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Hurricane Energy posts $625m loss as it seeks financial restructuring
(AFP via Getty Images)
Hurricane Energy has sunk to losses of $625.3m as it undergoes a financial restructuring following a challenging year for the West Shetland operator.
The company said the events of the last 12 months, including a writedown in reserves, had caused “upheaval and frustration” and had been “profoundly challenging”.
The losses for the year ended 31 December were in large part due to an impairment of $567.1m relating to its flagship Lancester field.
Shares in the company plummeted 7.8 per cent in early trading.
Hurricane Energy said Lancaster had produced an average of 14,900 bopd in 2020, but it was significantly less than expected due to “the field materially underperforming relative to pre-production expectations”.
Hurricane Energy shares tank on restructuring plan as production falls
Fri, 30th Apr 2021 10:58
(Alliance News) - Hurricane Energy PLC on Friday proposed a financial restructuring plan following talks with its bondholders as its Lancaster Field fails to deliver.
Hurricane shares sunk 48% at 1.20 pence each. The stock is down 52% year-to-date.
The UK-focused oil & gas firm said it has entered into a lock-up agreement with an ad hoc group of bondholders , who own 69% of the company s USD230 million convertible bonds due July 2022.
Hurricane has been in talks with its bondholders since March.
The agreement will see the ad hoc committee agreeing to support a transaction that will materially deleverage the company s balance sheet, enhance its liquidity position and extend its debt maturity profile . This will give Hurricane the financial flexibility to pursue a revised business strategy.
IN BRIEF: Touchstone Exploration Adds Former BG Group Exec To Board
Tue, 22nd Dec 2020 12:40
Touchstone Exploration Inc - onshore projects in Trinidad & Tobago - Hires Beverley Smith to join board, starting Tuesday. Smith has experience in the oil and gas sector in Trinidad. She was vice president of Exploration & Growth for Europe at gas producer BG Group, now part of Royal Dutch Shell PLC, and most recently interim chief financial officer at West Shetland oil producer Hurricane Energy PLC. Smith remains an independent non-executive director at Hurricane.
Current stock price: 125.45 pence
Year-to-date change: up substantially from 22.25p on December 31, 2019
By Tom Waite; thomaslwaite@alliancenews.com
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