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.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Sasol’s share price has declined by more than 80% since the beginning of the year, with the company saying it would accelerate efforts to cut costs and sell assets.
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.
Shares in Royal Dutch Shell shot to the top of the FTSE 100 after the oil giant announced it was restoring its cash dividends after more than two years in the latest sign that the industry is emerging from an extended slump.
Having seen the price of oil collapse by 75% in an 18-month period and BP suffer a $5.2bn loss, the reaction of the major oil company’s shareholders to certain events over the past few months suggests they have developed a somewhat battle-hardened mentality.
Energy commodities giant Noble Group extended its biggest monthly drop in 16 years after the Singapore bourse issued a warning on the company’s shares amid a slump in commodity prices.