3 Jan 2019 13:51
3 January 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Appointment of Non-Executive Director
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that Ms Sandy Shaw has been appointed as Non-Executive Director of the Company with immediate effect.
Ms Shaw has over thirty-five years of experience in the oil and gas industry, focused on legal and commercial roles. From 2008 until its takeover in 2013, she was Executive Director Corporate & Commercial, and Company Secretary of Valiant Petroleum, a company of which she was a founder and non-executive director. Ms Shaw has held senior executive positions as group legal counsel and/or commercial director for a number of companies including Consort Resources, LASMO, Esso Petroleum and Marathon Oil. She is currently a non-executive director of Velocys plc, an AIM quoted renewable fuels company.
Steven McTiernan, Chairman of Hurricane, commented:
"I am delighted to welcome Sandy to the board of Hurricane. We believe Sandy's specialist legal and commercial expertise in the oil and gas industry will materially strengthen the board. This wealth of experience will be invaluable as the Company not only enters a critical phase in approaching first oil from the Lancaster EPS, but also significantly expands the scope of its activities, starting with appraisal drilling in the Greater Warwick area in 2019."
Contacts:
Hurricane Energy plc | Dr Robert Trice (Chief Executive Officer) / Alistair Stobie (Chief Financial Officer)
| +44 (0)1483 862 820 |
Stifel Nicolaus Europe Limited | Nominated Adviser and Joint Corporate Broker Callum Stewart / Nicholas Rhodes / Ashton Clanfield
| +44 (0)20 7710 7600 |
Morgan Stanley & Co. International plc | Joint Corporate Broker Andrew Foster / Tom Perry / Alex Smart
| +44 (0)20 7425 8000 |
Vigo Communications | Public Relations Patrick d'Ancona / Ben Simons
| +44 (0)20 7390 0230 Hurricane@vigocomms.com |
The information required to be disclosed in relation to Ms Shaw in accordance with the AIM Rules for Companies ("AIM Rules") is as outlined below:
Full name: | Ms Sandra Nan Demby Shaw |
Age: | 65 |
Current directorships: | · Velocys plc · SDC LNC Limited · Fifty One Fernbank Road Management Company Limited |
Previous directorships / partnerships in the last 5 years: | · Valiant Petroleum |
Save for the information disclosed above, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules in respect of the appointment of Ms Shaw.
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 Hurricane's most appraised asset, with five wells drilled by the Company to date. It has 2P reserves and 2C contingent resources of 523 million stock tank barrels of oil. The Company is currently proceeding towards the first phase of development of Lancaster, an Early Production System which will be the UK's first basement field development. It involves a two well tie-back to the Aoka Mizu FPSO and is expected to initially produce 17,000 barrels of oil per day. First oil is targeted for 1H 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 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 resources | Best case contingent resources under the Society of Petroleum Engineers' Petroleum Resources Management System |
FPSO | Floating production storage and offloading vessel |
Spirit Energy | Spirit Energy Limited |
Inside Information
The content of this announcement does not comprise price sensitive information.
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.