Hurricane Energy Provides Operational and Financial Update

Source: www.gulfoilandgas.com 5/19/2022, 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 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
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.


Kuwait >>  6/30/2022 - Dr. Muhammad Abdul Latif Al-Fares, His Excellency the Deputy Prime Minister, Minister of Oil, and Minister of State for Council Affairs, led the State...
Kuwait >>  6/30/2022 - Today, Thursday, the members of the (OPEC +) coalition decided to increase output by 648,000 barrels per day in August. Following the 30th ministerial...

Norway >>  6/30/2022 - The authorities have granted consent to start production from the Nova field in the North Sea. Nova will be developed with two seabed templates, one f...
United Kingdom >>  6/30/2022 - Serica Energy plc, announces that at the Annual General Meeting today, presentations will be made by both the Chairman, Tony Craven Walker, and the Ch...

United States >>  6/28/2022 - A privately held exploration and production company with a focus on the deepwater Gulf of Mexico ("GOM"), LLOG Exploration Company, L.L.C. ("LLOG" or ...
Argentina >>  6/27/2022 - The upstream energy firm with a focus on Latin America, Echo Energy plc, reports that AIM Regulation has given the company an extra two months to publ...




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