Hurricane Energy PLC Block Listing Application (3985U)
March 29 2019 - 3:02AM
UK Regulatory
TIDMHUR
RNS Number : 3985U
Hurricane Energy PLC
29 March 2019
29 March 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Block Listing Application
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, announces that a block listing application has been
made to the London Stock Exchange for the admission to trading on
AIM of up to 29,860,834 ordinary shares of GBP0.001 each ("Ordinary
Shares").
The application relates to Ordinary Shares that could be issued
as a result of the potential exercise of warrants and subscription
rights associated with the Company's April 2016 fundraising. In
connection with the fundraising the Company issued to Crystal Amber
Fund Limited warrants to subscribe for up to 23,333,333 Ordinary
Shares at a price of GBP0.20 per share (the "Warrants"), which
expire on 10 May 2019. The Company also provided Kerogen
Investments No. 18 Limited with the right, in the event of exercise
of the Warrants, to subscribe for up to such number of Ordinary
Shares as would result in it holding the same percentage interest
in the share capital of the Company as it held prior to the
Warrants being exercised. This subscription right also has an
exercise price of GBP0.20 per share.
When issued, the shares will rank pari passu in all respects
with the existing issued Ordinary Shares of the Company. The
Company will confirm total voting rights regularly in compliance
with the Disclosure and Transparency Rules.
Contacts:
Hurricane Energy plc
Dr Robert Trice, Chief Executive Officer +44 (0)1483 862
Alistair Stobie, Chief Financial Officer 820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / Nicholas Rhodes / Ashton
Clanfield +44 (0)20 7710 7600
Morgan Stanley & Co. International plc
Joint Corporate Broker
Andrew Foster / Tom Perry / Alex Smart +44 (0)20 7425 8000
Vigo Communications
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigocomms.com +44 (0)20 7390 0230
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 (gross production of 20,000 bopd with
assumed operating efficiency of 85% following ramp-up). 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
================================================
bopd Barrels of oil per day
================================================
FPSO Floating production storage and offloading
vessel
================================================
Spirit Energy Spirit Energy Limited
================================================
Inside Information
This announcement does not contain inside 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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