Hurricane Energy provides update on Lancaster field operations; shares rally

© Reuters.

By Samuel Indyk – Hurricane Energy (LON:) shares were trading higher on Friday morning after the company provided an update on operations at its Lancaster field.

The oil & gas company announced that over 10 million barrels of from the Lancaster field have now been produced with the next cargo expected to be lifted in early- to mid-October.

Immediately following the annual shutdown, the production rate at Lancaster was elevated, leading to the average oil rate for August being higher than in previous months. The higher production rate in August was accompanied initially by a greater rate of decline and so current oil production is now similar to the rate seen just prior to the shutdown.

As of Wednesday, Lancaster was producing circa 10,800 barrels of oil per day (bopd) from the P6 well alone.

Financial Update

As of 31st August, the company’s net free cash had increased to $144 million from $122 million as of 31st July.

The AIM-listed company announced it had repurchased approximately 34% of its outstanding $230 million Convertible bonds due July 2022.

Hurricane is to publish its interim results for the first half of the year on 14th October.

At 10:26BST, shares in Hurricane Energy were trading higher by 10.15% at 3.40 pence per share.

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