Serica Energy plc has agreed a $25.6 million purchase of Prax Upstream Ltd and Prax Exploration & Production plc, owner of the Lancaster field, west of Shetland in the North Sea. BOOST The acquisition also includes Prax Upstream’s sale and purchase agreements with TotalEnergies and ONE-Dyas. On completion, Serica will own a 40% operated interest […]
Tag: Lancaster oil field
Hurricane Energy completes sale to Prax
Hurricane Energy plc’s sale to Prax Exploration & Production Ltd has been approved by a court order and is now complete. PROGRESSION Admission to trading of Hurricane shares on AIM will be cancelled from 7am tomorrow, 9 June 2023. The company’s directors have resigned, while former executive directors chief executive officer Antony Maris and chief […]
Hurricane Energy profits surge and debt clears
Hurricane Energy plc recorded a surge in post-tax profits from a “challenging and highly successful” year at its Lancaster field operations, west of Shetland. FINANCES Full-year results for the year ended 31 December 2022 showed company revenues increased to $310.8 million from six liftings of Lancaster crude (2021: $240.5m from seven liftings). Profit after tax for the period amounted to […]
Hurricane agrees up to £249m sale to Prax
Hurricane Energy plc has agreed to be sold to Prax Exploration & Production plc in a deal of staged returns of up to £248.9 million to shareholders, depending on the performance of the Lancaster field. ASSETS Hurricane focuses on fractured basement reservoirs offshore West of Shetlands and has a 100% operated interest in the Lancaster […]
Hurricane plans annual shutdown at Lancaster
Hurricane Energy plc plans to conduct its annual shutdown during September at its Lancaster field, west of Shetland. OPERATIONS The move will follow the company’s latest production of 258 Mbbls during July, at an average 8,324 barrels of oil per day. On 24 July, Hurricane lifted the 30th cargo of Lancaster oil, totalling some 534 Mbbls, resulting in […]
Hurricane clears final debts and looks to growth
Hurricane Energy plc has paid in full its outstanding debt of $78,515,000 of convertible bonds plus $1.5 million accrued interest. OIL PRICES Chief executive Antony Maris described the repayment as a key milestone as the company moves into a new phase focused on building a long-term future. “The excellent operational performance of the Lancaster field, […]