Hurricane Energy plc said it remained positive over an extension to the FPSO as the company announced improved finances and production at its Lancaster field, West of Shetland. PRODUCTION Production was higher than expectations during October due to better than expected uptime on the FPSO. The company had anticipated the well gauge pressure would reach […]
Tag: Lancaster oil field
Hurricane cash decreases but production rise expected
Hurricane Energy plc’s cash decreased during July because of no liftings but expects an increase in production at the Lancaster field, West of Shetland. MAINTENANCE As of 31 July 2021, the company had net free cash of $122 million compared with $134m at 30 June. The floating production and storage and offloading unit (FPSO) Aoka […]
Hurricane refused court approval for restructure
Hurricane Energy plc said that the High Court had today refused to sanction its proposed restructuring plan. RISK The company added that its existing board was considering all options including an appeal. “Unless the company or the Ad Hoc Committee successfully appeals the judgment, the restructuring plan will not be implemented,” said Hurricane in a […]
Hurricane Energy FDPA approved for Lancaster
Hurricane Energy plc said that the Oil and Gas Authority (OGA) had approved the field development plan addendum (FDPA) for Lancaster oil field on the Rona Ridge, West of Shetland. The approval satisfies a key condition of Hurricane’s proposed financial restructuring. The FDPA, together with associated production, flare, and vent consents, enables production with the […]
Hurricane bondholders back restructure
Hurricane Energy plc’s bondholders today voted 100% to support the company’s restructuring plan while the majority of shareholders voted against it. Shareholder votes in favour were reported at 7.66% compared with 92.34% opposing the plan. The company said that 1,518,667 votes were withheld and 32.87% of the issued share capital voted. Hurricane added that because […]
Hurricane at risk without shorter FPSO charter
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 […]