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Hurricane Energy (HUR)

Business description

Hurricane Energy is an E&P focused on fractured basement exploration and development in the West of Shetland region of the UKCS. The company's 100%-owned Lancaster oil discovery (523mmbbl 2P reserves + 2C resources) is targeting first oil in H119.

Stock data

Market cap.£823m
Last close42.00p
High / Low (52 weeks)60.0p / 24.0p
Stock market listingLN
Forecast net debt (US$m)114.9
Forecast gearing ratio (%)19
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(19.1)(11.6)54.1
Relative *(18.2)(4.5)62.7

* % Relative to local index

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Investment summary

Hurricane Energy is a UK-based E&P focused on hydrocarbon resources in naturally fractured basement reservoirs. Hurricane's recent CPR highlighted 2P reserves + 2C gross resources of 2.6bn boe across all assets. Management’s concept selection and contracting strategy appears to be delivering the desired result and it has reiterated that the Lancaster Early Production System (EPS) remains on time and on budget. The mooring system, including the buoy for the FPSO and the SURF have been installed. The FPSO is on its way to Rotterdam for completion of a final scope of work before proceeding to the Lancaster field. First-oil remains scheduled for H119. We have updated our valuation to reflect the terms of the Spirit Energy farm-in to the Greater Warwick Area, driving our RENAV to 102.8p/share (from 81.0p/share).

Last updated on 26/10/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (8.8) (6.4) 0.1 549.7 N/A
2017A 0.0 (14.6) (7.0) (0.4) N/A N/A
2018E 0.0 (4.7) (12.3) (0.6) N/A N/A
2019E 128.4 43.2 1.1 0.1 549.7 37.6

Last updated on 21/10/2018

Latest video

Executive interview - Hurricane Energy

Industry outlook

Lancaster EPS development benefits from the recent recovery in Brent crude and is forecast to generate a point-forward IRR of c 40% based on our commodity price assumptions.

Last updated on 26/10/2018

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
View website