HPR ROV Logo
HPR ROV Logo

Hurricane delivers boost for Crystal Amber

One of the institutional investors backing oil firm Hurricane Energy said yesterday it had received a £17.9 million boost from the North Sea oil firm’s “year of great achievement”.

Guernsey-based Crystal Amber, which owned 5% of Hurricane at the end of its trading year to June 30, helped its net asset value (NAV) per share grow by 1.8% to 249.12p.
NAV total return was up by 4.1%, including reinvested dividends.

Crystal Amber said Hurricane, which is focused on naturally fractured “basement” reservoirs west of Shetland, accounted for 22% of NAV and 3.6% of fund growth.

In June, Hurricane announced first oil from its Lancaster project – targeting recoverable resources of more than 500 million barrels.

A recent farm-in deal with Spirit Energy – involving more than 50% of Greater Warwick acreage – was “transformational” for Hurricane, Crystal Amber said.

The firm added: “The fund is a longstanding supporter of Hurricane, having funded its exploration efforts since 2013 and its production strategy since 2016.

“Hurricane has developed in size and complexity and continued to perform well.”

Source link

Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
envelope-ophonemap-ocrossmenuchevron-down
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram