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Markets Now – Friday 22nd May 2020

In these tumultuous times we should cling onto the certainties we have. One such source of comfort is that Aim-listed oil punts will always, always disappoint. So it transpires with Hurricane Energy, whose fractured basement prospect off the coast of the Shetlands is misfiring.Hurricane warned that interference between its two producing wells at the Lancaster prospect made a target sustainable production rate of 20k barrels per day impossible. One well has been shut down. The other is pushing out 10.3k barrels per day, meaning long-term forward guidance of net 18k barrels and full year guidance of net 17kb barrels are withdrawn. Bad news. Here’s Morgan Stanley:We believe that today’s announcement significantly increases uncertainty regarding the reserves that can be recovered by the

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In these tumultuous times we should cling onto the certainties we have. One such source of...

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