(Alliance News) - Hurricane Energy PLC on Friday said its loss narrowed in the first half of 2019 as it generated its maiden revenue from crude oil sales.
The UK-focus oil explorer, and now producer, reported a pretax loss of USD27.5 million for the six months to the end of June compared to USD75.1 million loss a year earlier, as it generated maiden revenue of USD22.5 million, thanks to a single cargo of crude oil that was sold in the period.
In addition, Hurricane's fair value loss on convertible bond embedded derivative narrowed to USD23.5 million in the first half of 2019 from USD70.2 million a year before.
The company reported first oil from the Lancaster early production system in June, which by the middle of the month was producing sufficient oil to allow the receipt of cash from the sale of the crude oil.
"I am delighted to announce our half-year results for 2019, Hurricane's first financials to include revenue," said Chief Executive Robert Trice. "Achieving first oil on schedule and on budget is a remarkable achievement and a huge credit to our operating team, our partners and contractors."
Looking ahead, the company said it expects Lancaster early production system full year output to be over 2.8 million barrels. The Lancaster field is off the Shetland islands.
Hurricane shares were trading 0.7% lower on Friday in London at 46.95 pence each.