The “jaw-dropping” reserves downgrade from Hurricane Energy has “dashed hopes” of any major resurgence in UK offshore production, according to Rystad Energy.
Hurricane Energy has appointed a new CEO as a permanent replacement to founder Robert Trice who exited in June.
A “knee-jerk” reaction from investors to a combination of factors including recent results, Brexit and the coronavirus have been blamed for a 20% slide in Hurricane Energy’s share price.
Hurricane Energy has insisted it is “not aware of any subsurface, operational or commercial reasons” for a steep decline in its share price in the last week.
Nine mobile units are currently active on E&A drilling on the UKCS, with just a single platform-based appraisal ongoing in the Northern North Sea.