Hurricane Energy (HUR)

Business description

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

Stock data

Market cap.£582.9m
Last close29.75p
High / Low (52 weeks)67.0p / 24.0p
Stock market listingLN
Forecast net cash (£m)235.2
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *1.5(43.2)2.7

* % Relative to local index

Other companies in sector Show

88 Energy Activa Resources
ADX Energy Afren
African Petroleum Corporation AJ Lucas Group
Aminex Andes Energia
Antares Energy Athabasca Resources
AusTex Oil AWE
Azonto Petroleum Bankers Petroleum
Bitesize Briefing BNK Petroleum
Bowleven Bridge Energy
Buru Energy Cairn Energy
Canacol Energy Canadian Overseas Petroleum
Canoel International Energy Cap Energy
Carbon Energy Carnarvon Petroleum
CBM Asia Development Central Petroleum
Challenger Energy Coastal Energy
Columbus Energy Resources Cooper Energy
Core Laboratories Cue Energy
Denbury Resources DEO Petroleum
Deutsche Rohstoff Dragon Oil
Drillsearch Energy Egdon Resources
Elk Petroleum Energy XXI
Exillon Energy Exoma Energy
Falkland Oil & Gas Faroe Petroleum
Fastnet Oil & Gas Forum Energy
Gasol Genel Energy
Genie Energy Great Eastern Energy Corporation
Green Dragon Gas Greka Drilling
Gulf Keystone Petroleum Gulfsands Petroleum
Hawkley Oil & Gas High Peak Royalties
Hydrodec Group IPB Petroleum
Ithaca Energy JKX Oil & Gas
Karoon Gas Kea Petroleum
Kina Petroleum Kreuz Holdings
Lansdowne Oil & Gas Leed Petroleum
Leigh Creek Energy LGO Energy
Lion Energy Liquefied Natural Gas Ltd
Lochard Energy Madagascar Oil
Madalena Energy MEC Resources
Mediterranean Oil & Gas MEO Australia
Mosman Oil and Gas Nautical Petroleum
New Standard Energy New Zealand Oil & Gas
Nido Petroleum Nighthawk Energy
North Sea Energy Northern Petroleum
Norwest Energy Otto Energy
Pacific Rubiales Parex Resources
Petrel Energy Petroceltic
Petromanas Energy Petrominerales
Po Valley Energy Premier Oil
President Energy Pura Vida Energy
Quadrise Fuels International Ramba Energy
Range Resources Real Energy
Real Energy Corporation Regal Petroleum
Rockhopper Exploration SacOil Holdings
Salamander Energy SDX Energy
Sefton Resources Senex Energy
Sequa Petroleum ShaMaran Petroleum
Simba Energy SOCO International
Solo Oil Sound Oil
Sterling Energy Stratic Energy
Tethys Petroleum Touchstone Exploration
Tower Resources TransAtlantic Petroleum
TransGlobe Energy Valiant Petroleum
Victoria Oil & Gas Wentworth Resources
WestSide Corporation Xcite Energy

Company news

Hurricane Energy launches $520m fundraising to develop Lancaster field

Thu, 29 Jun 2017 16:36:32 GMT

Hurricane Energy's big farm-out deal will wait - analyst

Thu, 06 Jul 2017 10:50:34 GMT

Can this 10%+ riser beat Hurricane Energy plc?

Wed, 02 Aug 2017 15:00:46 GMT

Hurricane Energy's can now negotiate from a “place of strength” analyst says

Mon, 03 Jul 2017 14:21:01 GMT

Hurricane Energy still mulling funding options for early production system

Wed, 07 Jun 2017 11:46:51 GMT

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) 0.1 297.5 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 25/07/2017

Investment summary

Hurricane has raised up to $535m through a $300m equity placing (plus $5m follow-on offer) and a concurrent $220m (with $10m over-allotment) convertible bond offer. Equity is being placed at a price of 32p/share while the convertible offers investors a 7.5% coupon and conversion price of 40p/share – a 25% premium. Confirmation of funding should provide increased confidence in Hurricane’s ability to keep to a H119 first oil target. The fall in Hurricane’s share price over the last two months has led to greater dilution than we had previously anticipated with Edison’s Lancaster NAV falling from 102p/share to 81p/share (c 21%) assuming convertible dilution.

Last updated on 03/08/2017

Industry outlook

Fractured basement is seen as an 'unconventional' play in the UK, although basement reservoirs have been producing for decades. Hurricane has successfully de-risked Lancaster through a multi-well appraisal programme.

Last updated on 03/08/2017

Key management

Dr Robert Trice, CEO
Alistair Stobie, CFO

Company address

The Wharf Abbey Mill Business Park
Lower Eashing
United Kingdom
+44 1483 862 820
View website