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Oil and gas company Hurricane Energy kept its annual production guidance even as it reported lower quarterly production in the third-quarter amid planned maintenance and a well shut-in from early August.
Oil production in the third quarter of 2020 was at an average rate of 13,600 bopd, which was lower than the 14,300 bopd average rate in the second quarter.
This was as a result of the shut in of the 205/21a-7z well from early August, a controlled shutdown of the FPSO for repairs in August 2020, scheduled annual FPSO maintenance in early September 2020 and a short shut in of the 205/21a-6 well for data gathering purposes towards the end of the period, the company said.
Current production was about 14,500 bopd on natural flow with a water cut of about 19%. In line with the Company's expectations, the 205/21a-6 well was exhibiting a limited decline in oil production rate accompanied by a limited increase in water cut.
Looking ahead, the company said average production guidance of 12,000 to 14,000 bopd for the period 1 September 2020 to 31 December 2020 remained unchanged.
At 9:14am: (LON:HUR) Hurricane Energy PLC share price was +0.02p at 3.08p