Hurricane Energy sees Lancaster field production slip

18th Apr 2023 09:49

(Sharecast News) - Oil and gas firm Hurricane Energy said on Tuesday that production at its Lancaster Field asset had fallen in the three months ended 31 March.

Hurricane Energy said production at Lancaster had sli[[ed to roughly 7,460 barrels of oil per day, with the next shipment to be lifted from the facility at the end of April set to be made up of roughly 450,000 barrels of crude.

The AIM-listed company posted revenues of $39.3m for the first quarter, with an average realised oil price of $78.5 per barrel. Hurricane also added that cash costs came to $38.6 per barrel and that it ended the quarter with $132.0m of net free cash.

Later on in the day, Hurricane will address shareholders' questions about the firm's proposed disposal of the company to Prax Exploration & Production.

Chief executive Anthony Maris said: "We remain on target, subject to the various conditions, for the completion of the sales process by June 2023.

"We look forward to the opportunity to further explain the merits of the offer to all shareholders at the upcoming meeting."

As of 0945 BST, Hurricane shares were down 0.27% at 7.48p.

Reporting by Iain Gilbert at Sharecast.com