24th Sep 2014 09:40
LONDON (Alliance News) - Hurricane Energy PLC, the oil explorer that listed on AIM in February, Wednesday reported a wider loss for the first half of the year as operating expenses rose and it booked a GBP1.8 million foreign exchange loss due to sterling's strength against the US dollar.
The company's cash and cash equivalents are predominately held in pounds, but it held significant cash balances in US Dollars in the first half of the year to meet its commitments for the drilling of a well at its Lancaster oil discovery west of Shetland.
The loss on the translation meant its net loss widened to GBP7.3 million, from a GBP5.9 million loss a year earlier. Its operating expenses also rose to GBP4.9 million, from GBP4.1 million. It isn't currently earning any revenue.
Hurricane said it is now intending to commission a revised third-party, or competent persons report, that will be published during the first quarter of 2015, after it got positive results from a horizontal well it drilled on the Lancaster discovery earlier this month.
It is still looking for potential partners to farm-in to some or all of its assets
Hurricane Energy shares were down 4.6% at 39.83 pence Wednesday morning,
By Steve McGrath; [email protected]; @stevemcgrath1
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