Hurricane Energy plc said it needed a shorter charter for the Aoka Mizu FPSO than initially agreed to avoid winding down and halting operations at the Lancaster field. COSTS The three-year initial term of the charter expires in June 2022 unless the oil and gas company meets the 4 June deadline to extend for three years […]
Tag: Hurricane Energy plc
Hurricane faces call to remove several directors
Hurricane Energy plc said that one of its shareholders had called for the removal of five board directors. REVIEW The company has received a requisition notice from Crystal Amber Fund Ltd for a general meeting to vote on removing five directors. These include chairman Steven McTiernan, senior independent director Dr David Jenkins, and independent non-executive […]
Hurricane notes slight fall in oil production at Lancaster
Hurricane Energy plc announced a slight decrease in oil rate and production from its Lancaster field on the Rona Ridge, west of Shetland. FINANCES In a brief report for the first quarter of 2021, the company also recorded net free cash of $127 million compared with $106m at 31 December 2020. LANCASTER EPS Production during Q1 […]
Hurricane looks at further options for Lancaster field
Hurricane Energy plc announced it had ruled out drilling during summer 2021 and was looking at three other options for further activity on its 100% owned Lancaster field. In December 2020, the offshore hydrocarbon company, focused on naturally fractured basement reservoirs, said it would engage with its stakeholders including an ad hoc group of convertible […]
Hurricane Q4 production in line with expectations
Hurricane Energy plc announced that production for the fourth quarter of 2020 was in line with expectations as the company continues to discuss with stakeholders options for the Lancaster field. TRADING AND OPERATIONS In its unaudited trading and operational report ahead of its results for year ended 31 December 2020, Hurricane’s revenue was $179 million […]
Hurricane to open debate on Lancaster’s future
Hurricane Energy plc said it planned to discuss with shareholders the funding and development of the Lancaster oil field, West of Shetland. DEVELOPMENT COSTS Ahead of a decision, Hurricane will focus on a new production well in 2021 in the central attic high of the Lancaster field, by re-entering and side-tracking the existing 205/21a-7z well. […]