TIDMHUR
RNS Number : 9913V
Hurricane Energy PLC
09 November 2017
9 November 2017
Hurricane Energy plc
("Hurricane" or the "Company")
Consideration of Premium Listing, New Board Committee
and Directorate Change
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, provides an update on plans to explore a change in the
Company's listing venue, corporate governance and a directorate
change.
Consideration of Premium Listing
Following discussions with shareholders, and in light of the
Company's increased institutional shareholder base since the recent
US$530 million capital raise, the Company is exploring a number of
options, including application for admission of its ordinary shares
to a premium segment of a recognised stock exchange ("Premium
Listing"). The Company directors believe that a Premium Listing
could provide the Company with a more appropriate platform for its
growth, raise the Company's global profile, potentially increase
its trading liquidity and provide it with a wider addressable
investor universe for its ordinary shares.
Listing and Governance Committee
The Board recognises the increased size and scale of the
Company's operations as it moves towards target first oil. Given
this, and the Premium Listing considerations mentioned above, the
Board considers it timely to review its current organisational and
governance structure. Accordingly, a sub-committee of the Board has
been established, the Listing and Governance Committee ("LGC"), to
evaluate the Company's organisation and governance structure, and
provide recommendations for changes that will better suit the
ongoing requirements of a company of Hurricane's scale and growth
profile.
The LGC will be chaired by John van der Welle (Independent
Non-Executive Director) and Evercore Partners has been appointed to
provide independent advice to the committee.
The LGC's scope will include, amongst other things:
-- Evaluation of the merits of a potential move to a Premium Listing
-- Recommendations on Board size, composition and structure
including governance protocols and the formation of additional
sub-committees
-- Recommendations on any changes to organisational structure,
and internal processes and procedures
-- Recommendations on enhanced reporting and disclosure associated with a Premium Listing
-- Assessment of regulatory or other changes that may impact on the Company's activities
The LGC Terms of Reference are available on the Company's
website: https://www.hurricaneenergy.com/.
Admission of the Company's shares to trading on the premium
segment of a recognised stock exchange is subject to a decision of
the Board to proceed and the ultimate discretion of the relevant
authorities.
Directorate Change
The Company also announces the resignation of the Company's
Non-Executive Chairman, Dr Robert Arnott, with immediate effect. Dr
David Jenkins, Senior Independent Non-Executive Director, has
assumed the role of interim Chairman and Chair of the Nominations
Committee until the LGC has nominated a suitable candidate.
Dr Robert Trice, Chief Executive, commented:
"Following our successful fundraising and corresponding business
transformation, I am pleased to announce the Board's preparation
for future growth, through the formation of the Listing and
Governance Committee. The establishment of this committee
demonstrates Hurricane's commitment to achieving best practice
disclosure, reporting and corporate governance standards,
commensurate with a Premium Listed business.
"I would like to thank Rob for his time as Chairman and
contribution to the Company through what has been a
transformational period of growth and development.
"I am pleased to confirm that operational progress towards our
target of first oil on the EPS continues to be on schedule, with
the FPSO currently undergoing upgrade work in Dubai and our planned
revised CPR, which includes Lincoln and Halifax, remaining on track
for publication by year end. We look forward to providing an update
on operations as relevant milestones are reached."
Contacts:
Dr Robert Trice (Chief
Hurricane Executive Officer)/Alistair
Energy Stobie (Chief Financial +44 (0)14 8386
plc Officer) 2820
Stifel Nominated Adviser and
Nicolaus Corporate Broker
Europe Callum Stewart/Nicholas +44 (0)20 7710
Limited Rhodes/Ashton Clanfield 7600
Vigo Communications Public Relations +44 (0)20 7830
Patrick d'Ancona/Ben 9704
Simons Hurricane@vigocomms.com
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs.
Hurricane's acreage is concentrated on the Rona Ridge, West of
Shetland. The Lancaster field, the Company's most appraised asset,
has combined 2P Reserves and 2C Resources of 523 million stock tank
barrels of oil. The Company is currently proceeding towards the
first phase of development of Lancaster, an Early Production
System, with first oil targeted for 1H 2019.
During the 2016-2017 drilling campaign the Company made two
significant discoveries* at Halifax and Lincoln, indicating that
the Greater Lancaster Area and the Greater Warwick Area have the
potential to be two large accumulations.
Hurricane's other assets include Whirlwind, which has 2C
Contingent Resources of 205 million barrels of oil equivalent
(under the Whirlwind oil case).
*Discovery - This classification is consistent with SPE/AAPG/WPC
and SPEE guidelines for Petroleum Resource Management -
Determination of Discovery Status
Inside Information
This announcement contains inside information as stipulated
under the market abuse regulation (EU no. 596/2014). Upon the
publication of this announcement via regulatory information service
this inside information is now considered to be in the public
domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGBDBIBGBGRC
(END) Dow Jones Newswires
November 09, 2017 02:01 ET (07:01 GMT)
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