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Hurricane Energy (HUR) Share Price Falls After Operational Update

Updated: 10 Jun 2021

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.

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