Hurricane Energy plc, the UK-based oil and gas company, is pleased to announce that it has repaid in full its $78,515,000 7.50% convertible bond plus $1.5 million interest accrued by the maturity date of July 24, 2022.
The Bonds will now be delisted from the International Exchange and cancelled.
The repayment leaves the company debt-free, with ample cash on hand, additional cash from the imminent lifting of the FPSO and cash-generating production underway at the Lancaster field.
Antony Maris, CEO of Hurricane, said, “The redemption of the convertible bonds is an important and key milestone for Hurricane as we enter a new phase for the business, focusing on building a long-term future. term for the company and the creation of additional value. for our shareholders The excellent operational performance of the Lancaster field, for which I pay huge tribute to our entire team, combined with the high oil prices have enabled the establishment of a solid financial platform for the company.
We are continuing our work to identify the most effective capital allocation opportunities both within and outside of our existing asset base, and which best align with our growth plans in the context of our own transition goals and those of the UK.
I believe Hurricane’s future is attractive to investors and well positioned to pursue new growth opportunities. Our goal is to create value for shareholders and we are very rigorous in evaluating the opportunities that will best achieve this.”
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Oilfield Technology’s second issue of 2022 begins with an analysis from Rystad Energy focused on the upstream industry in Southeast Asia. The rest of the issue is devoted to features covering advances in drilling, rig design, software and AI, corrosion and maintenance, artificial lift, flow control, and more.
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Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/25072022/hurricane-energy-pays-off-us78m-debts/
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