RBC Capital has repeated an ‘outperform’ rating for Hurricane Energy Plc (LON:HUR) after UK offshore oiler’s financial results statement encouraged investors.
Aside from the pre-revenue company’s commentary around the ongoing Lancaster field development, the financial results themselves weren’t hugely relevant.
Nonetheless, with the Lancaster field on-track for first oil in the first half of 2019 there’s plenty of attention on the company.
READ: Hurricane Energy highlights ‘transformative’ achievements
“The results underline that significant work is complete on the Aoka Mizu FPSO including the two planned drydock phases and remains on track for sail away end Q3/18,” RBC analyst Nathan Piper said in a note.
“The buoy has been fabricated and is expected to leave this quarter to arrive in the Shetland Isles by the end of H1/18.
“Combined with the recent delivery of long-lead items (Xmas trees) the project remains on track for installation, West of Shetland, summer 2018 (rig expected to transit Q2/18) and first oil H1/19 from Lancaster.”
Piper added: “The company expects to appoint a new chairman shortly and subsequently ensure that the composition of the board of directors are compliant with the UK Corporate Governance Code (in excess of AIM requirements).
“In parallel, work continues to prepare the company to potentially move towards application for Premium Listing.”