Extractive Industries

Hurricane records 9,394 bopd during February

Hurricane Energy plc produced 9,394 barrels of oil a day in February but lifted no cargo at its Lancaster field, West of Shetland.

Future: further strong operational performance at Lancaster combines with continued high commodity prices (Hurricane Energy)

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 DataP6P7z(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
Production volumes, water cut and minimum flowing bottom hole pressure for the 205/21a-6 (P6) well during February 2022. (1) The 205/21a-7z (P7z) well was not on production during the month (Hurricane Energy)

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.

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