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Hurricane Energy Restructure Plan Not Sanctioned
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Picture: Hurricane Energy WEST of Shetland pioneer Hurricane Energy has posted a $625 million (£440m) annual loss after slashing the valuation of its oil and gas assets.
News of the loss follows a series of setbacks for Hurricane, which has seen its shares plunge from 60p to around 1p as a result. Hurricane helped generate huge excitement about West of Shetland after making finds in a relatively under-explored area of granite known as the fractured basement. It started production from the flagship Lancaster field amid fanfare in June 2019. However, Hurricane was forced to change its view about the fractured basement after the performance of Lancaster fell well short of expectations. The plunge in oil and gas prices triggered by the coronavirus crisis posed additional challenges for the firm last year. Hurricane’s founding chief executive, Robert Trice, resigned in June.