Hurricane Energy reported a loss for the first half the year of $4.2million.
However, Hurricane’s chief executive hailed the vote of confidence shareholders had shown the firm through its latest capital raising.
Robert Trice said: “The first half of 2017 saw the conclusion of a highly successful 265-day drilling campaign that completed the well stock required for the Lancaster EPS, provided further invaluable reservoir data and increased the Company’s resource estimates exponentially.
“The equity and convertible bond placing announced in June 2017 now fully funds the first phase of development on Lancaster which will not only generate significant cash for the Company but, importantly, will provide key production and reservoir data to enable a full field development of this very substantial oil field and unlock the potential of our wider fractured basement portfolio.
“We are grateful for the support of existing and new shareholders in the placing. To have closed such a large capital raise against a backdrop of historically low oil prices and a challenging equity market was a significant endorsement of Hurricane’s development of fractured basement reservoirs West of Shetland.
“We look forward over the coming months to announcing further key milestones in the EPS progression; and to publishing the revised CPR on Halifax, Lincoln and Warwick. We remain on track for first oil in 1H 2019 and look forward to updating our shareholders as this exciting development progresses.”
Hurricane’s operating expenses topped out at $6million for the first half of the year.
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