Hurricane Energy announces half year results; maiden revenue generation
Source - SMW
Hurrican announced its half year results and the Group recognised revenue for the first time relating to a single cargo of crude oil that was sold in the period. This resulted in the Group recording an operating profit of $1.2m (H1 2018: operating loss of $4.7m). However, the loss after tax was $21.2m (down from $75.1m in H1 2018). This loss includes a non-cash fair value loss on the embedded derivative element of the Convertible Bond of $23.5m.
As of 30 June 2019, Hurricane had an unrestricted cash position of $81.4m.
The Group saw operational developments in the Greater Lancaster Area, with first oil achieved on 4 June 2019. Lancaster has been producing at an average of approximately 14,100 barrels of oil per day from first oil to latest lifting (completed on 17 September 2019).
Hurricane expects to sign a rig contract for the Greater Warwick Area 2020 programme shortly.
Dr Robert Trice, Chief Executive of Hurricane, commented:
'Achieving first oil on schedule and on budget is a remarkable achievement and a huge credit to our operating team, our partners and contractors.'
'The operating cash flow that the EPS is delivering provides Hurricane with greater control of our future as we seek to deliver growth in reserves and production across all of our Rona Ridge assets.'