Hurricane Energy Plc H1 2020 loss witness substantial rise; stocks slump over 50%

Hurricane Energy Plc (LON: HUR) has released its half-year results for the period ended 30 June 2020.

  • Loss after tax for the period witnessed a massive rise to $307.7 million as compared to Loss of $21.4 million in H1 2019.
  • The loss included $238.9 million impairment related to the Lancaster field and a $34 million credit in relation to the fair value of the Convertible Bond.
  • The company’s revenues surged to $81.9 million in the reported period from seven liftings of Lancaster crude as compared to $22.5 million in H1 2019.
  • The company was having net free cash of $106.2 million as at 30 June 2020 as compared to $133.6 million as at 31 December 2019.
  • On 11 September 2020, at the time of writing, GMT 11:11 AM, HUR shares were trading at GBX 3.14, down by 3.16 points or 50.16% against the previous day closing price.