Multiple credible proposals for the sale of Hurricane Energy were received.

Hurricane Energy PLC (LSE :HUR), received numerous proposals from credible counterparts in its formal sale process. The deadline for indicative proposals was 7 January.

In a statement, the British offshore oiler stated that it had also received some expressions of interest in other areas.

It stressed that submissions are subject to additional due diligence and are highly conditional. It also informed investors that every proposal contained structured elements which require clarification and assessment by Hurricane or its advisers.

The company said that the process is ongoing and that it will provide an update tomorrow (12/01/2018) on the EGM requisition by Crystal Amber Fund Limited (AIM :CRS), its largest shareholder. This requisition was made by Crystal Amber Fund Limited (AIM :CRS), who in a recent statement demanded the removal of the current board.

Antony Maris, chief executive of Hurricane, said today: “We continue to work on the FSP. We are focused on bringing it to a successful completion. However, there is no guarantee as to its outcome.

“We are happy with the strong interest that we have received thus far.

“This year will bring its own challenges. We look to deliver near-term shareholder returns either through the successful conclusion of the formal sale process, or with a substantial return programme.

Hurricane reported a production of 7,800 barrels per day as of 9th January 2023. This is a continued decline from Lancaster’s Lancaster field, which currently produces only one well and continues to struggle with high water volumes. It also produced 251,000 barrels of water in December, at around 50% water cut.

A crude oil shipment of 544,000 barrels was removed on December 5, 2022. Hurricane confirmed that it had also lifted the shipment and added that the next shipment will be shipped in mid-February.

Six cargoes totalling 3.2mln crude oil barrels were sold in 2022. The year’s production was 3.1 million barrels or 8,464 bopd.

Hurricane stated that it had US$122mln in cash at December’s end, including revenue from December’s crude oil sale.

The company has set 2023 production guidance at 5,900 to 7,100 Bopd. This assumes 96.5% uptime of its floating production vessel, and includes planned maintenance for the third quarter.

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