Hurricane Energy PLC Director Shareholdings (0451L)

TIDMHUR

RNS Number : 0451L

Hurricane Energy PLC

28 April 2020

28 April 2020

Hurricane Energy plc

("Hurricane" or the "Company")

Director Shareholdings

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the award of shares to Hurricane's executive directors in relation to their 2019 bonus awards.

As detailed in the Company's Annual Report and Accounts 2019, Hurricane's Remuneration Committee determined that the 2019 bonus award for Hurricane's executive directors would not be delivered fully in cash and would now instead be delivered as two thirds in cash and one third in shares (all net of tax and other deductions), with the shares to be held in the Employee Benefit Trust ("EBT") for a period of three years unless earlier release is agreed at the sole discretion of the Board.

On 27 April 2020, Hurricane received notification from Sanne Fiduciary Services Limited as Trustee of the Hurricane Energy EBT, that it made market purchases of 490,741 ordinary shares of 0.01p each in the Company ("Ordinary Shares") at an average price of 10.62 pence per share to satisfy executive director bonus awards.

The share components of the 2019 bonus to executive directors are as follows:

 
 Executive director    Role                Ordinary Shares 
                       Chief Executive 
 Dr Robert Trice        Officer                    266,165 
                      ------------------  ---------------- 
                       Chief Operations 
 Neil Platt             Officer                    224,576 
                      ------------------  ---------------- 
 

The below information is intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                  a) Dr Robert Trice 
                                              b) Neil Platt 
     --------------------------------  ------------------------------------------ 
 2.   Reason for the notification 
     ---------------------------------------------------------------------------- 
 a)   Position/status:                       a) Chief Executive Officer 
                                              b) Chief Operations Officer 
     --------------------------------  ------------------------------------------ 
 b)   Initial notification/Amendment:   Initial Notification 
     --------------------------------  ------------------------------------------ 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------------- 
 a)   Name                              Hurricane Energy plc 
     --------------------------------  ------------------------------------------ 
 b)   LEI:                              2138007Z66OO4XWKM819 
     --------------------------------  ------------------------------------------ 
 4.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ---------------------------------------------------------------------------- 
 a)   Description of the                Ordinary shares of 0.1p each in Hurricane 
       financial instrument,             Energy plc ("Ordinary Shares") 
       type of instrument:               ISIN: GB00B580MF54 
       Identification code: 
     --------------------------------  ------------------------------------------ 
 b)   Nature of the transaction:        Purchase of Ordinary Shares by the 
                                         Employee Benefit Trust pursuant to 
                                         2019 executive director bonus awards. 
     --------------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s):                   Price(s)   Volume(s) 
                                           a)     10.62p     266,165 
                                                ---------  ---------- 
                                           b)     10.62p     224,576 
                                                ---------  ---------- 
     --------------------------------  ------------------------------------------ 
 d)        Aggregated information: 
             *    Price:                  10.62p 
                                          Volume: 490,741 
 
             *    Volume: 
     --------------------------------  ------------------------------------------ 
 e)   Date of the transaction:          27 April 2020 
     --------------------------------  ------------------------------------------ 
 f)   Place of the transaction:         London Stock Exchange (XLON) 
     --------------------------------  ------------------------------------------ 
 

Contacts:

 
 Hurricane Energy plc                           [phone] 
  Dr Robert Trice, Chief Executive Officer       820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / 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% 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 
 Spirit Energy   Spirit Energy Limited 
                =========================================== 
 

Inside Information

This announcement does not contain inside information.

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April 28, 2020 02:00 ET (06:00 GMT)