Hurricane Energy plc produced 9,394 barrels of oil a day in February but lifted no cargo at its Lancaster field, West of Shetland.
OPERATIONS
As of 15 March 2022, Lancaster was producing circa 9,250 bopd from the P6 well alone with an associated water cut of c.42%.
The next cargo is anticipated to be lifted in late March 2022.
| February 2022 Lancaster Field Data | P6 | P7z(1) |
| Oil produced during the month (Mbbls) | 263 | – |
| Average oil rate (bopd) | 9,394 | – |
| Water produced during the month (Mbbls) | 184 | – |
| Average water cut(2) | 41% | – |
| Well gauge pressure (psia)(3) | 1,590 | – |
FINANCES
As of 28 February 2022, Hurricane had net free cash of $71 million (31 January 2022: $85m).
The company added that $78.5m of convertible bonds remained outstanding and are due in July 2022.
Hurricane lodged £5.7m ($7.7m) additional funds as decommissioning security for the Lancaster EPS following a request from the regulator.
The amount of funds now held in trust, and classified as restricted cash, is now £33.7m ($45.9m).
In early March, the company received $1.4m of cash rebates relating to R&D tax claims in respect of the 2020 tax year.
PLATFORM
“Through a combination of further strong operational performance at Lancaster and continued high commodity prices, coupled with our ongoing constructive discussions with Bluewater over a charter extension for the Aoka Mizu, we continue to build the platform for Hurricane’s future,” said chief executive Antony Maris.