Genel Energy, Hurricane Energy
Genel has announced a very strong set of results, as expected with the ongoing and material cash flows visible throughout the year. This cash flow has sufficient strength to invest in the opportunities in the portfolio, some of which have already been manifested and the board has announced its intention to pay an eye-catching maiden dividend into the bargain. The write-down of Miran was well trailed and comes as no surprise and I look forward to hearing more about the very exciting Sarta and Qara Dagh opportunities at the meeting, from which I will report back later.
I was away yesterday but noticed that Hurricane, in an operational update announced the hook-up of the FPSO at the Lancaster field. The Aoka Mizu arrived at the Lancaster field on the 17th of March and successfully hooked up to the turret mooring system buoy on the morning of the 19th March. The vessel is now on station and securely moored and work to achieve first oil continues. After first oil Hurricane ‘anticipates a gradual ramp up of production towards its planned average plateau rate of 17,000 bopd net of operating efficiency ‘. I intend to write more on Hurricane and the plans for the ensuing months very shortly but this is another key milestone for the company.
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