Hurricane Energy PLC Operational and Financial Update (6352V)
11 Agosto 2022 - 08:00AM
UK Regulatory
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
===========================================
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END
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