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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Sparrows Group Teams in Australia to D... (Mar 28)
 -  INPEX to Reorganize Natural Gas Busine... (Mar 28)
 -  Scottish Offshore Service Provider Pra... (Mar 28)
 -  Canada First Nation Makes History with... (Mar 28)
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sales Manager - Safety Relief Valves
Expertise: Business Development|Sales
Location: Houston, TX
 
United States Odessa: Service Manager
Expertise: Engineering Manager
Location: Odessa, TX
 
United States Conroe: Product Champion
Expertise: Business Development|Marketing|Sales
Location: Conroe, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours