Hurricane Energy plc’s bondholders today voted 100% to support the company’s restructuring plan while the majority of shareholders voted against it.
Shareholder votes in favour were reported at 7.66% compared with 92.34% opposing the plan.
The company said that 1,518,667 votes were withheld and 32.87% of the issued share capital voted.
Hurricane added that because the bondholders vote reached the requisite majority, the restructuring plan will be binding on all shareholders if it is sanctioned at the High Court hearing on 21 June 2021.
The company said that if the court does not sanction the plan, the restructuring will not be implemented.
This would lead to a controlled wind-down of the group’s operations followed by an insolvent liquidation of the company.
LANCASTER
The company also announced that on 8 June the electric submersible pump (ESP) in the P6 well had tripped, causing the well to be temporarily shut in.
| P6 | P7z(1) | |
| Oil produced during the month (Mbbls) | 353 | – |
| Average oil rate (bopd) | 11,370 | – |
| Water produced during the month (Mbbls) | 149 | – |
| Average water cut(2) | 30% | – |
| Well gauge pressure (psia)(3) | 1,651 | – |
The well is currently on natural flow at a rate of 9,000 – 11,000 bopd while Hurricane investigates the cause of the trip and tests the ESP’s electrical system before attempting to restart it.
The 22nd cargo of Lancaster oil of some 512 Mbbls was lifted in early May 2021.