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FTSE 100 Closes Higher, Leaving Behind Monday s Losses

FTSE 100 Closes Higher, Leaving Behind Monday s Losses
morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.

Shetland oil pioneer generates $70m revenues

The production facility used on Hurricane Energy s Lancaster field West of Shetland WEST of Shetland-focused Hurricane Energy increased its cash balances by $7 million (£5m) in the latest quarter during which a court blocked a controversial restructuring that would have left creditors in control of the firm. Hurricane said it had net free cash of $134m at June 30, up from $127m at March 31. The increase reflected the benefit of $69m revenues earned on production from the flagship Lancaster oil field. The news follows a turbulent period for Hurricane, which made finds during a pioneering exploration drive West of Shetland. The firm saw its valuation soar to £1.2bn after starting production from Lancaster in 2019.

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