Hurricane Energy (HUR)

Business description

Hurricane Energy is an E&P focused on UKCS fractured basement exploration and development. It owns 100% of its licences, including the 523mmbbl (RPS 2P reserves plus 2C resources) Lancaster oil discovery, West of Shetland.

Stock data

Market cap.£730.8m
Last close37.30p
High / Low (52 weeks)67.0p / 24.0p
Stock market listingLN
Forecast net cash (£m)200.7
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual32.024.3(21.5)
Relative *29.221.8(27)

* % Relative to local index

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Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 0.0 (5.4) (5.5) (0.9) N/A N/A
2016A 0.0 (6.5) (4.7) 0.1 373.0 N/A
2017E 0.0 (7.2) (5.7) (0.4) N/A N/A
2018E 0.0 (7.2) (18.1) (0.9) N/A N/A

Last updated on 19/12/2017

Investment summary

On 12 December 2017, we visited the Aoka Mizu FPSO at Drydocks World Dubai, and had the opportunity to meet a number of Hurricane Energy and Bluewater employees. We returned with greater confidence in Hurricane’s ability to mobilise the Aoka Mizu to location in Q218 and to deliver first oil in H119. While some risk remains relating to weather-critical items, we feel that the risk of schedule slippage is lower than we had previously assumed. We bring first oil forward by six months in our updated valuation; this is offset by a slightly more conservative view of production ramp-up and uptime assumption in the first six months of production.

Last updated on 19/12/2017

Industry outlook

Hurricane has successfully de-risked Lancaster through a multi-well appraisal programme and is progressing towards first oil at Lancaster, scheduled for H119. EPS production data should provide further validation of the company's field-wide resource estimates.

Last updated on 03/10/2017

Key management

Dr Robert Trice, CEO
Alistair Stobie, CFO

Company address

The Wharf Abbey Mill Business Park
Lower Eashing
Godalming
Surrey
GU7 2QN
United Kingdom
+44 1483 862 820
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