By Jaime Llinares Taboada

 

Hurricane Energy PLC on Tuesday provided an update on its cash balances, ahead of the maturity of the $152 million convertible-bond principal in July 2022.

The oil-and-gas company reported net free cash of $99 million as of Oct. 31, including revenue from an oil cargo lifted in October, up from $73 million on Sept. 30.

The company said that not all of this cash would be available for repayment of the bonds at their maturity in July.

Hurricane said it remains in positive talks over an extension to the Aoka Mizu vessel charter beyond June 2022. A contract extension may require Hurricane to "ringfence material additional funds as security," it said.

Changes to decommissioning estimates for its Lancaster field may result in additional funds being placed into trust, and classified as restricted cash, which would reduce the amount of money available to repay the bond principal due in July, the company said.

Shares in Hurricane at 0845 GMT were down 4.3% at 4.64 pence.

Hurricane also said that the P6 well of its Lancaster field produced 323,000 barrels of oil in October, beating internal expectations.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

November 16, 2021 04:20 ET (09:20 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Grafico Azioni Hurricane Energy (LSE:HUR)
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Da Dic 2021 a Gen 2022 Clicca qui per i Grafici di Hurricane Energy
Grafico Azioni Hurricane Energy (LSE:HUR)
Storico
Da Gen 2021 a Gen 2022 Clicca qui per i Grafici di Hurricane Energy