CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Hurricane Energy share price: what’s the latest as 2020 guidance raised?

The AIM-listed oil company saw its share price rally more than 20% last week, driven by an upgrade to its 2020 production guidance after recording positive results from its Scottish oil fields.

Hurricane Energy saw its share price climb more than 20% last week, driven primarily by positive production results from its Scottish oil fields on Thursday, allowing the oil company to increase its production guidance for 2020.

From 2020, target production guidance envelope is increased from 17,000 barrels per day (bpd), which remains the base case, to an upper target of 20,000 bpd, the company said in a recent operational update.

‘Looking ahead, we've updated our Lancaster EPS production guidance by adding an upside scenario from 2020 onwards, based on the many positive indications we've seen to date,’ Hurricane Energy CEO Robert Price said.

‘We are tracking in line with production guidance for 2019 and are generating significant cash for reinvestment in future activity,’ he added.

Learn more about trading Hurricane Energy and other oil stocks with IG.

Hurricane Energy delivers on fractured basement play

The news last week not only boosted its share price significantly, but also highlighted the strength of its fractured basement strategy, which has seen the company look for crude in rock formations that its rivals don’t.

Last week’s announcement from ‘Hurricane is yet another step forward in demonstrating the deliverability of the fractured basement play in the UK North Sea on the Lancaster licence,’ RBC Capital Markets analyst Victoria McCulloch said in a note.

‘We continue to anticipate that 6-12 months of production data is required in order to fully understand the scale of the reservoir and sustainability of production, however this update and increase to 2020 guidance is very encouraging for investors,’ she added.

Hurricane Energy’s share price sits at 52p a share as of 10:00 GMT on Monday.


The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

Be ready to act on ECB opportunities

Learn how the ECB’s monetary policy announcements affect interest rates and price stability ahead of its next meeting in September 2020.

  • How might the next meeting affect the markets?
  • What are the key rate decisions to watch?
  • Why is the Governing Council announcement important for traders?

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.