15th Apr 2020 11:23
(Alliance News) - Hurricane Energy PLC on Wednesday reported an output rise from its Lancaster Early Production System project in the UK Continental Shelf region.
The oil & gas company reported production of 1.4 million barrels of oil for the three months to March-end, up 27% quarter-on-quarter from 1.1 million barrels.
Oil rate rose 26% to 14,900 barrels of per day from 11,800 barrels per day.
Hurricane Chief Executive Robert Trice said: "We are very pleased with the performance of the Lancaster EPS in the first quarter of 2020. As at the end of March, the EPS has safely produced approximately 4.4 million barrels of oil since starting up last year. Despite the significant scale of these produced oil volumes, the Lancaster EPS is still very much in a data gathering phase, as we continue to better our understanding of this unique basement reservoir."
Shares in the company were 9.2% lower at 12.41 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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