(Alliance News) - Hurricane Energy PLC on Monday said its oil output in its Lancaster field fell in the first quarter, amid an "unscheduled well intervention".
Oil production averaged 11,200 barrels of oil per day in the first three months of 2021, down 12% quarter-on-quarter from 12,700 bopd.
Hurricane noted it planned to reduce output at the 205/21a-6 well. Output was also hurt by a "natural decline". In addition, Hurricane cited a "temporary reduction in the production rate in early March 2021, which required an unscheduled well intervention".
"Production efficiency during the first quarter of 2021 was 95%, exceeding the company's planning assumption of 90%. The first quarter outturn compared to a production efficiency of 99% in the fourth quarter of 2020," the company added.
Hurricane noted it had net free cash of USD127 million on March 31, up 20% from USD106 million on December 31.
Shares in the company were 3.7% higher at 2.59 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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