BP Share News (BP.)

Oil exploration outfit Hurricane Energy announced its intention to list on the AIM market as part of a two-stage process to raise 49.4m pounds, with the ticker symbol HUR.Over the coming year the company was planning to focus on drilling and testing a horizontal appraisal well on its Lancaster basement oil discovery, west of Shetland. It had been estimated that the find held 2C contingent resources of 207MMboe recoverable. The discovery is located in three blocks across Frontier licence P1368.Oil major BP made a significant contribution in the first stage of the fundraising, carried out last year, in the so-called pre-initial public offering (IPO) stage. The firm, which was founded in 2005, was looking to place a total of approximately 149m shares, at a price of 43p each. The shares were expected to be admitted to trading on February 4th, 2014, giving the company an initial market capitalisation of £272m.The nominated advisor (NOMAD) and broker was Cenkos Securities.Robert Trice, the outfit's Chief, highlighted his satisfaction at being able to complete the listing despite the "difficult market" for companies in its sector. Trice also gave a warm welcome to the new shareholders in the outfit. Hurricane Energy also notified markets that it had inked an assignment agreement with Transocean Drilling and Talisman Sinpoec Energy for the provision of the Sedco 712 semi-submersible drilling rig. The vessel was expected to be put at its disposal in the second quarter of 2014. In 2013 the firm was forced to withdraw from a rig contract to drill Lancaster due to delays in the availability of the rig. AB