous screening
criteria we bring to all opportunities in terms of determining the
most appropriate allocation of our capital to deliver the best
value for shareholders. There is no reasonable expectation that the
P2294 licence could generate any near-term cash realisation, thus
voluntarily relinquishing the licence at this time allows the
Company to focus its time and financial resources on alternative
and more attractive opportunities.
Following the recent May lifting we have updated our cash
forecast such that if oil prices remain over $90/bbl we now
forecast to have over $70 million of net free cash(1) post bond
repayment. As such we are looking to utilise this cash to generate
the best return for shareholders at an acceptable level of
risk."
1. 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
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END
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June 01, 2022 02:01 ET (06:01 GMT)
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