Hurricane Energy PLC (LSE:HUR) told investors it sold its most recent batch of crude oil for US$60.5mln, boosted by higher Brent prices.
The UK offshore oiler said the 524,000 barrel shipment was lifted on March 22, with the sale price set at US$116 per barrel (representing the average price for the preceding five days), according to a statement.
Hurricane said it had US$106mln of net free cash as of March 31, up from US$71mln at the end of February. It follows the movement of some US$9.4mln into restricted cash as a new charter extension was agreed for the Aoka Mizu FPSO.
In the statement, Hurricane noted that some US$78.5mln of convertible bonds are outstanding and are due in July 2022.
As the company continues to scurry cash, to escape its debt pinch, it said it produced an average of 9,085 barrels of oil per day (with the water cut averaging 42%) from a single well. Earlier this month it guided that output would soon dip due to annual maintenance.