UK-based Hurricane Energy slashed its losses for the first half of the year.
The firm ,which is working towards first oil on the Lancaster field, cut operating expenses by 37% to £3.1million from last year’s £4.9million.
The explorer managed to reduce its loss after tax by 57% – recording a £3.2million loss compared to last year’s £7.3million.
Hurricane currently has a cash equivalent of £10.1million, according to its latest financial report.
Chief executive Dr Robert Trice said: “Our primary focus continues to be working towards achieving first oil on Lancaster. We are making excellent technical progress and discussions are ongoing with a short list of interested parties.”
The Oil and Gas Authority granted Hurricane’s request for a field determination area for Lancaster and its discovery feild status as Oil Field 572.
Dr Trice added: “This represents the first step in progressing the submission of the Lancaster Early Production System (EPS) field development plan (FDP). This is considered an important step in progressing to first oil from Lancaster and helps the partitioning of the other discoveries and prospects that sit within Licence P1368.
“Jefferies International continues to assist Hurricane in conducting a formal farm-out process to attract an industry partner into some or all of the Group’s assets. Following the successful drilling and testing of the Lancaster appraisal well 205/21a-6 in 2014, a comprehensive data room has been made available to potential farm-in partners. Hurricane is engaged with a short list of interested parties and an announcement will be made in due course as appropriate.”
Hurricane was also successful in its bid for two further West of Shetland blocks in the 28th licensing round.
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