Edison Investment Research - Hurricane Energy Plc (HUR) Hurricane Energy - Positive results ahead of unprecedented times

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Edison Investment Research

Hurricane Energy - Positive results ahead of unprecedented times

Hurricane Energy recently reported its first year of production and revenues from the sale of oil produced from the Lancaster early production system (EPS). The company reported FY19 revenue of c $170m, in line with our previous estimates. In this note we update our valuation to reflect FY19 results and the current oil and gas industry macroeconomic situation. The coronavirus (COVID-19) and the Russia/Saudi Arabia price war have affected oil and gas global supply and demand and consequently oil prices. Our mid-case risked valuation has decreased to 73.0p/share from 109.9p/share (-34%) as we adjust our short- and long-term oil price assumptions and update our forecasts to reflect Lancaster's accelerated programme, and removal of the Great Warwick Area (GWA) tie-back.

14/04/2020 7 EN

Underlying

Hurricane Energy Plc

Hurricane Energy is engaged in the exploration of oil and gas reserves principally on the U.K. continental Shelf. Co.'s acerage is focused on the Rona Ridge, West of Shetland.

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GB00B580MF54 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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