Hurricane Energy PLC Results of AGM (2685B)

TIDMHUR

RNS Number : 2685B

Hurricane Energy PLC

05 June 2019

5 June 2019

Hurricane Energy plc

("Hurricane" or the "Company")

Results 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 all resolutions put to shareholders at the Annual General Meeting ("AGM") of the Company held earlier today were duly passed.

The AGM was held at: The Science Suite, Royal Society of Chemistry, Burlington House, Piccadilly, London, W1J 0BA at 11.00am. Each of the resolutions contained in the Notice of Meeting were put to the AGM, voted on by way of a poll, and duly approved.

The total number of votes received on each resolution put to the AGM, as more fully disclosed in the Notice of Meeting available on the Company's website, was as follows:

 
#  Resolution                     Votes      %      Votes     %    Votes TOTAL   % ISC      Votes 
                                    FOR           AGAINST                        Voted    WITHELD 
   Receive Annual 
    Report and Group 
1   Financial Statements  1,029,981,015  99.57  4,421,534  0.43  1,034,402,549   51.97    604,643 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
   Re-appoint Deloitte 
    LLP as the Company's 
2   auditors              1,030,075,956  99.98    173,343  0.02  1,030,249,299   51.77  4,757,893 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
3  Elect Sandy Shaw       1,034,061,976  99.99    114,745  0.01  1,034,176,721   51.96    830,471 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
   Re-elect Dr Robert 
4   Trice                 1,033,317,280  99.88  1,238,464  0.12  1,034,555,744   51.98    451,448 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
   Re-elect John 
5   van der Welle         1,032,838,738  99.85  1,505,008  0.15  1,034,343,746   51.97    663,446 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
   Renew authority 
    to allot shares 
6   in the Company        1,033,804,566  99.96    450,879  0.04  1,034,255,445   51.97    751,747 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
   Authority to 
    allot shares 
    for cash free 
    of pre-emptive 
7   rights *              1,032,767,349  99.89  1,127,461  0.11  1,033,894,810   51.95    762,382 
   ---------------------  -------------  -----  ---------  ----  -------------  ------  --------- 
 

Notes:

   --    * denotes Special Resolution. 

-- A vote "Withheld" is not a vote in law and is not counted in the calculation of the votes cast "For" or "Against" the resolution, nor in the calculation of the "% ISC Voted" for any resolution.

-- Votes "For" and "Against" are expressed as a percentage of votes validly cast for that resolution at the AGM, excluding any "Withheld" votes.

-- "% ISC Voted" denotes the votes validly cast for each resolution as a percentage of the issued share capital of 1,990,228,053 shares as at 3 June 2019, being the last date for submission of votes by proxy in advance of the AGM.

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 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. This development is initially expected to produce an average of 17,000 bopd (gross production of 20,000 bopd with assumed operating efficiency of 85%, following a period of ramp-up). First oil was achieved in June 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 starting with three wells in 2019 and 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 contains inside information as stipulated under the market abuse regulation (EU no. 596/2014). Upon the publication of this announcement via regulatory information service this inside information is now considered to be in the public domain.

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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June 05, 2019 10:00 ET (14:00 GMT)