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Picture: Hurricane Energy WEST of Shetland pioneer Hurricane Energy has posted a $625 million (£440m) annual loss after slashing the valuation of its oil and gas assets. News of the loss follows a series of setbacks for Hurricane, which has seen its shares plunge from 60p to around 1p as a result. Hurricane helped generate huge excitement about West of Shetland after making finds in a relatively under-explored area of granite known as the fractured basement. It started production from the flagship Lancaster field amid fanfare in June 2019. However, Hurricane was forced to change its ...

PREMIUM BP started production from the giant Clair Ridge field West of Shetland with partners in 2018 Picture: BP AS the hopes of a Shetland oil boom sparked by a pioneering explorer fade, some giants have made clear they still see potential in the area. However, firms in the hard-pressed North Sea supply chain and taxpayers alike may be unwise to expect to get more than crumbs from their table. While the industry grappled with the deep slump triggered by the crude price plunge from 2014 to 2016, the West of Shetland area provided a ray of light. Optimists highlighted the potential of r...

Picture: Hurricane Energy WEST of Shetland-focused Hurricane Energy has said it is set to agree a debt-for-equity swap that will leave bondholders with the vast bulk of the company sending shares in the firm plunging around 50 per cent. Hurricane stoked huge excitement about the potential of West of Shetland after making finds in relatively under-explored areas and achieved a stock market valuation of more than £1 billion at one point. However, after slashing estimates of the size of finds, Hurricane has been left facing huge challenges amid the fallout from the coronavirus crisis. T...

WEST of Shetland-focused Hurricane Energy has seen its shares fall 25 per cent from a low base after a report raised fresh doubts about the value of finds it made that excited the industry. Hurricane achieved renown on the back of the success it enjoyed in a pioneering hunt for oil in an under-explored layer of rock off Shetland. However, after slashing estimates of the size of the one find it brought into production, the company has faced big challenges amid the downturn in the industry triggered by the coronavirus. This has made it tough for independents to secure the backing they n...

WEST of Shetland-focused Hurricane Energy has seen its shares rise around four per cent from a low base after it said it had increased its cash…