Hurricane Energy plc (LON:HUR) has announced its 2018 interim report and half-year results for the period ended 30 June 2018.
The results offer some noteworthy financial highlights. First, the company’s loss after tax in this period was $75.1m. In H1 of 2017, this figure was at $4.2m. Next, operating expenses for the period were $4.7m, lower than the $6m in H1 of 2017. Additionally, by the end of the period the company had cash, cash equivalents and liquid investments of $210.1 million.
Previously, we reported the increase of Hurricane’s shares after a farm-in with Spirit Energy. Later in the morning, Hurricane Energy’s shares saw an 11% increase after the deal.
Dr Robert Trice, Chief Executive of Hurricane, said:
“At 30 June 2018, the Company had $210.1 million in cash and liquid investments, of which $178.6 million was unrestricted. With the well completion, TMS installation and SURF installation phases complete, we remain confident in becoming cash generative based on existing funds.”
“As we noted in our 2017 Annual Report, the task in front of us is to de-risk and monetise the substantial contingent and prospective resources across all of our assets.”
“The recently announced farm-in by Spirit Energy (post period-end) to the Greater Warwick Area (GWA) is a first step on this path. The transaction accelerates the appraisal and initial development of the GWA and frees up cash flow from the Lancaster EPS to further appraise and develop the Greater Lancaster Area (GLA) and Whirlwind.”
“We are delighted to have agreed a development strategy with a like-minded company which brings significant operating and financial capacity, together with experience in fractured basement reservoirs.”
At 12:44 BST today, Hurricane Energy plc shares were trading at +2.61%.
