Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces its final audited results for the year ended 31 December 2017.
- Transformative year which took the Lancaster Early Production System (EPS) into a project execution phase, targeting first oil in H1 2019
- Key EPS achievements included: Final Investment Decision (FID) and approval of the Field Development Plan (FDP) by the Oil and Gas Authority (OGA)
- Published two Competent Person's Reports (CPRs) which independently certified 2.6 billion boe of 2P Reserves + 2C Contingent Resources
- US$547 million raised in new equity and convertible bonds (before expenses), fully financing the EPS
- 2017 loss after tax of US$7.0 million (2016: profit after tax US$0.9 million)
- Ended 2017 with US$360.0 million1 in cash and liquid investments (2016: US$101.5 million2)
1 US$201.9 million of liquid investments is held in term deposits which mature within 12 months. US$33.4 million is held within escrow accounts
2 US$12.2 million is held within escrow accounts
Hurricane's Group Annual Report and Accounts will be published on or around 25 April 2018. The Company has increased the level of disclosure compared to prior years, in line with its intention to transition its disclosure, reporting and corporate governance towards best practice, commensurate with a Premium Listed business. The Company's Annual General Meeting is scheduled for 6 June 2018; further details to be provided in due course.
Dr Robert Trice, Chief Executive of Hurricane, commented:
"Last year saw the Company gain both operational and commercial momentum as it moves toward first production and material cash generation. Accordingly, Hurricane went through a step change in 2017; we booked our first reserves, increased our 2C Contingent Resources by 450% and obtained FDP approval on the first phase of development of our assets."
"First oil on the Lancaster EPS remains on schedule for H1 2019. As we look ahead to this milestone, we are in a position of strength with 100% ownership of a portfolio of assets with resources measured in the billions of barrels and with line of sight on further activity to ultimately achieve monetisation."
Read the article online at: https://www.oilfieldtechnology.com/special-reports/11042018/hurricane-energy-provides-final-results-for-year-ended-31-december-2017/