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Great update, $106m in cash end of 2020!
Hurricane Energy plc
("Hurricane" or the "Company")
Trading and Operational Update
Hurricane Energy plc, the UK based oil and gas company, provides a trading and operational update ahead of its results for the year ended 31 December 2020. This information is unaudited and subject to further review.
Antony Maris, Chief Executive Officer of Hurricane, commented:
"Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio. As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding, in order to maximise the potential value of our assets."
Trading Update
· Production for the final four months of 2020 averaged 12,500 bopd, within guidance
· Production and oil sales for the year ended 31 December 2020
o Production: 5.1 MMbbls (average of 13,900 bopd)
o Oil sales: 5.1 MMbbls across 12 cargoes
· Operations
o Aoka Mizu FPSO uptime of 98% during 2020
· Key financials for the year ended 31 December 2020
o Revenue: $179 million
o Realised annual weighted average oil price of $35/bbl, or a $7/bbl discount to Dated Brent, including transportation costs
o Discount to Dated Brent of $2/bbl in H2 2020, compared to $10/bbl H1 2020, as oil price volatility reduced
o Year-end net free cash1: $106 million, compared to $87 million at 30 November 2020
Trying their hardest to get shares on the cheap here, rising the SP on the UT trade then dropping the price in the next trading session to -10% fishing for stops, all games, and given $57 a barrel their time is running out.
Over $56 again. We just need some good news now to really get the SP back to fair levels.
Was in TLW at 8.6p and still there, cheers
I see a bargain because the price of oil has recovered, It wasn't long ago they anticipated prices being stuck at $35 which would have been enough to stay afloat, hence the hedging at that level.
Now Brent is $50-55 its a profitable business, agreed i has issues, but given that its still producing 12,000 barrels of oil from a single well a day, I happy with my investment at this level.
Risk Vs Reward is worth it for me, but everyone is different. I'm happy to risk my investment for a potential multi bagging.
A whiff of good news and this could easily see 7.5-10p.
Conversely I could lose the lot, but given the amount i've lost already here happy to take the risk.
GLA
de-ramper - ramper - de-ramper, make your mind up. Will you start ramping again at 3p once youv'e closed your short?
The question is at what price would the majority holders be happy with? I'm also with you that a buyout is becoming more and more probable imo.
Looking good for a break out to 3p and above here, Brent almost touching $55, every dollar increase in Brent means much money in the bank for HUR, producing 12-14000BOPD . MCAP £50 almost $100m in the bank.
Huge re-rate due here, imo
All for a MCAP of 50m , RMS is currently valued more than HUR
Bonds due in 2022 arent they? Oil price recovering better than anyone expected, and producing 12-14,000BOPD!
This dropped to around 9p in March after the first lockdown when every stock tanked, then recovered to 16p in April. To see the SP now at 2.6p is crazy.
Shorts closing? :-)
Almost $55!! time to move, BP flying and so should we!
Brent is flying, BP, RDSB both up 6.5%, yet HUR still showing red!
Shorts are going to burn here, only way is up imo!!!! almost at all time lows.
https://mobile.ghanaweb.com/GhanaHomePage/business/Oil-sector-Investments-to-increase-50-1143584
Investments in Ghana’s oil sector is expected to rise by 50% next year as the near-term outlook for oil production looks brighter.
According to Fitch Solutions, oil production will still decline by 2.0% next year as earlier forecast, due to weaker capital expenditure.
The research arm of the rating agency, Fitch, said the projected boost in Ghana’s oil output will be partly as a result of improving gas offtake performance and higher water injection rates which will both help maintain higher production.
In the first half of this year, gas offtake nominations from the Ghana National Gas Corporation increased by 63% at the Jubilee and TEN fields.
“The forecast boost in Ghana’s oil output will be partly a result of improved gas offtake performance and higher water injection rates, which both help maintained higher production. In half-year 2020, gas offtake nominations from the Ghana National Gas Corporation increased by 63% at the Jubilee and TEN fields, to 106mmscf/d.”
Tullow Oil – operator of the country’s two largest fields, TEN and Jubilee – recently announced net capital expenditure will increase to $180 million dollars in 2021, from $120 million in 2020.
This includes plans for a multi-well drilling campaign, expected to begin in the second quarter of next year.
“Since TEN and Jubilee are responsible for 80% of Ghana’s total oil production, this investment boost is significant for the country’s upstream sector. Given the planned spending, we have revised our previous forecast, which anticipated a stagnation in production until Aker Energy’s Pecan Field comes online”, it pointed out.
“We now expect an uptick in production to average 2.0% year-on-year between 2022 and 2024, as the planned drilling activity will help offset the declining output rates at Ghana’s fields. However, due to comparably weaker capex spending in 2020, we maintain our expectation that production will decline by 2.0% in 202”, it further said.
Aker Energy’s Pecan Field expected to come online in 2025
Fitch Solutions said the anticipated development of the 110,000 barrels of oil per day at Pecan field holds the key to the country’s oil future.
“Having been initially expected to require an investment of $4.4 billion, Aker Energy and its partners are now aiming to reduce the capex needed for the project. They aim to find a development concept with a sustainable break-even price, should a low oil price environment continue.”
Crude oil is presently trading at $51 per barrel on the world market.
Merry Christmas all, lets hope 2021 is the year of the bulls, the bears can burn.
A big day here methinks, Brexit deal looks like its a done deal. Brent up, FTSE up, everywhere is green!!!
It absolutely sticks of a buy out. SXX mark 2 imo
Been sat on L2 at 2.5 all day, trying to close out, dont let them buy cheap!
Time to close, this is oversold. Nothing has changed since the dreaded downgrade.
Since the downgrade RNS and this hitting 2.20p the price recovered back to 5.5p on oil prices and market sentiment.
Well the oil price is still recovering nicely and this again has lot of catching up to do.
Back to 4-5p imo