Hurricane Energy plc said it was confident of meeting the deadline to pay the outstanding $78.5 million as production continues at its Lancaster field, west of Shetland.
FINANCES
As of 30 April 2022, the company had net free cash of $92m (31 March: $106m).
During the month, $3.2m was moved from free cash into restricted funds in line with the terms of the Aoka Mizu FPSO bareboat charter extension.
The company added that a total of $78.5m of convertible bonds remained outstanding and were due in July 2022.
“The board is now confident that the bond will be repaid in full in July 2022, with the company forecasting to be holding net free cash of at least $60 million following the repayment, assuming oil prices remain at over $90/bbl.”
LANCASTER
As of 17 May 2022, Lancaster was producing some 9,100 bopd from the P6 well alone with an associated water cut of c.44%.
| April 2022 Lancaster Field Data | P6 | P7z |
| Oil produced during the month (Mbbls) | 273 | – |
| Average oil rate (bopd) | 9,099 | – |
| Water produced during the month (Mbbls) | 210 | – |
| Average water cut | 43% | – |
| Well gauge pressure (psia) | 1,578 | – |
for the 205/21a-6 (P6) well during April 2022 (Hurricane Energy)
There was no lifting of Lancaster crude in April. Hurricane anticipates to lift the next cargo later in May 2022.