Hurricane Energy plc’s cash decreased during July because of no liftings but expects an increase in production at the Lancaster field, West of Shetland.
MAINTENANCE
As of 31 July 2021, the company had net free cash of $122 million compared with $134m at 30 June.
The floating production and storage and offloading unit (FPSO) Aoka Mizu completed its scheduled annual maintenance shutdown and production resumed on 27 July.
Just before the shutdown in early July, the P6 well was producing at 10,900 bopd with an associated water cut of 32%.
As of 14 August, Lancaster was producing 11,500 bopd from the P6 well alone with an associated water cut of 29%.
Hurricane said that production and water cut were expected to reach previous levels seen before the shutdown with the 24th cargo of Lancaster oil scheduled to be lifted in late August.