Hurricane Energy PLC - Surrey, England-based oil producer - Says competent person's report on Lancaster field by ERC Equipoise Ltd increases the estimated reserves at the site. The report references December 31. Says production in the six months to March 31 was 9,689 barrels of oil per day, at the upper end of the guidance range of 8,500 to 10,000. Guides between 7,500 and 8,600 bopd for full-year production, which is lower than the first half due to the impact of an annual maintenance shut down to happen in the third quarter.
"The efforts of the surface and subsurface teams in beating the mid-case performance target set at the start of the forecast period have been superb. Together with excellent uptime across all elements of the system has allowed the company to benefit from the higher than expected oil prices and enabled more reserves to be added in the updated CPR," says Chief Executive Officer Antony Maris.
Current stock price: 10.94 pence, down 3.5% on Thursday
12-month change: up sharply from 2.45p
By Elizabeth Winter; elizabethwinter@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.