Hurricane Energy plc has paid in full its outstanding debt of $78,515,000 of convertible bonds plus $1.5 million accrued interest.
OIL PRICES
Chief executive Antony Maris described the repayment as a key milestone as the company moves into a new phase focused on building a long-term future.
“The excellent operational performance of the Lancaster field, for which I pay a huge tribute to our whole team, combined with high oil prices has underpinned the establishment of a strong financial platform for the company.”
Hurricane said that the bonds would now be delisted from the International Stock Exchange and cancelled.
The repayment leaves Hurricane debt free, with “significant” cash on hand, further cash due from the imminent lifting from the FPSO, and continuing cash generative production from the Lancaster field.
GROWTH PLANS
“We continue our work to identify the most effective capital allocation opportunities both within and outside of our existing asset base, and which best fit within our growth plans in the context of both our own and the UK’s transition goals,” added Mr Maris.
“Our focus is on creating value for shareholders and we are being very rigorous in assessing which opportunities will best deliver that.”