Hurricane Energy PLC Block Listing Application (3985U)

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      [phone] 
  Alistair Stobie, Chief Financial Officer       820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / Nicholas Rhodes / Ashton 
  Clanfield                                     [phone] 
 Morgan Stanley & Co. International plc 
  Joint Corporate Broker 
  Andrew Foster / Tom Perry / Alex Smart        [phone] 
 Vigo Communications 
  Public Relations 
  Patrick d'Ancona / Ben Simons 
  [e-mail]                       [phone] 
 

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 [e-mail] or visit www.rns.com.

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March 29, 2019 03:02 ET (07:02 GMT)