Hurricane Reveals Reduced YOY Operating Loss

UK-based oil and gas company Hurricane Energy revealed an operating loss of $4.7 million for the first half of 2015, which marked an improvement on the company’s operating loss of $7.5 million during the same period last year.

Hurricane ended the six month period ended June 30, 2015 with $15.3 million of cash and cash equivalents. Due to a decrease in staff numbers, the group’s total employment costs were reduced to $4.5 million in 1H 2015 from $6.7 million in 1H 2014.

Hurricane Energy Chief Executive, Robert Trice, commented in the company’s 1H 2015 results statement:

“Our primary focus continues to be working towards achieving first oil on Lancaster. We are making excellent technical progress and discussions are ongoing with a short list of interested parties.”

On September 10, 2015 Hurricane announced that its 100 percent owned Lancaster discovery, located west of the Shetlands in P1368, had been granted official oil field status by the UK Oil and Gas Authority. Situated in blocks 205/21a, 205/22a and 205/26b, Lancaster was drilled by Hurricane in 2009 and is estimated to contain 2C contingent resources of 207 million barrels of oil equivalent, according to the company’s website.

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