RE: Rebuilding trust in HUR20 Oct 2021 18:54
Latest RNS finance figures advised
$25.bpd = costs
Therefore at conservative 10,000 bpd at average $75.00 oil = every 50 days = $25million clear cash profit $50x 500,000 = 25million , current figure in bank after bond payment $82million plus last lift October = 107 million ,
end November +25million
mid Jan to end +25million = Bond payment , dependent on oil price at November and January offloads price could go higher .... even when production slows to 8.500 bpd would add another nine days between lifts average 60 days between lifts , 6 or 7 lifts a year , business dependent on oil price , important to use surplus $ to invest in next stage , sure bondholders might want to extend their bonds and receive some more interest payments. remember this from
Sep-20 , its still their hence why our directors spent 17 million trying to steal it.
Steven McTiernan, Chairman of Hurricane, commented:
“2020 is proving to be a hugely challenging year for Hurricane. We have had to contend with not only
a significant fall in oil prices and the effects of the COVID-19 pandemic, but also poorer than expected
reservoir performance from the Lancaster EPS.
The EPS was always intended as a long-term production test to establish the size and production
characteristics of this unique and pioneering basement play.
Basement reservoirs are subject to
profound technical risks, with difficult well conditions impacting the effectiveness of evaluation tools,
creating uncertainties which can only be resolved by observation of actual production performance.
It is nonetheless disappointing that the Technical Review has so far resulted in significant reductions
in reserves and resources.
On a more optimistic note, initial studies suggest water injection could
partially mitigate the reserves downgrade, and onlapping sandstones at Lancaster could represent
material upside potential
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