11th Jun 2021 17:36
Hurricane Energy PLC - Surrey, England-based producer from Lancaster oil field, located west of Shetland - Says 92% of shareholders vote against resolution to approve the restructuring plan at general meeting on Friday.
Reiterates the hearing of the High Court of Justice of England and Wales to sanction the restructuring plan is due to commence on June 21.
"The company reminds the shareholders that as the restructuring plan was approved at the bondholder Meeting by the requisite majority, if the court sanctions the restructuring plan at the hearing on 21 June 2021, the restructuring plan will be binding on all shareholders despite the resolution not being duly passed at the shareholder meeting," it notes.
Earlier Friday, Hurricane says its P6 well is now on natural flow of 9,000 to 11,000 barrels of oil per day rate after its pump broke. The company's single remaining well at the Lancaster field site, P6, is assisted by an electric submersible pump, which tripped on Tuesday causing the well to close temporarily. Decides to restart the well on natural flow to fulfil the minimum lifting quantity for the next Lancaster lifting, which is scheduled for the week commencing June 14.
Before the pump broke, the P6 well produced 353,000 barrels, with an average oil rate of 11,370 barrels per day through May. In April the company noted that should the electric submersible pump in the P6 well fail it might not possible to restore it, and the well would have to be run at a permanently lower rate.
Current stock price: 1.21 pence, up 7.9% on Friday
Year-to-date change: down 52%
By Scarlett Butler; [email protected]; updated by Arvind Bhunjun; [email protected]
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