By Jaime Llinares Taboada

 

Hurricane Energy PLC on Thursday reported that its Lancaster field offshore U.K. produced 9,394 barrels of oil a day in February.

The U.K. oil-and-gas producer said that there was no lifting of crude in February, and that the next cargo is expected in late March. Net free cash as at Feb. 28 was $71 million. The company had to lodge 5.7 million pounds ($7.5 million) of funds last month as decommissioning security following a request from the regulator.

Hurricane has $78.5 million of convertible bonds outstanding and due in July.

"Through a combination of further strong operational performance at Lancaster and continued high commodity prices, coupled with our ongoing constructive discussions with Bluewater over a charter extension for the Aoka Mizu, we continue to build the platform for Hurricane's future," Chief Executive Antony Maris said.

Shares at 1027 GMT were up 6.1% at 8.62 pence.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

March 17, 2022 06:54 ET (10:54 GMT)

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