Hurricane Raises 2020 Production Guidance

Thursday, July 11, 2019

Hurricane Energy's shares recorded their biggest daily rise since 2017 on Thursday, jumping more than 13% after the group upped its production guidance for 2020 on positive results from its so-called fractured basement reservoirs in Britain.

Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude. It hit first oil at its Lancaster field off Scotland last month.

"From 2020, target production guidance envelope is increased from 17,000 barrels per day (bpd), which remains the base case, to an upper target of 20,000 bpd," Hurricane said in a statement.

At $60 a barrel, Hurricane expects to make operating cash flow of $60 million this year and $200-$240 million next year.


(Reporting by Shadia Nasralla Editing by Edmund Blair)

Categories: Energy FPSO Europe Oil Production Floating Production

Related Stories

Uncertainty Surrounds Guyana Gas Development

Equinor to Axe 250 Jobs as Part of Renewables Unit Streamlining

LR and SHI Join Forces for Green Ammonia FPSO System

Current News

Improved Catalyst Could Aid Fuel Production

Oil India to Lease Seven Drilling Rigs

TotalEnergies CEO on Trump: "It's Only For Four Years"

Woodside: LNG Market to Grow by 50% in Next Decade

Subscribe for OE Digital E‑News