EPS placing28 Sep 2020 20:29
Results of Placing
Hurricane Energy plc announced on 29 June 2017 the details of a proposed Placing and a proposed Convertible Bond Offering (together, the "Fundraising").
The Company is pleased to confirm that the Bookbuild has been completed and the Company has, conditionally, raised gross proceeds of US$300 million through the Placing. Pursuant to the Placing, Placees have agreed to subscribe for 731,222,213 Placing Shares at an issue price of 32 pence per new Ordinary Share.
In addition, the Company has successfully placed US$220 million of Convertible Bonds through the Convertible Bond Offering, with a further US$10 million over-allotment option. Further details of the Convertible Bond Offering are contained in a separate announcement to be made by the Company concurrently with this announcement.
Both the Placing and the Convertible Bond Offering are conditional upon the Resolutions being passed by the Shareholders at the General Meeting (or an adjournment thereof). The Placing is also conditional upon: (i) the Placing Agreement otherwise becoming unconditional in all respects and not having been terminated in accordance with its terms prior to Admission; and (ii) the placing agreement in connection with the Convertible Bond Offering otherwise having been entered into and not having been terminated prior to Admission.
The net proceeds of the Placing and the Convertible Bond Offering will primarily be used by the Company to fund capital expenditure in relation to the EPS development at the Company's Lancaster field, West of Shetland (the "Project"). The EPS is a two well tie-back to a Floating Production Storage and Offloading host facility that is expected to produce 17,000 barrels of oil per day and provide data required to plan a full field development of Lancaster. The Project is currently scheduled to achieve first oil in H1 2019, and completing the Fundraising at this time will enable the Company to maintain this target.
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