Hurricane looks to a debt-free future

Embattled North Sea producer is set to pay off the last of its convertible bonds later this month

Hurricane Energy, the UK continental shelf upstream firm with a focus on fractured basements, will repay the final $78.5mn of its outstanding debt at the start of next week. And it is already looking forward to how it might reposition itself. Following the repayment—and assuming oil prices remain at over $90/bbl—Hurricane forecasts it will be holding net free cash of more than $75mn at the end of July. And if oil prices for a cargo of crude from its sole Lancaster producing asset are above $110/bl, its net free cash forecast increases to above $85mn. “We now look beyond repayment of the bonds with a strong cash position and balance sheet,” says the firm’s CEO, Antony Maris. “We believe that