Hurricane Energy Reports Net Free Cash of $99 Million as of Oct 31
November 16 2021 - 3:35AM
Dow Jones News
By Jaime Llinares Taboada
Hurricane Energy PLC on Tuesday provided an update on its cash
balances, ahead of the maturity of the $152 million
convertible-bond principal in July 2022.
The oil-and-gas company reported net free cash of $99 million as
of Oct. 31, including revenue from an oil cargo lifted in October,
up from $73 million on Sept. 30.
The company said that not all of this cash would be available
for repayment of the bonds at their maturity in July.
Hurricane said it remains in positive talks over an extension to
the Aoka Mizu vessel charter beyond June 2022. A contract extension
may require Hurricane to "ringfence material additional funds as
security," it said.
Changes to decommissioning estimates for its Lancaster field may
result in additional funds being placed into trust, and classified
as restricted cash, which would reduce the amount of money
available to repay the bond principal due in July, the company
said.
Shares in Hurricane at 0845 GMT were down 4.3% at 4.64
pence.
Hurricane also said that the P6 well of its Lancaster field
produced 323,000 barrels of oil in October, beating internal
expectations.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 16, 2021 04:20 ET (09:20 GMT)
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