Hurricane Energy’s pre-tax losses widened in 2017, as the firm moves closer to first oil from its major Lancaster development.
The oil explorer saw losses increase to £4.9million, from £4.4million the previous year.
However, Hurricane says it comes amid a “transformative year” for the firm, with the Lancaster early production system (EPS) moving into the execution phase west of Shetland.
First oil from the field is expected in the first half of 2019.
It could have reserves of more than 1billion barrels of oil equivalent.
Chief executive Robert Trice said: “”Last year saw the Company gain both operational and commercial momentum as it moves toward first production and material cash generation. Accordingly, Hurricane went through a step change in 2017; we booked our first reserves, increased our 2C Contingent Resources by 450% and obtained FDP approval on the first phase of development of our assets.”
“First oil on the Lancaster EPS remains on schedule for H1 2019. As we look ahead to this milestone, we are in a position of strength with 100% ownership of a portfolio of assets with resources measured in the billions of barrels and with line of sight on further activity to ultimately achieve monetisation.”
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