30 Jun 2021 07:00
30 June 2021
Hurricane Energy plc
("Hurricane", or the "Company")
Board Changes and Withdrawal of General Meeting Requisition
Hurricane Energy plc, the UK based oil and gas company, announces the following board changes.
The Chairman, Steven McTiernan, and the other non-executive directors, John van der Welle, Sandy Shaw, Beverley Smith and Dr David Jenkins, resigned from the board on 29 June 2021 with immediate effect.
Additionally, the Company announces that Alan John Wright and David Ian Craik were appointed to the board as non-executive directors on 29 June 2021. Alan John Wright assumes the position of Interim Chairman.
The Company also announces that it has received a letter from Crystal Amber Fund Limited withdrawing its requisition notice (the "Requisition Notice") pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convene a general meeting of shareholders. This meeting, due to be held on 5 July 2021 at 11:00 am BST, will now no longer take place. In addition, the resolutions proposing the re-election to the board of Steven McTiernan and Sandy Shaw due to be voted on at today's AGM will now be withdrawn.
Having consulted with its largest shareholders, the Company and the new non-executive directors, unanimously resolved on 29 June 2021, that in the event that the resolutions proposing the re-election of Antony Maris and Richard Chaffe as directors of the Company are not approved at today's AGM, the Company would immediately re-appoint them as directors of the Company, in order to ensure that the Company is able to maintain its ability to safely and effectively operate as a listed business. Such re-appointments would be subject to approval by the shareholders at the Company's 2022 AGM.
Antony Maris, CEO, commented:
"I would like to thank Steven and the other non-executive directors for their contribution to the Board over their years of service, particularly during the recent challenging period for the Company - I have been very grateful for their counsel and support. I would also like to welcome David and John to Hurricane and look forward to working with them as we aim to maximise the value of our West of Shetland assets for the benefit of stakeholders."
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Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer Philip Corbett, Head of Investor Relations
| +44 (0)1483 862820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart
| +44 (0)20 7710 7600 |
Investec Bank plc Joint Corporate Broker Chris Sim / Rahul Sharma | +44 (0)20 7597 5970 |
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Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons hurricane@vigoconsulting.com
| +44 (0)20 7390 0230 |
AIM Rule Disclosures
In relation to the appointments to the board, there is no further information required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules for Companies save as disclosed below.
David Ian Craik, aged 67, has held the following directorships and/or partnerships in the past five years:
Current Directorships/Partnerships | Previous Directorships/Partnerships |
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Atlaslocal Limited | - |
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David Craik has a beneficial interest in 180,000 shares in the Company.
Alan John Wright, aged 53, has held the following directorships and/or partnerships in the past five years:
Current Directorships/Partnerships | Previous Directorships/Partnerships |
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XMT UK Limited | - |
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About Hurricane
Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Inside Information
Prior to publication, this document contained inside information under Regulation (EU) 596/2014 on market abuse.