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Hurricane Energy forecasts full-year turnover of $165m
13th Dec 2019 09:21
(Sharecast News) - Hurricane Energy on Friday said that it expects 2019 revenue of around $165m thanks to a "strong" performance from its Lancaster wells.
The oil and gas company achieved total production of 3.1m barrels of oil, representing an average rate of 13,300 barrels per day, while fourth-quarter production exceeded expectations at 12,500 bopd.
After generating its first revenue in June, Hurricane sold 2.8m barrels across seven cargoes in the calendar year.
For next year, average production at the Lancaster reservoir was expected to be around 20,000 bopd, subject to review as part of the ongoing testing programme.
The AIM-traded company also said it has obtained a five-year extension for the P1368 licence, which covers the Lancaster and Lincoln oil fields.
Hurricane Energy shares were up by 9.13% at 32.96p at 1009 GMT.
The oil and gas company achieved total production of 3.1m barrels of oil, representing an average rate of 13,300 barrels per day, while fourth-quarter production exceeded expectations at 12,500 bopd.
After generating its first revenue in June, Hurricane sold 2.8m barrels across seven cargoes in the calendar year.
For next year, average production at the Lancaster reservoir was expected to be around 20,000 bopd, subject to review as part of the ongoing testing programme.
The AIM-traded company also said it has obtained a five-year extension for the P1368 licence, which covers the Lancaster and Lincoln oil fields.
Hurricane Energy shares were up by 9.13% at 32.96p at 1009 GMT.