One of the institutional investors backing oil firm Hurricane Energy said yesterday it had received a £17.9 million boost from the North Sea oil firm’s “year of great achievement”.
Guernsey-based Crystal Amber, which owned 5% of Hurricane at the end of its trading year to June 30, helped its net asset value (NAV) per share grow by 1.8% to 249.12p.
NAV total return was up by 4.1%, including reinvested dividends.
Crystal Amber said Hurricane, which is focused on naturally fractured “basement” reservoirs west of Shetland, accounted for 22% of NAV and 3.6% of fund growth.
In June, Hurricane announced first oil from its Lancaster project – targeting recoverable resources of more than 500 million barrels.
A recent farm-in deal with Spirit Energy – involving more than 50% of Greater Warwick acreage – was “transformational” for Hurricane, Crystal Amber said.
The firm added: “The fund is a longstanding supporter of Hurricane, having funded its exploration efforts since 2013 and its production strategy since 2016.
“Hurricane has developed in size and complexity and continued to perform well.”