Hurricane Energy PLC (LSE:HUR) told investors the Lancaster field was producing at a rate of 8,650 barrels of oil per day as of July 16.
The company, in a monthly update, said there was no crude lifting in June and the next shipment will be offloaded later this month.
Crucially, the company said it had US$127mln of net free cash at the end of June, and its outstanding convertible bond debt of US$78.5mln is due to be repaid by the end of this week.
Hurricane added it expects to hold some US$75mln of net free cash at the end of July – and as much as US$85mln if the July crude cargo achieves a price above US$110.
"With another steady month of production, we now look beyond repayment of the bonds with a strong cash position and balance sheet,” said chief executive Antony Maris.
“We believe that there are good investment opportunities ahead and the company is well placed to deliver significant shareholder value."