The UK-based oil and gas firm, Hurricane Energy (LON: HUR), has announced revenues of £31.7 million in the first quarter of this year.
The firm says it averaged production rates of 7,311 barrels of oil per day with an average realised oil price: $78.5 per barrel of crude oil.
The oil company with offices in the Granite City this morning reported that as of the 31st of March, it had $132 million (£106.44m) in net free cash.
Antony Maris, chief executive of Hurricane, commented: “We remain on target, subject to the various conditions, for the completion of the sales process by June 2023.
“With c. 450,000 barrels now available in the FPSO for the lifting currently scheduled by the end of April, we are confident that, under the terms of the offer from Prax, the full value of the Supplementary Dividend will also be payable to shareholders, either via the Supplementary Dividend or via the DCUs.
“This is great news for shareholders as we continue the process of derisking the offer from Prax, and we look forward to the opportunity to further explain the merits of the offer to all shareholders at the upcoming meeting.”
This comes as Prax Exploration and Production announced that it would take over Hurricane Energy for the sum of £250 million.
Pending the fulfilment of certain conditions – including the next lift of oil from the company’s West of Shetland Lancaster field – Hurricane backers would be offered 12.5 pence per share.
Prax is part of State Oil – a group of midstream and downstream focused companies with units in Singapore and Houston – which employs around 1,300 people in seven countries.