With the 2019 revenue forecasts enlisted at $165m, Hurricane Energy felt overjoyed. Considering the Lancaster wells strong performance, the team members got appreciated. They got thanked for all their efforts.
As per the new, 3.1m oil barrels, with an average rate of 13300 barrels per day, production achieved within. It was more than the budgeted production unit for Q4 which was 12500 barrels per day. It was a tested result of the programme which got succeeded by the actual results obtained. Measuring the sales-generating revenue, Hurricane in June sold around 2.8m Barrels. This sale was across the seven cargoes.
Considering the above achievements, Hurricane Energy declared the estimated average production 20000 bopd. This is to be the achievable data for the next year by Lancaster reservoir. Although this is a part of the Ongoing test programme the results, it’s expected more than the set limit.
Considering the ongoing achievements, the company is receiving benefits around. The 5-year extension for its P1368 licence adds up to same. This licence will cover both the oil fields of Lancaster and Lincoln.
As per the CEO of Hurricane Energy, the year 2019 for them was transformational. Why wouldn’t it be after all they saw 1st oil and the development of 1st fractured base on UKCS. The company feels delighted by the performance of Lancaster EPS. They even plan to present their learning better and to explain expectations. This expectation is withheld for the month, March. For sure the capital market will give expected achievable results. Either way, the company is enjoying its success by its shares were up by 9.13%. It was at 32.96p @ 1009 GMT.