Operational and Financial Update

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 (Mbbls)

224

-

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 30th 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

 

Inside Information

 

This announcement does not contain inside information.

 

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