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.
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’s boss has thanked the UK oil and gas industry’s regulator for giving the company more breathing room with its licence obligations.
An institutional investor backing Hurricane Energy has branded the oil firm a “key detractor” to its recent performance.
Hurricane Energy has confirmed that the Lincoln Crestal well won’t be tied back to the floating production vessel on its nearby Lancaster field this year.
Hurricane Energy’s exploration adventure offshore UK is the most exciting of them all, in my view.
Hurricane Energy has announced it expects revenues generated from its Lancaster field West of Shetland to reach $165m (£123m) in the 2019 financial year.
Hurricane Energy’s successful appraisal of the Lincoln field should restore confidence in the potential of the Greater Warwick Area (GWA), west of Shetland, an analyst has said.
The Aoka Mizu vessel was widely expected to have been installed at the Lancaster field by now, with final preparations under way for the long-term oil production trial, beginning in the current quarter.
Hurricane Energy today confirmed its basement discovery located west of Shetland totals 250 million barrels oil.