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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Centrica plc    CNA   GB00B033F229

CENTRICA PLC

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Hurricane Energy CEO Trice resigns as group struggles with output

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06/08/2020 | 06:18am EDT

Robert Trice, the Chief Executive of North Sea oil producer Hurricane Energy, resigned, the group said on Monday after it had to give up its ambition to sustainably produce around 20,000 barrels per day and shut one of its pilot wells.

Trice was a proponent of the so-called fractured basement method, which involves recovering oil from fractures in hard and brittle rock, which some see as a risky way to obtain crude.

Trice will be replaced by Beverley Smith, a former BG Group employee and non-executive director at Hurricane since late last year.

"In evaluating options for the forward work programme against an uncertain macroeconomic backdrop, we will prioritise early low-cost production with the capital discipline needed to achieve financial resilience," Chairman Steven McTiernan said.

In a coup for Hurricane in 2018, Spirit Energy, backed by Centrica, invested almost $400 million in a Hurricane field.

Hurricane is currently producing around 10,300 barrels per day.

"The operations update is (...) concerning with production still running below the level we believe is required to repay the bonds and acknowledgement of the possibility a shallower oil water contact, which could have significant implications for reserves/resources," said BMO analyst David Round.

(Reporting by Shadia Nasralla, editing by Louise Heavens)


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -1.20% 21.32 Delayed Quote.287.64%
CENTRICA PLC -0.74% 37.59 Delayed Quote.-57.45%
HURRICANE ENERGY PLC 0.48% 2.398 Delayed Quote.-93.14%
JUST GROUP PLC -1.68% 41.7481 Delayed Quote.-46.25%
LONDON BRENT OIL -1.35% 38.82 Delayed Quote.-38.33%
SEA LIMITED -5.25% 163.24 Delayed Quote.305.87%
WILL GROUP, INC. -3.35% 809 End-of-day quote.-35.38%
WTI -1.26% 37.135 Delayed Quote.-36.69%
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Financials
Sales 2020 25 505 M 33 125 M 33 125 M
Net income 2020 -543 M -705 M -705 M
Net Debt 2020 2 502 M 3 249 M 3 249 M
P/E ratio 2020 -16,9x
Yield 2020 2,60%
Capitalization 2 218 M 2 879 M 2 880 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,25x
Nbr of Employees 25 835
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 53,75 GBX
Last Close Price 39,79 GBX
Spread / Highest target 101%
Spread / Average Target 35,1%
Spread / Lowest Target -17,1%
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NameTitle
Christopher O’Shea Group Chief Executive Officer & Executive Director
Jonathan Scott Wheway Chairman
Johnathan Richard Ford Chief Financial Officer & Director
Charles Cameron Director-Technology & Engineering
Mike Young Group Chief Information Officer
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