Hurricane Energy plc profited from higher Brent prices to record a net revenue of $60.5 million in March from its Lancaster field, west of Shetland.
PRODUCTION
On 22 March the company lifted the 28th cargo of Lancaster oil of approximately 524 Mbbls.
Hurricane said that the cargo was priced by reference to the average of the last five days of March’s Dated Brent quotes, being $116/bbl, resulting in net revenue of $60.5 million.
As of 17 April 2022, Lancaster was producing c.9,150 bopd from the P6 well alone with an associated water cut of c.43%.
The next cargo is anticipated to be lifted in late May 2022.
| P6 | P7z(1) | |
| Oil produced during the month (Mbbls) | 282 | – |
| Average oil rate (bopd) | 9,085 | – |
| Water produced during the month (Mbbls) | 204 | – |
| Average water cut(2) | 42% | – |
| Well gauge pressure (psia)(3) | 1,585 | – |
FINANCES
As of 31 March 2022, Hurricane net free cash of $106 million compared with the last reported balance of $71 million as of 28 February 2022.
During the month, there was a net movement of $9.4 million from free cash into restricted funds following the agreement of the Aoka Mizu FPSO bareboat charter extension on 25 March.
The company added that a total of $78.5m of convertible bonds remain outstanding and are due in July 2022.
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