Hurricane Energy Provides Operational and Financial Update

Source: 8/11/2022, 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 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
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.

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