Hurricane Energy plc recorded revenues of $39.3 million for the first quarter of 2023 from its operations on the Lancaster field, west of Shetland in the North Sea.
OPERATIONS
The company’s unaudited trading report shows production of 0.66 MMbbls with an average of 7,311 bopd, and oil sales of 0.5 MMbbls from one cargo.
At the end of the period, Hurricane held net free cash of $132m.
As of 16 April 2023, Lancaster was producing c.7,460 bopd from the P6 well alone with an associated water cut of c.53%.
The FPSO yesterday held c.450,000 barrels available for lifting, with the next cargo anticipated to be lifted in late April 2023.
Hurricane will also hold a shareholders’ meeting later today on the proposed sale to Prax Exploration & Production plc.
SHAREHOLDERS
Chief executive Antony Maris added that the company remained on target to complete the sales process by June 2023.
“With c. 450,000 barrels now available in the FPSO for the lifting currently scheduled by the end of April, we are confident that, under the terms of the offer from Prax, the full value of the supplementary dividend will also be payable to shareholders, either via the supplementary dividend or via the DCUs.
“This is great news for shareholders as we continue the process of derisking the offer from Prax, and we look forward to the opportunity to further explain the merits of the offer to all shareholders at the upcoming meeting.”