Hurricane Energy PLC Operational and Financial Update (0212M)
May 19 2022 - 1:00AM
UK Regulatory
TIDMHUR
RNS Number : 0212M
Hurricane Energy PLC
19 May 2022
19 May 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 30 April 2022.
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 April 2022.
April 2022 Lancaster Field Data
P6 P7z(1)
O il produced during the month -
(Mbbls) 273
------ -------
Average oil rate (bopd) 9,099 -
------ -------
W ater produced during the month 210 -
(Mbbls)
------ -------
A verage water cut(2) 43% -
------ -------
Well gauge p ressure (psia)(3) 1,578 -
------ -------
1. The 205/21a-7z ("P7z") well was not on production during April 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 gauge
As of 17 May 2022, Lancaster was producing c.9,100 bopd from the
P6 well alone with an associated water cut of c.44%.
There was no lifting of Lancaster crude in April. The next cargo
is anticipated to be lifted later in May 2022.
Financial Update
As of 30 April 2022, the Company had net free cash(4) of $92
million compared to the last reported balance of $106 million as of
31 March 2022. During the month, there was a net movement of $3.2
million from free cash into restricted funds in line with the terms
of the Aoka Mizu FPSO Bareboat Charter extension. $78.5 million of
Convertible Bonds remain outstanding and are due in July 2022.
As stated in our Annual Results announcement on 28 April 2022,
the Board is now confident that the bond will be repaid in full in
July 2022, with the Company forecasting to be holding net free cash
of at least $60 million following the repayment, assuming oil
prices remain at over $90/bbl.
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
communications@hurricaneenergy.com +44 (0)1483 862820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / Jason Grossman +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Jarrett Silver / Charles Craven +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigoconsulting.com +44 (0)20 7390 0230
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.
Hurricane also has a 50% interest in the Greater Warwick Area
licence, which contains the Lincoln and Warwick assets.
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
===========================================
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END
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