Hurricane Energy PLC Availability of Annual Report and Notice of AGM (0124X)

TIDMHUR

RNS Number : 0124X

Hurricane Energy PLC

25 April 2019

25 April 2019

Hurricane Energy plc

("Hurricane" or the "Company")

Availability of Annual Report and Group Financial Statements

&

Notice of Annual General Meeting

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that electronic copies of its Annual Report and Group Financial Statements for the year ended 31 December 2018 ("Annual Report"), and the notice of the Company's 2019 Annual General Meeting ("AGM"), have been published today in the Investors section of the Company's website at www.hurricaneenergy.com.

The AGM will be held at 11.00 a.m. on Wednesday, 5 June 2019 at The Science Suite, Royal Society of Chemistry, Burlington House, Piccadilly, London, W1J 0BA. Printed copies of the Annual Report and Notice of AGM will be posted to shareholders today.

Contacts:

 
 Hurricane Energy plc 
  Dr Robert Trice, Chief Executive Officer      [phone] 
  Alistair Stobie, Chief Financial Officer       820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / Nicholas Rhodes / Ashton     [phone] 
  Clanfield                                      7600 
 Morgan Stanley & Co. International plc 
  Joint Corporate Broker                        [phone] 
  Andrew Foster / Tom Perry / Alex Smart         8000 
 Vigo Communications 
  Public Relations 
  Patrick d'Ancona / Ben Simons                 [phone] 
  [e-mail]                        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   Best case contingent resources under the 
  resources       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 [e-mail] or visit www.rns.com.

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April 25, 2019 02:01 ET (06:01 GMT)