Hurricane Energy reports net available cash of $ 99 million as of October 31

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By Jaime Llinares Taboada

 

Hurricane Energy PLC provided an update on its cash balances on Tuesday, ahead of the principal on the $ 152 million convertible bond maturing in July 2022.

The oil and gas company reported net available cash of $ 99 million as of October 31, including revenue from an oil cargo that was carried in October, up from $ 73 million on September 30.

The company said not all of that cash would be available to repay the bonds as they mature in July.

Hurricane said it remained in positive talks on extending the charter of the Aoka Mizu vessel beyond June 2022. A contract extension could force Hurricane to “set aside additional material funds as collateral,” a- he declared.

Changes to its Lancaster field’s decommissioning estimates could result in additional trust funds being placed and restricted cash categorization, which would reduce the amount available to repay the bond principal due in July, said the society.

Hurricane shares at 08:45 GMT were down 4.3% to 4.64 pence.

Hurricane also said the P6 well at its Lancaster field produced 323,000 barrels of oil in October, exceeding internal expectations.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

November 16, 2021 04:20 ET (09:20 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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