Hurricane Energy PLC (LSE:HUR)'s trading update today revealed that production from the Lancaster field has now slipped to around 7,460 barrels of oil per day and the firm’s next crude ship will soon be lifted from the floating production facility.
The shipment will comprise some 450,000 barrels of crude and the shipment is due by the end of April.
The company, in a statement, noted revenue of US$39.3mln for the first quarter of 2023 at an average realised oil price of US$78.5 per barrel. It added that cash costs equated to US$38.6 per barrel and it ended the quarter with US$132mln of net free cash.
Today’s statement comes ahead of a shareholder event, later this morning, in which management are due to address shareholders' questions about the proposed disposal of the company to Prax Exploration & Production.
"We remain on target, subject to the various conditions, for the completion of the sales process by June 2023,” said chief executive Antony Maris.
“With c. 450,000 barrels now available in the FPSO for the lifting currently scheduled by the end of April, we are confident that, under the terms of the offer from Prax, the full value of the Supplementary Dividend will also be payable to shareholders, either via the Supplementary Dividend or via the DCUs.
“This is great news for shareholders as we continue the process of derisking the offer from Prax, and we look forward to the opportunity to further explain the merits of the offer to all shareholders at the upcoming meeting."