19 May 2022 07:00
19 May 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Operational and Financial Update
Hurricane Energy plc, the UK based oil and gas company, provides an update on Lancaster field operations and net free cash balances as of 30 April 2022.
Lancaster Field Operations Update
The following table details production volumes, water cut and minimum flowing bottom hole pressure for the 205/21a-6 ("P6") well during April 2022.
April 2022 Lancaster Field Data
P6 | P7z(1) | |
Oil produced during the month (Mbbls) | 273 | - |
Average oil rate (bopd) | 9,099 | - |
Water produced during the month (Mbbls) | 210 | - |
Average water cut(2) | 43% | - |
Well gauge pressure (psia)(3) | 1,578 | - |
1. The 205/21a-7z ("P7z") well was not on production during April 2022
2. Expressed as total water produced divided by total fluid (oil and water) production
3. Pressure reported is the monthly minimum from well downhole gauge
As of 17 May 2022, Lancaster was producing c.9,100 bopd from the P6 well alone with an associated water cut of c.44%.
There was no lifting of Lancaster crude in April. The next cargo is anticipated to be lifted later in May 2022.
Financial Update
As of 30 April 2022, the Company had net free cash(4) of $92 million compared to the last reported balance of $106 million as of 31 March 2022. During the month, there was a net movement of $3.2 million from free cash into restricted funds in line with the terms of the Aoka Mizu FPSO Bareboat Charter extension. $78.5 million of Convertible Bonds remain outstanding and are due in July 2022.
As stated in our Annual Results announcement on 28 April 2022, the Board is now confident that the bond will be repaid in full in July 2022, with the Company forecasting to be holding net free cash of at least $60 million following the repayment, assuming oil prices remain at over $90/bbl.
4. Unrestricted cash and cash equivalents, plus current financial trade and other receivables, current oil price derivatives, less current financial trade and other payables.
-ends-
Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer communications@hurricaneenergy.com
| +44 (0)1483 862820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Jason Grossman
| +44 (0)20 7710 7600 |
Investec Bank plc Joint Corporate Broker Chris Sim / Jarrett Silver / Charles Craven | +44 (0)20 7597 5970 |
| |
Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons hurricane@vigoconsulting.com
| +44 (0)20 7390 0230 |
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Glossary
bopd | Barrels of oil per day |
FPSO | Floating production storage and offloading vessel |
Mbbls | Thousand barrels |
psia | pounds per square inch absolute |
Inside Information
This announcement does not contain inside information.