Hurricane Energy shares have rallied on Friday after bondholders voted to support the company's restructuring plan.
At a virtual meeting, 100% of the voters were in favour of the plan.
There is also a vote amongst shareholders being held today, although the results are yet to be released.
A court hearing to sanction the restructuring plan is due to be held on June 21.
Hurricane Energy's share price is currently up 19.74% at 1.342p. However, in 2021 its share price has lost just under 49% in value.
In a separate announcement, the company said it has decided to maintain the P6 well, at its Lancaster field operations, on natural flow at a rate of 9,000 – 11,000 bopd to fulfil the minimum lifting quantity for the next Lancaster lifting, which is scheduled for the week commencing 14 June 2021.
Earlier in the week, the company announced that the electric submersible pump in the P6 well had tripped, causing the well to be temporarily shut in.
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
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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.