Operational and Financial Update

RNS Number : 6352V

Hurricane Energy PLC

11 August 2022

 

11 August 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 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

	P6	P7z(1)
O il produced during the month (Mbbls)	258	-
Average oil rate (bopd)	8,324	-
W ater produced during the month (Mbbls)	224	-
A verage water cut(2)	46%	-
Well gauge p ressure (psia)(3)	1,556	-

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

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 30^th 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.

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 [e-mail]	[phone]
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Jason Grossman	[phone]
Investec Bank plc Joint Corporate Broker Chris Sim / Jarrett Silver / Charles Craven	[phone]
Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons [e-mail]	[phone]

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.

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.

 

END

 

 

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