TIDMHUR

RNS Number : 7640W

Hurricane Energy PLC

21 August 2020

21 August 2020

Hurricane Energy plc

("Hurricane" or the "Company")

Directorate Change & Appointment of CEO Designate

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the appointment of Mr Antony Maris as an executive director of the Company and Chief Executive Officer ("CEO") designate.

Mr Maris brings 35 years of wide-ranging oil and gas sector technical and business leadership experience to Hurricane. Most recently, he spent 15 years with Pharos Energy plc (previously SOCO International plc) where he was Chief Operating Officer from 2012 to early 2020. In this role, he was responsible for the development and operation of several oilfields, in joint venture with local and other parties, including fractured basement reservoirs offshore Vietnam and onshore Yemen. Pharos Energy's Vietnam assets, which delivered 60,000 bopd gross peak volumes, contributed significantly to Vietnam's overall hydrocarbon output. He was awarded the Friendship Order Medal by the Vietnam Government for his significant contribution to exploration and production activities.

Previously, Mr Maris worked in a variety of engineering, commercial and management roles with Consort Resources Limited, LASMO plc, Monument Oil and Gas plc, and Phillips Petroleum . He holds a B.Sc. in Petroleum Engineering and an MBA.

Mr Maris will work alongside the Interim CEO, Beverley Smith, for a transition period and will assume the role of CEO following the publication of the Company's interim 2020 financial results, which are scheduled for release on 11 September 2020, at which time Ms Smith will return to a non-executive role.

Steven McTiernan, Chairman of Hurricane, commented:

"I am very pleased to report that Antony Maris has agreed to assume the Chief Executive role at Hurricane. His leadership record with entrepreneurial oil and gas companies, and importantly his technical experience and knowledge of the behaviour of fractured basement reservoirs, makes him the ideal candidate to lead Hurricane.

The short transition period with Beverley Smith will allow their combined contribution to the ongoing technical review. I would also like to take this opportunity to express my gratitude to Beverley for ably stewarding the Company during the leadership transition. "

These changes to the Board have taken place with immediate effect. Information relating to AIM Schedule 2(g) Disclosures on Mr Maris are included at the end of this announcement.

-ends -

Contacts:

 
 Hurricane Energy plc 
  Beverley Smith, Interim Chief Executive Officer    +44 (0)1483 862 
  Philip Corbett, Head of Investor Relations          820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / 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% owned by Hurricane) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

Glossary

 
 FPSO   Floating production storage and offloading 
         vessel 
 

AIM Schedule 2(g) Disclosures

Antony Wayne Maris, age 59, held the following directorships and/or officerships in the past five years:

   --    SOCO Vietnam Limited 
   --    SOCO Exploration (Vietnam) Limited 
   --    Pharos El Fayum 
   --    OPECO Vietnam Limited 
   --    Circle Oil plc - Non-Executive Director 

There are no further disclosures required to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

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 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.

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August 21, 2020 02:00 ET (06:00 GMT)