Hurricane Energy PLC Result of GM (5337O)
November 07 2016 - 11:01AM
UK Regulatory
TIDMHUR
RNS Number : 5337O
Hurricane Energy PLC
07 November 2016
7 November 2016
Hurricane Energy plc
("Hurricane" or the "Company")
Result of General Meeting,
Completion of GBP70m Placing and Result of Open Offer
Hurricane Energy plc, the UK-based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, is pleased to announce that at the general meeting of
the Company, held earlier today, both resolutions proposed (the
"Resolutions") were duly passed.
The Company announced on 20 October 2016 that it had
conditionally raised gross proceeds of GBP70 million through a
proposed issue of 205,882,353 Placing Shares at a price of 34 pence
per share (the "Issue Price"). The Company also confirmed that it
proposed separately to make an Open Offer to Qualifying
Shareholders to enable them to participate in the capital raising
process at the Issue Price, to raise up to an additional GBP4.4
million.
Hurricane is pleased to confirm that the Open Offer was two
times oversubscribed and is now closed for acceptances. The Company
has received valid acceptances in respect of 5,012,720 Open Offer
Shares pursuant to Qualifying Shareholders' Open Offer Entitlements
and a further 34,391,449 Open Offer Shares pursuant to Excess Open
Offer Entitlements. The maximum number of 12,947,767 Open Offer
Shares will therefore be issued to Qualifying Shareholders, which
will provide the Company with gross proceeds from the Open Offer of
GBP4.4 million. Qualifying Shareholders who validly applied for
Open Offer Shares pursuant to their Open Offer Entitlement will
receive the full amount of Open Offer Shares they applied for and
following scale back will also receive a proportion of the Open
Offer Shares applied for under the Excess Application Facility.
Following the passing of the Resolutions, the Fundraising will
now proceed to completion. Further details of, inter alia, the
background to and reasons for the Fundraising are set out in the
circular which was posted to shareholders in connection with the
Resolutions, which is available on the Company's website at
www.hurricaneenergy.com. Terms defined in the circular have the
same meanings in this announcement.
Application has been made for admission of 218,830,120 New
Ordinary Shares, to be issued pursuant to the Fundraising, to
trading on AIM ("Admission"), with Admission expected to become
effective at 8.00 a.m. on 8 November 2016.
Following Admission, Hurricane's total issued and voting share
capital will comprise 1,202,860,397 Ordinary Shares. This figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, securities of the
Company.
Dr Robert Trice, Chief Executive, commented:
"We are delighted that our shareholders have supported the
Fundraising and we look forward to progressing the next phase of
our operational activity at Lancaster, which is to commence shortly
with the drilling of an exploration well on Lincoln.
We were extremely encouraged by the results from the Pilot and
Horizontal Sidetrack wells drilled earlier this year, which have
confirmed that we now have two highly productive horizontal wells
which we will use in our EPS. Completion of this Fundraising will
enable us to continue to advance our understanding of the Greater
Lancaster Area by potentially adding considerable near-field
resources and secure the development timetable for the Lancaster
Early Production System.
We look forward to providing our shareholders with updates on
these exciting activities in due course."
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
Ends
Contact Details:
Hurricane Energy plc
Dr Robert Trice, Chief Executive
Officer
Alistair Stobie, Chief Financial +44 (0)1483 862
Officer 820
Cenkos Securities plc
Nominated Adviser, Joint Broker
and Joint Bookrunner
Derrick Lee/Nick Tulloch/Beth +44 (0)131 220
McKiernan 6939
Macquarie Capital (Europe)
Limited
Joint Broker and Joint Bookrunner +44 (0)20 3037
Alex Reynolds / Guy de Freitas 2000
Vigo Communications
Public Relations Adviser to
Hurricane +44 (0)20 7830
Patrick d'Ancona/Ben Simons 9700
About Hurricane
Hurricane is an oil and gas company focused on hydrocarbon
resources in naturally fractured basement reservoirs. The Company's
focus is to discover, appraise and develop oil reserves in basement
rock. Hurricane has already successfully discovered substantial
volumes of oil on the UKCS. The Company has 444-470 mmboe of 2C
Contingent Resources and 432-442 mmboe of P50 Prospective Resources
on acreage it controls 100%.
Further information on Hurricane can be found at:
www.hurricaneenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 07, 2016 11:01 ET (16:01 GMT)