Bosses at Hurricane Energy have conceded that the troubled UK oil firm is likely to be wound down within the next few years.
Hurricane Energy said today that an “unscheduled well intervention” was required on its Lancaster field, west of Shetland.
A major downgrade in reserves, a written-off discovery and warnings of a shareholder wipeout are a “real blow to investors and debt holders” of Hurricane Energy, an analyst has said.
Hurricane Energy has stated there is “no certainty of any future activity” on its West of Shetland assets, including its flagship Lancaster field, following a new reserves report.
As oil and gas faces a rise in climate activism, ESG concerns, and the need to raise its own profile as a pillar of the energy transition, investors are weighing the impact.
One of Hurricane Energy’s biggest shareholders has threatened to take “appropriate action” to maximise the company’s potential after complaining of a breakdown in their relationship.
Hurricane Energy today dashed hopes that it could boost production from its Lancaster field, west of Shetland, with a new well in 2021.
Westwood Global Energy reports that as of February 24 there was one exploration well and one appraisal well active in the UK, with no change since the end of December.
Hurricane Energy’s chief executive said today that the firm is currently “engaging with stakeholders” on funding for the further development of its Lancaster field.
North Sea firms ranging from BP to Hurricane Energy have enjoyed share price hikes after a deal was reached by OPEC to curb oil production.
Troubled oil firm Hurricane Energy is preparing for crunch talks with key stakeholders in a bid to unlock funding for new wells on its Lancaster field, west of Shetland.
Westwood Global Energy reports that as of December 2 there was one exploration well active in the UK. So far in 2020, four exploration wells have completed. At the time of writing, the first appraisal well of the year was preparing to spud.
The West of Shetland oil and gas (WoS) basin has long been held aloft as the UK’s last great hope for indigenous oil and gas production growth.
Exclusive: Lancaster climbdown no surprise to geologist who clashed with OGA and Hurricane management
A retired geologist has claimed Hurricane Energy’s huge climbdown on its west of Shetland oil resource estimates could have been avoided if his warning had been heeded in 2016-17.
Private equity firms that piled into oil-production assets in the past few years now find themselves stuck, and forced to contemplate novel ways to make an exit.
The “jaw-dropping” reserves downgrade from Hurricane Energy has “dashed hopes” of any major resurgence in UK offshore production, according to Rystad Energy.
The Aoka Mizu FPSO has been picked to trial a new digital twin project to predict and analyse hull fatigue.
Hurricane Energy has set aside £16.8 million to help ensure it can cover decommissioning costs for its Lancaster field after cancelling a bond agreement.
Hurricane Energy said today that Alan Parsley had resigned as non-executive director of the UK offshore oil and gas business.
One of Hurricane Energy’s institutional investors has said the oil firm’s recent technical review, which included a huge downgrade to reserves and resources, was “persuasive but not conclusive”.
Hurricane Energy is now “arguably” a takeover target for companies brave enough to “take a punt on basement plays” after it revealed a huge downgrade to its resource base, an analyst has said.
Hurricane Energy slashed its oil resource estimates in a crushing blow to investors who hoped the firm would become a west of Shetland oil powerhouse.
Hurricane Energy has appointed a new CEO as a permanent replacement to founder Robert Trice who exited in June.
Hurricane Energy shares nosedived yesterday after the firm issued another warning that the reserves estimate for its flagship Lancaster field, west of Shetland, may require a “material downgrade”.
Hurricane Energy has managed to boost production from its Lancaster field, west of Shetland, using new equipment.