Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Hurricane Energy (LON: HUR) shares are falling on Thursday following the release of an operational update on its Lancaster field operations.
During May this year, the London-listed firm produced 353 Mbbls of oil from the P6 well.
As of June 7th, Lancaster was producing 11,020 bopd from the P6 well alone with an associated water cut of 31%. The average oil rate for May was 11,370 bopd, with an average water cut of 30%.
However, on June 8th, the electric submersible pump (ESP) in the P6 well tripped, causing the well to be shut in.
Hurricane said the well is currently on natural flow while the cause of the trip is investigated, and the electrical system is tested ahead of an attempt to restart the ESP.
Hurricane Energy's share price is down 5% at 1.14p following the update. It has lost 54.4% for the year-to-date, while it has fallen 63.81% in the past three months.
Hurricane Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Hurricane Energy shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .