Hurricane, PetroTal, Wentworth
With speculation rife the Hurricane team are trying hard to keep the facts of the matter in the marketplace. Hence today they announce that the DST is expected to start today at the Warwick West well and the market will be informed every step of the way…
Not much to add after my piece yesterday but today’s 3Q numbers are history but do show quite how much production is rising and what 2020 will bring. Since the period end they have completed the horizontal well successfully and again added to production.
At the moment they have commenced the next horizontal well, 5H which should it be successful can be brought onstream quickly. Capacity will be 10/- b/d + by the year end and 20/- b/d + by the end of 2020 and export routes are still varied and efficient. As previously announced the company has upped capex, bringing forward the current well and adding to production facilities. Cash is $20.5m with total current assets making $41.7m, an error in a previous report had the current asset items as cash and cash equivalents but the company is in a very strong position and the fall on the back of that just provides a buying opportunity.
Wentworth has announced that 3Q production w as 77.93 MMscf/d and the guided range has now closed to 68-72 from 60-75 which was rather high wide and handsome. MB-2 has been shut in operationally which is being worked on and the MB-4 well is undergoing recompletion. Target is now back to 90 MMscf/d and with receivables at a low and the final debt repayment due in January 2020 the position is satisfactory.
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