2nd May 2023 14:47
(Alliance News) - Hurricane Energy PLC on Tuesday said its most recent lifting this year has resulted in over USD40 million in net revenue, and it added it is "highly confident" a supplementary dividend will paid under the terms of its acquisition by Prax Exploration & Production PLC.
The Surrey, England-based oil and gas exploration company, said the 34th cargo from its Lancaster field, totalling approximately 541,000 barrels of oil, was lifted on Thursday. Hurricane said it was priced at approximately USD82 per barrel, resulting in net revenue of approximately USD43 million.
Hurricane said it has completed two liftings so far this year, totalling just over 1.0 million barrels of oil and realising an average price of approximately USD79 per barrel. It expects the next cargo to be lifted in July.
Hurricane said due to the latest lifting, it is "highly confident" that it will pay a supplementary dividend of 6.02 pence per share within 14 days of its acquisition by Prax.
Hurricane agreed to be acquired by the State Oil Ltd subsidiary in March, with Prax saying the deal values Hurricane at 12.50p per share, or GBP249.0 million in total. Prax said last week that it would not be lifting its offer.
Shares in Hurricane were down 2.2% in London on Tuesday at 7.43p each.
By Emma Curzon, Alliance News reporter
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