StockMarketWire.com - UK-based oil and gas company Hurricane Energy said decided not extended the bareboat charter of the Aoka Mizu FPSO for a period of three years from June 2022 to June 2025, but remained open to negotiating the extension.

'Based on the contractual terms for the three year extension and the current Lancaster production forecasts, the company does not believe it is in the best interests of the Company and its stakeholders to exercise the option in its current form to extend the Aoka Mizu lease to June 2025, given the significant financial obligations this could entail,' the company said.

Still, there is a 'reasonable prospect of negotiating such an extension of the existing contract on acceptable terms,' it added.

There is, however, no guarantee of an extension of the existing contract on acceptable terms, the company said.






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