Hurricane Energy plc said it would soon clear its debts on the back of high oil prices and steady production at its Lancaster field, west of Shetland. PRODUCTION As of 16 July 2022, Lancaster was producing c.8,650 bopd from the P6 well alone with an associated water cut of c.46%. The company said that there […]
Tag: Lancaster oil field
Hurricane sees mixed fortunes from EPL
Hurricane Energy plc said investment allowances could offset its forecast £5 million bill under the new energy profits levy (EPL) from its operations at the Lancaster field, west of Shetland. ENERGY PROFITS LEVY In its monthly financial and operational report of 31 May 2022, the company added it was unable to determine the full impact […]
Hurricane Energy aims to meet debt deadline
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 […]
Hurricane raises reserves estimate and lowers guidance
Hurricane Energy plc has increased its estimate of reserves and reduced its production guidance at the Lancaster oil field, west of Shetland. The company attributed the decrease to the impact of the annual maintenance shutdown in Q3 of the FPSO. RESERVES Hurricane said that the estimated increase in reserves was due to an improvement in […]
Hurricane Energy extends FPSO charter
Hurricane Energy plc has signed a contract to extend the bareboat charter to cover the remaining economic life of the Lancaster oil field, West of Shetland. TERMS The contract with Bluewater (Aoka Mizu) B.V., owner of the Aoka Mizu FPSO, was due to expire on 4 June 2022. Hurricane said that either party could give six […]
Hurricane records 9,394 bopd during February
Hurricane Energy plc produced 9,394 barrels of oil a day in February but lifted no cargo at its Lancaster field, West of Shetland. OPERATIONS As of 15 March 2022, Lancaster was producing circa 9,250 bopd from the P6 well alone with an associated water cut of c.42%. The next cargo is anticipated to be lifted in late March 2022. […]