Hurricane announce Half-year Results
Hurricane Energy plc, the UK based oil and gas company, provides its 2022 interim report and unaudited half-year results for the six-month period ended 30 June 2022.
Highlights
Financial results
· Revenues of $159.5 million from three liftings of Lancaster crude (H1 2021: $124.5 million from four liftings)
· Cash production costs† of $35.4/bbl (H1 2021: $24.8/bbl) in line with expectations
· Generated $110.1 million of operating cash flow (H1 2021: $75.9 million), equivalent to $67.5/bbl (H1 2021: $37.9/bbl)
· Profit after tax for the period of $67.0 million (H1 2021: $42.8 million)
· Net cash† at 30 June 2022 of $48.4 million (31 December 2021 net debt: $27 million) – repaid $78.5 million Convertible Bonds plus $1.5 million of accrued interest after the period end to become debt free
· Net free cash† of $126.9 million at 30 June 2022 (31 December 2021: $51.5 million) ($76.6 million as at 31 August 2022 following repayment of the Convertible Bonds and the July lifting)
· Restricted cash of $60.8 million at 30 June 2022 relating to decommissioning obligations and FPSO charter (31 December 2021: $45.7 million) – Restricted cash is in addition to Net free cash
† Non-IFRS measures. See Appendix for definition and reconciliation to nearest equivalent statutory IFRS measures
Operations
· Excellent operational performance at the Aoka Mizu FPSO with an average Lancaster field production uptime of 98% in H1 2022 (H1 2021: 96%)
· Lancaster EPS production averaged 9,000 bopd for H1 2022 (H1 2021: 11,100 bopd) in line with expectations
· Annual planned maintenance shutdown successfully carried out in September, with next lifting scheduled for early October 2022
Corporate
· Philip Wolfe appointed Chair in March 2022, replacing John Wright who remains as a Non-Executive Director
· Juan Morera appointed to the Board as a Non-Executive Director in March 2022, representing Crystal Amber, Hurricane’s largest shareholder
· Linda Beal appointed to the Board as an Independent Non-Executive Director in May 2022, taking on the role of Audit and Risk Committee Chair
· Robin Allan appointed to the Board as an Independent Non-Executive Director in July 2022, taking on the role of ESG Committee Chair
Outlook
· Hurricane passed a key milestone with its repayment of the outstanding Convertible Bonds post-period end in July 2022, and is focused on building a positive long-term future for the benefit of all stakeholders
· Management will identify and pursue opportunities for the most effective capital allocation of its funds Read More
