(Alliance News) - Hurricane Energy PLC on Monday said the average oil production rate for April at Lancaster field, located west of Shetland, Scotland, was lower than prior months.
The Godalming, England-based oil & gas company said oil output during April was 303,000 barrels from the P6 well and just 19,000 barrels from the 205/21a-7z well. This was lower than prior months, Hurricane Energy said, as the P6 well was producing on a standalone basis in line with the company's near-term production strategy. The P7z well produced for only nine days in the month for the purpose of well testing.
Average oil rate at P6 was 10,100 barrels of oil daily in April. Currently, Lancaster is producing 11,600 barrels of oil per day from the P6 well alone with an associated water cut of 29%.
AIM-listed Hurricane Energy shares were trading 7.9% lower in London on Monday morning at 0.78 of a pence each. The stock dropped by almost half on the last day of April after proposing a financial restructuring plan. It is down 69% so far in 2021
Hurricane will issue full-year results on May 25.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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