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HUR.GB Hurricane Energy Plc

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Share Name Share Symbol Market Type Share ISIN Share Description
Hurricane Energy Plc AQSE:HUR.GB Aquis Stock Exchange Ordinary Share GB00B580MF54
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hurricane Energy PLC Result of GM (5337O)

07/11/2016 4:01pm

UK Regulatory


Hurricane Energy (AQSE:HUR.GB)
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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

ROMAKODPPBDDCDK

(END) Dow Jones Newswires

November 07, 2016 11:01 ET (16:01 GMT)

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