Hurricane Energy PLC Appointment of Non-Executive Director (1490M)
January 03 2019 - 8:51AM
UK Regulatory
TIDMHUR
RNS Number : 1490M
Hurricane Energy PLC
03 January 2019
3 January 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Appointment of Non-Executive Director
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, announces that Ms Sandy Shaw has been appointed as
Non-Executive Director of the Company with immediate effect.
Ms Shaw has over thirty-five years of experience in the oil and
gas industry, focused on legal and commercial roles. From 2008
until its takeover in 2013, she was Executive Director Corporate
& Commercial, and Company Secretary of Valiant Petroleum, a
company of which she was a founder and non-executive director. Ms
Shaw has held senior executive positions as group legal counsel
and/or commercial director for a number of companies including
Consort Resources, LASMO, Esso Petroleum and Marathon Oil. She is
currently a non-executive director of Velocys plc, an AIM quoted
renewable fuels company.
Steven McTiernan, Chairman of Hurricane, commented:
"I am delighted to welcome Sandy to the board of Hurricane. We
believe Sandy's specialist legal and commercial expertise in the
oil and gas industry will materially strengthen the board. This
wealth of experience will be invaluable as the Company not only
enters a critical phase in approaching first oil from the Lancaster
EPS, but also significantly expands the scope of its activities,
starting with appraisal drilling in the Greater Warwick area in
2019."
Contacts:
Dr Robert Trice (Chief Executive
Hurricane Energy Officer) / Alistair Stobie
plc (Chief Financial Officer) +44 (0)1483 862 820
Nominated Adviser and Joint
Corporate Broker
Stifel Nicolaus Callum Stewart / Nicholas
Europe Limited Rhodes / Ashton Clanfield +44 (0)20 7710 7600
================================== =========================
Morgan Stanley & Joint Corporate Broker
Co. International Andrew Foster / Tom Perry
plc / Alex Smart +44 (0)20 7425 8000
================================== =========================
Vigo Communications Public Relations +44 (0)20 7390 0230
Patrick d'Ancona / Ben Simons Hurricane@vigocomms.com
================================== =========================
The information required to be disclosed in relation to Ms Shaw
in accordance with the AIM Rules for Companies ("AIM Rules") is as
outlined below:
Full name: Ms Sandra Nan Demby Shaw
Age: 65
----------------------------------------------------------
Current directorships:
* Velocys plc
* SDC LNC Limited
* Fifty One Fernbank Road Management Company Limited
----------------------------------------------------------
Previous directorships * Valiant Petroleum
/ partnerships in the last
5 years:
----------------------------------------------------------
Save for the information disclosed above, there are no further
disclosures to be made in accordance with Schedule Two paragraph
(g) of the AIM Rules in respect of the appointment of Ms Shaw.
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs. The Company's acreage is concentrated on the Rona
Ridge, in the West of Shetland region of the UK Continental
Shelf.
The Lancaster field (100%) is Hurricane's most appraised asset,
with five wells drilled by the Company to date. It has 2P reserves
and 2C contingent 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 which will be
the UK's first basement field development. It involves a two well
tie-back to the Aoka Mizu FPSO and is expected to initially produce
17,000 barrels of oil per day. First oil is targeted for 1H
2019.
Hurricane's other assets include Lincoln (50%), Warwick (50%),
Halifax (100%), Whirlwind (100%), and Strathmore (100%). Together
with Lancaster, these assets have total combined 2P reserves and 2C
contingent resources of 2.6 billion barrels of oil equivalent (2.3
billion barrels of oil equivalent net to Hurricane).
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln
and Warwick assets, committing to a five-phase work programme
targeting sanction of full field development in 2021.
Glossary:
2P Reserves Proved plus probable reserves under the Society
of Petroleum Engineers' Petroleum Resources
Management System
2C Contingent resources Best case contingent resources under the
Society of Petroleum Engineers' Petroleum
Resources Management System
================================================
FPSO Floating production storage and offloading
vessel
================================================
Spirit Energy Spirit Energy Limited
================================================
Inside Information
The content of this announcement does not comprise price
sensitive information.
Competent Person
The technical information in this release has been reviewed by
Dr Robert Trice, who is a qualified person for the purposes of the
AIM Guidance Note for Mining, Oil and Gas Companies. Dr Robert
Trice, Chief Executive Officer of Hurricane Energy plc, is a
geologist and geoscientist with a PhD in geology and has over 30
years' experience in the oil and gas industry.
Standard
Resource estimates contained in this announcement have been
prepared in accordance with the Petroleum Resource Management
System guidelines endorsed by the Society of Petroleum Engineers,
World Petroleum Congress, American Association of Petroleum
Geologists and Society of Petroleum Evaluation Engineers.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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