(Alliance News) - Hurricane Energy PLC announced on Monday that its production in the final three months of 2021 had been within guidance at an average of 10,000 barrels of oil per day, but was down by a quarter when compared to the year before.
The Surrey, England-based oil company with assets in the UK continental shelf said production for the year averaged 10,267 barrels of oil per day, down 26% from its 2020 average of 13,900 barrels of oil per day.
Oil sales stood at 3.6 million barrels of oil across seven cargoes. This is down 29% from 2020 in which oil sales stood at 5.1 million barrels of oil across 12 cargoes.
However, the company added that its average realised oil price in 2021 was USD67 per barrel, up 91% from an average of USD35 per barrel the previous year.
For 2021, Hurricane Energy reported revenue of USD239 million, up 33% from USD180 million in 2020.
Shares in Hurricane were up 5.00% at 4.29 pence on Monday morning in London.
In an update on its Lancaster field operations, Hurricane Energy said at January 14 Lancaster was producing around 9,650 barrels of oil per day from the P6 well. It added that the next cargo of Lancaster crude oil is anticipated to be lifted towards the end of January.
Chief Executive Antony Maris said: "Despite the major challenges faced by Hurricane last year, the team has done a superb job at delivering excellent production performance and high uptime on the floating production system, as well as finding cost savings.
"Oil prices, while volatile, have been stronger in the second half of the year and, combined with the impact of the bond buybacks, production performance and cost reduction measures, we are optimistic that the ability to repay the bonds in full at maturity is now within reach."
Maris added after clearing its bond debt Hurricane Energy will have between USD8 million to USD38 million of net free cash at the end of July.
By Heather Rydings; heatherrydings@alliancenews.com
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