16th Aug 2021 10:35
(Alliance News) - Hurricane Energy PLC on Monday said production on its Lancaster field operations are on target to reach levels seen before a shutdown in early July.
The Surrey-based oil producer, whose flagship Lancaster oil field is located west of Shetland in the North Sea, was producing 11,500 barrels of oil per day from its P6 well as of August 14. The associated water cut was 29%.
Immediately prior to the shutdown in early July, the P6 well was producing 10,900 bopd with an associated water cut of 32%.
Production resumed on July 27. The month averaged at 4,781 bopd, with a total of 148,000 barrels.
As of July 31, Hurricane had net free cash of USD122.0 million, a drop from USD134.0 million at June 30. It advised there were no liftings of Lancaster crude in July, resulting in no related revenue being generated in the month.
Shares were down 1.3% at 2.27 pence in London on Monday morning.
By Josie O'Brien; [email protected]
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