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Hurricane Energy pays off US£78m debts

Published by , Editorial Assistant
Oilfield Technology,

Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that it has repaid in full its outstanding US$78,515,000 7.50 % Convertible Bonds plus US$1.5 million of accrued interest by the maturity date of 24 July 2022.

The Bonds will now be delisted from The International Stock Exchange and cancelled.

The repayment leaves the Company debt free, with significant cash on hand, further cash due from the imminent lifting from the FPSO, and ongoing cash generative production from the Lancaster field.

Antony Maris, CEO of Hurricane, commented: "The repayment of the convertible bonds is an important and key milestone for Hurricane as we move into a new phase for the company, focusing on building a long-term future for the business and creating additional value for our shareholders. The excellent operational performance of the Lancaster field, for which I pay a huge tribute to our whole team, combined with high oil prices has underpinned the establishment of a strong financial platform for the company.

We continue our work to identify the most effective capital allocation opportunities both within and outside of our existing asset base, and which best fit within our growth plans in the context of both our own and the UK's transition goals.

I believe that Hurricane going forward is attractive to investors and well positioned to look for new growth opportunities. Our focus is on creating value for shareholders and we are being very rigorous in assessing which opportunities will best deliver that."

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Oilfield Technology’s second issue of 2022 begins with analysis from Rystad Energy focusing on the upstream industry in Southeast Asia. The rest of the issue is dedicated to features covering advances in drilling, rig design, software and AI, corrosion and maintenance, artificial lift, flow control, and more.

Exclusive contributions come from Vink Chemicals, Archer, Taurex Drill Bits, Vysus, EM&I, SparkCognition, TÜV Rheinland Group, TGT Diagnostics, ChampionX, and Baker Hughes, as well as a guest comment from Patrick Long, Opportune.

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