Serica Energy plc has acquired the Lancaster field following its completed £14.5 million acquisition of Prax Upstream Ltd from Prax Exploration & Production. COMPANY MOVES The company also assumed PUL’s cash balance, equivalent of $34m (£25.4m), of which $12m (£9m) is restricted to cover demobilisation of the Aoka Mizu floating production, storage and offloading vessel. […]
Tag: Prax Exploration & Production plc
Serica to buy Lancaster field owner, Prax
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 […]
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 progresses sale to Prax on NSTA approval
Hurricane Energy plc’s sale to Prax Exploration & Production plc continues to progress following approval by the North Sea Energy Transition (NSTA). COURT SANCTION Hurricane announced on 4 May that the majority of shareholders had approved the sale and that on 24 May the National Security and Investment condition had been satisfied. Today the company […]
Hurricane ‘highly confident’ of full shareholder dividend
Hurricane Energy plc expects to pay full dividends following the 34th cargo of oil, totalling approximately 541 Mbbls, lifted last week from the Lancaster field, West of Shetland. ACQUISITION The cargo was priced at $82 per barrel, resulting in net revenue of c. $43 million. Hurricane said that the two liftings in 2023, totalling 1,041 Mbbls, have […]
Hurricane Q1 revenues reach $39.3m
Hurricane Energy plc recorded revenues of $39.3 million for the first quarter of 2023 from its operations on the Lancaster field, west of Shetland in the North Sea. OPERATIONS The company’s unaudited trading report shows production of 0.66 MMbbls with an average of 7,311 bopd, and oil sales of 0.5 MMbbls from one cargo. At […]