Hurricane Energy Announces Operational and Financial Update

Source: www.gulfoilandgas.com 4/20/2022, Location: Europe

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 March 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 March 2022.

March 2022 Lancaster Field Data

As of 17 April 2022, Lancaster was producing c.9,150 bopd from the P6 well alone with an associated water cut of c.43%.

The 28th cargo of Lancaster oil, totalling approximately 524 Mbbls, was lifted on 22 March 2022. This cargo was priced by reference to the average of the last five days of March's Dated Brent quotes, being $116/bbl, resulting in net revenue of $60.5 million. The next cargo is anticipated to be lifted in late May 2022.

Financial Update

As of 31 March 2022, the Company had net free cash(4) of $106 million compared to the last reported balance of $71 million as of 28 February 2022. During the month, there was a net movement of $9.4 million from free cash into restricted funds following the agreement of the Aoka Mizu FPSO Bareboat Charter extension on 25 March. $78.5 million of Convertible Bonds remain outstanding and are due in July 2022.

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 but have not yet been accrued. As such, not all of the net free cash would be available for repayment of the remaining outstanding Convertible Bonds at their maturity in July 2022.


Australia >>  8/18/2022 - Vintage Energy Ltd (VEN, “Vintage”), 50% interest holder and Operator of the ATP 2021 Joint Venture (“JV”) (other interest holders: Metgasco Ltd, 25%;...
Egypt >>  8/18/2022 - SDX Energy Plc (SDX) is pleased to announce its unaudited financial and operating results for the three and six months ended 30 June 2022. All monetar...

Russia >>  8/16/2022 - According to preliminary data, Gazprom produced 274.8 billion cubic meters of gas from January 1 through August 15, 2022. This is a decrease of 13.2 p...
Brazil >>  8/15/2022 - Petro Rio S.A. Informs its shareholders and the market in general that it has interrupted production in the Frade Field due to an inert gas line. Th...

Tunisia >>  8/15/2022 - Serinus Energy plc (“Serinus”) (SEN), is pleased to announce its interim results for the six months ended 30 June 2022.

...

United Kingdom >>  8/15/2022 - The leading representative body for the UK offshore energy industry has today urged government to prioritise the domestic production of energy. It com...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.