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Hurricane Energy losses deepen ahead of targeted revenue production in 2019

By BFN News | 02:57 PM | Tuesday 10 April, 2018


UK oil and gas explorer Hurricane Energy said annual losses deepened to $7m, from $6.4m in 2016, after it wrote down the value of assets to focus on its Lancaster prospect. The company also incurred higher spending as it targets first oil from its Lancaster early production system in the first half of 2019. "Last year saw the company gain both operational and commercial momentum as it moves toward first production and material cash generation,' chief executive Robert Trice said. 'Accordingly, Hurricane went through a step change in 2017; we booked our first reserves, increased our 2C contingent resources by 450% and obtained FDP approval on the first phase of development of our assets.' At 2:57pm: (LON:HUR) Hurricane Energy Plc Ord 0.1p share price was +1.12p at 36.88p Story provided by StockMarketWire.com

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