Hurricane Energy PLC

Operational and Financial Update

RNS Number : 0212M
Hurricane Energy PLC
19 May 2022
 

19 May 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 30 April 2022.

 

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 April 2022.

 

April 2022 Lancaster Field Data

 


P6

P7z(1)

O il produced during the month (Mbbls)

273

-

Average oil rate (bopd)

9,099

-

W ater produced during the month (Mbbls)

210

-

A verage water cut(2)

43%

-

Well gauge p ressure (psia)(3)

1,578

-

1.  The 205/21a-7z ("P7z") well was not on production during April 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 gauge

 

As of 17 May 2022, Lancaster was producing c.9,100 bopd from the P6 well alone with an associated water cut of c.44%.

 

There was no lifting of Lancaster crude in April. The next cargo is anticipated to be lifted later in May 2022.

 

Financial Update

 

As of 30 April 2022, the Company had net free cash(4) of $92 million compared to the last reported balance of $106 million as of 31 March 2022. During the month, there was a net movement of $3.2 million from free cash into restricted funds in line with the terms of the Aoka Mizu FPSO Bareboat Charter extension.  $78.5 million of Convertible Bonds remain outstanding and are due in July 2022.

 

As stated in our Annual Results announcement on 28 April 2022, the Board is now confident that the bond will be repaid in full in July 2022, with the Company forecasting to be holding net free cash of at least $60 million following the repayment, assuming oil prices remain at over $90/bbl.

 

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

[email protected]

 

+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

[email protected]

 

+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

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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