Hurricane Energy PLC Operational and Financial Update (6720I)
16 Agosto 2021 - 08:00AM
UK Regulatory
TIDMHUR
RNS Number : 6720I
Hurricane Energy PLC
16 August 2021
16 August 2021
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 2021.
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 2021.
July 2021 Lancaster Field Data
P6 P7z(1)
O il produced during the month -
(Mbbls) 148
------ -------
Average oil rate (bopd) 4,781 -
------ -------
W ater produced during the month -
(Mbbls) 58
------ -------
A verage water cut(2) 28% -
------ -------
Well gauge p ressure (psia)(3) 1,646 -
------ -------
1. The 205/21a-7z ("P7z") well was not on production during July 2021
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 previously announced, the Aoka Mizu underwent its scheduled
annual maintenance shutdown during the month, with production
resuming on 27 July 2021. Immediately prior to the shutdown in
early July 2021, the P6 well was producing at 10,900 bopd with an
associated water cut of 32%.
As of 14 August 2021, Lancaster was producing 11,500 bopd from
the P6 well alone with an associated water cut of 29%. Production
and water cut are expected to reach previous levels seen prior to
the shutdown, and a further update will be given in the Company's
next monthly production release.
The 24(th) cargo of Lancaster oil is scheduled to be lifted in
late August 2021.
Financial Update
As of 31 July 2021, the Company had net free cash(4) of $122
million, compared to the last reported figure of $134 million as of
30 June 2021. There we no liftings of Lancaster crude in July and
as such no revenue was received during the month.
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. As such, not
all of the net free cash would be available for repayment of the
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.
-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 +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Rahul Sharma +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigoco nsulting .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
Mbbls Thousand barrels
================================
psia pounds per square inch absolute
================================
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END
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