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(Alliance News) - Hurricane Energy PLC on Wednesday reported continued oil production from its Lancaster Field, offshore Scotland to date, as well as a higher cash position.
As at February 14, the Lancaster field's P6 well produced 9,500 barrels of oil per day, with an associated water cut of 41%.
The associated water cut is expressed by total water produced, divided by total fluid production.
For the month of January, the P6 well's average output stood at 9,639 barrels per day, with an average water cut of 40%.
As at January 31, Hurricane Energy had net free cash of USD85 million, up from USD50 million at the end of December, partly due to the receipt of USD3.2 million in cash rebates related to research & development tax claims in respect of the 2019 tax year.
In addition, the company has USD78.5 million in convertible bonds outstanding and due July 2022.
Shares in Hurricane Energy were 5.3% higher at 5.45 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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