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Hurricane Energy keeps up production as UK oiler expects to meet debt deadline

Hurricane Energy keeps up production as UK oiler expects to meet debt deadline

 

Hurricane Energy PLC confirmed that the Lancaster field continues to produce some 9,100 barrels of oil per day and said it ended April with US$92mln of free cash (down from US$106mln a month ago).

The news came as US$3.2mln earmarked for the Aoka Mizu FPSO Bareboat Charter extension was moved to restricted cash.

There were no crude oil liftings in April, as the next crude sale is slated to take place before the end of May.

Hurricane’s convertible bond debt remained at US$78.5mln and the company said it is still confident that the bonds will be repaid in full in July. The company repeated previous guidance that it expects to be holding some US$60mln following the debt repayment, based on oil prices remaining above US$90 per barrel.

Production at Lancaster continues from one well, the P6 well, which is yielding some 9,100 barrels of oil per day whilst the water cut continues to be measured at around 44%.

In total, the company said it produced 273,000 barrels of oil from the well in the month of April along with 210,000 barrels worth of water.

Hurricane is among a number of recently debt-troubled oil producers that have been unshackled thanks to soaring oil and gas revenues this year.

Read the latest issue of the OGV Energy magazine HERE

Published: 19-05-2022

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