Hurricane Energy losses widen on pre-IPO costs

14th May 2014 13:46

UK-based oil and gas group Hurricane Energy, which floated in London in February, said losses widened significantly in 2013 as a result of one-off financing and costs associated with its initial public offering (IPO).Hurricane, which raised £31m in pre-IPO fundraising, recorded a loss before tax of £21.3m last year, worse than loss of £6.8m in 2012.Lower operating expenses during the year were outweighed by a £1.1m foreign exchange loss, financing arrangements and a write-off of exploration expenditure after decided not to explore licence P1844.Hurricane said that 2014 "is set to be a pivotal year" as it focuses on drilling its Lancaster well on the UK Continental Shelf, some 60 miles west of Shetland.The well spudded on April 26th and operations are fully underway and proceeding according to plan, the group said.Hurricane was trading 2.6% lower at 28.5p.BC