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Hurricane Energy topped annual guidance as an expected slowdown in production in the fourth quarter did not materialise. The company also touted a 'strong' start to the year and said a return two-well production was 'imminent.'
Strong production in the third quarter was expected to decline the fourth quarter, due to a number of outstanding facilities-related issues, the company said.
But continued good facilities availability of over 90% allowed Hurricane to commence individual well flow tests during the fourth quarter of 2019, with full-year production above its updated guidance of 12,500 barrels of oil per day.
Total oil sales for the year were 2.9m barrels, generating $170m in revenue in the period.
Hurricane said individual well flow test on 205/21a-6 well were due to complete before the end of January, following which two well production was expected to resume at 20,000 barrels of oil per day.
'The start-up of the Lancaster EPS has gone very well, with 2019 production exceeding the guidance that we provided when we announced first oil. We've also had a strong start to 2020 with the 6 Well test continuing on Lancaster, delivering steady production. A return to two-well production is imminent,' it added.
At 10:02am: (LON:HUR) Hurricane Energy Plc Ord 0.1p share price was +2.98p at 24.58p