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UK Court approves Hurricane Energy takeover by Prax

Wed, 07th Jun 2023 19:55

(Alliance News) - Hurricane Energy PLC on Wednesday said that its acquisition by Prax Exploration & Production PLC has been sanctioned by the UK High Court.

Shares in the oil exploration company based in Surrey, England closed up 4.9% to 7.79 pence each in London on Wednesday afternoon.

Prax, also based in Surrey, is a subsidiary of State Oil Ltd, which is the holding company of Prax Group. The company is an oil refining, storage, distribution and sales conglomerate dealing in crude oil, petroleum products and bio-fuels.

In March, Hurricane Energy agreed to be bought by Prax for about GBP249.0 million. It had entered a formal sales process back in November.

On Wednesday, Hurricane Energy said its acquisition has been sanctioned by the court.

Dealings in the company's shares will be suspended on Thursday.

Dentons UK & Middle East LLP is providing legal advice to Hurricane. Pinsent Masons LLP is providing legal advice to Prax.

By Sophie Rose; Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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3 Sep 2018 09:57

Hurricane Energy reaches farm-in agreement with Spirit Energy

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Hurricane Energy Shares Rise As Spirit Energy Farms-In To Licences

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Hurricane Energy Reaches Critical Milestone At Lancaster Oil Field

LONDON (Alliance News) - Oil and gas firm Hurricane Energy PLC said Thursday it had reached a "critical milestone" at its developmental Lancaster Field in Lancashire.The firm has

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6 Jul 2018 08:21

Hurricane Energy Completes Well Operations At Lancaster Field

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1 Jun 2018 08:58

Hurricane Energy Starts Operations At Lancaster Field In North Sea

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17 May 2018 10:53

Hurricane Energy's Lancaster Early Production System Buoy On The Way

LONDON (Alliance News) - Oil and gas firm Hurricane Energy PLC on Thursday said the new buoy for its Lancaster early production system in the North Sea has left Dubai's Drydocks buoy is set to

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16 May 2018 09:57

Hurricane Energy Starts Offshore Installation Phase On Lancaster Field

LONDON (Alliance News) - Oil and gas exploration firm Hurricane Energy PLC said Wednesday that it has started the offshore installation phase at the Early Production System on the Lancaster field,

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23 Apr 2018 09:43

Hurricane Energy Appoints Kenmare Resources Chair As New Chairman

LONDON (Alliance News) - Oil and gas exploration firm Hurricane Energy PLC said Monday it appointed Kenmare Resources PLC Chairman Steven McTiernan as its own non-executive chairman from the start

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29 Mar 2018 11:01

Hurricane Energy Progressing Operations After Boulder Relocation Works

LONDON (Alliance News) - Hurricane Energy PLC said on Thursday a further boulder relocation programme is not required for the development of the Lancaster

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20 Mar 2018 09:48

Xmas Tree Systems Delivered To Hurricane Energy's Lancaster Field

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10 Nov 2016 12:49

DIRECTOR DEALINGS: Hurricane Energy Non-Executives Buy Shares

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9 Nov 2016 13:07

Hurricane Energy confirms spudding of Lincoln Well

(ShareCast News) - Hurricane Energy confirms the spudding of the Lincoln Well, which targets targets a basement prospect geologically similar to the nearby Lancaster structure. "Seismic interpretation indicates a well-connected fault network within the Lincoln basement," the company said. "Encourag

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12 Oct 2016 08:00

Hurricane Energy Picks Contractors For Early Lancaster Production

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22 Sep 2016 10:05

Hurricane Needs Partner Or To Raise Equity To Fund Lancaster System

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Hurricane Energy Spuds Lancaster Well To Refine Resource Range

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