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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Hurricane Energy plc    HUR   GB00B580MF54

HURRICANE ENERGY PLC

(HUR)
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Hurricane Energy : Competent Person's Report on West of Shetland Assets and Stakeholder Engagement Update

04/08/2021 | 08:20am EDT

Hurricane Energy plc, the UK based oil and gas company, announces that a summary of a Competent Person's Report ('CPR') on the Company's West of Shetland assets by ERC Equipoise Ltd ('ERCE') has been published on the Company's website at: https://www.hurricaneenergy.com/assets/reserves-and-resources

The full CPR will be published on the Company's website in due course, once finalised. ERCE's work has been prepared in accordance with the June 2018 Petroleum Resources Management System ('PRMS') as the standard for classification and reporting with an effective date of 31 December 2020.

Antony Maris, Chief Executive Officer of Hurricane, commented: 'The summary of the CPR published today is broadly consistent with the estimates for Lancaster and Lincoln which we presented in September 2020. We are continuing to work on a financial plan and are engaging with our key stakeholders to allow us to take the business forward and provide us with the best chance of targeting these reserves and resources.'

Contact:

Antony Maris

Tel: +44 (0)1483 862820

About Hurricane

Hurricane was established to discover, appraise and develop hydrocarbon resources associated with naturally fractured basement reservoirs. The Company's acreage is concentrated on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf.

The Lancaster field (100% owned by Hurricane) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 130 M 178 M 178 M
Net income 2020 -137 M -187 M -187 M
Net Debt 2020 70,3 M 96,3 M 96,3 M
P/E ratio 2020 -1,48x
Yield 2020 -
Capitalization 53,7 M 73,6 M 73,5 M
EV / Sales 2020 0,95x
EV / Sales 2021 0,67x
Nbr of Employees 52
Free-Float 75,8%
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Technical analysis trends HURRICANE ENERGY PLC
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 3,67 GBX
Last Close Price 2,70 GBX
Spread / Highest target 85,2%
Spread / Average Target 35,8%
Spread / Lowest Target 11,1%
EPS Revisions
Managers and Directors
NameTitle
Antony Wayne Maris Chief Executive Officer & Executive Director
Richard Paul Chaffe Chief Financial Officer & Executive Director
Stephen James McTiernan Non-Executive Chairman
Steve Holmes Chief Operating Officer
John Alexander van der Welle Independent Non-Executive Director
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