RE: Pumping £300m of oil this year?7 Feb 2022 11:07
News due soon on the next cargo of Lancaster oil which was lifted end of January. Maris added after clearing its bond debt Hurricane Energy will have up to USD38 million plus of net free cash at the end of July. This should be over 6-7p plus.
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 upto USD38 million plus of net free cash at the end of July.