29 Mar 2019 07:00
29 March 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Block Listing Application
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that a block listing application has been made to the London Stock Exchange for the admission to trading on AIM of up to 29,860,834 ordinary shares of £0.001 each ("Ordinary Shares").
The application relates to Ordinary Shares that could be issued as a result of the potential exercise of warrants and subscription rights associated with the Company's April 2016 fundraising. In connection with the fundraising the Company issued to Crystal Amber Fund Limited warrants to subscribe for up to 23,333,333 Ordinary Shares at a price of £0.20 per share (the "Warrants"), which expire on 10 May 2019. The Company also provided Kerogen Investments No. 18 Limited with the right, in the event of exercise of the Warrants, to subscribe for up to such number of Ordinary Shares as would result in it holding the same percentage interest in the share capital of the Company as it held prior to the Warrants being exercised. This subscription right also has an exercise price of £0.20 per share.
When issued, the shares will rank pari passu in all respects with the existing issued Ordinary Shares of the Company. The Company will confirm total voting rights regularly in compliance with the Disclosure and Transparency Rules.
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 & 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 hurricane@vigocomms.com | +44 (0)20 7390 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 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 (gross production of 20,000 bopd with assumed operating efficiency of 85% following ramp-up). 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 |
bopd | Barrels of oil per day |
FPSO | Floating production storage and offloading vessel |
Spirit Energy | Spirit Energy Limited |
Inside Information
This announcement does not contain inside 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.