Hurricane Energy (LON: HUR) shares have dropped by 25% after announcing it expects to reach the production “bubble point” at its flagship Lancaster field as early as the first quarter of next year.
Hurricane Energy has hailed the sale of 10million barrels of oil produced from the Lancaster field in the West of Shetland.
The owners of Spirit Energy will put the exploration and production company’s Norwegian business up for sale separately.
Shares in Hurricane Energy climbed this morning after activist fund Crystal Amber hoisted its holding in the troubled oil firm above 25%.
Robert Trice, the co-founder and former CEO of Hurricane Energy, took a total pay package of £649,000 last year as the oil firm plunged to losses of £440million.
Long-suffering shareholders of beleaguered UK oil producer Hurricane Energy have snubbed the company’s restructuring plan.
Hurricane Energy is holding out hope that a crucial deal will be reached on the Lancaster field production vessel, despite owners Bluewater marketing it for redeployment.
Bosses at Hurricane Energy could start winding down the business as early as next year unless they can hammer out a revised vessel deal for the Lancaster field.
Hurricane Energy has sank to losses of £440million, underscoring the troubles of the west of Shetland operator.
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.
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.
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.
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.
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.
Energy Voice recently reported on Shetland Islands Council's ambitions to retain more tax revenue from oil and gas operations around the isles in its self-determination bid. Jon Fitzpatrick, managing director of consultancy Gneiss Energy, gives his view.
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 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 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.
Ambitious plans for a new Energy Hub have been unveiled with hopes for hundreds of jobs and to make giant oil and gas fields in the West of Shetland "net zero by 2030”.