28 Apr 2020 07:00
28 April 2020
Hurricane Energy plc
("Hurricane" or the "Company")
Director Shareholdings
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the award of shares to Hurricane's executive directors in relation to their 2019 bonus awards.
As detailed in the Company's Annual Report and Accounts 2019, Hurricane's Remuneration Committee determined that the 2019 bonus award for Hurricane's executive directors would not be delivered fully in cash and would now instead be delivered as two thirds in cash and one third in shares (all net of tax and other deductions), with the shares to be held in the Employee Benefit Trust ("EBT") for a period of three years unless earlier release is agreed at the sole discretion of the Board.
On 27 April 2020, Hurricane received notification from Sanne Fiduciary Services Limited as Trustee of the Hurricane Energy EBT, that it made market purchases of 490,741 ordinary shares of 0.01p each in the Company ("Ordinary Shares") at an average price of 10.62 pence per share to satisfy executive director bonus awards.
The share components of the 2019 bonus to executive directors are as follows:
Executive director | Role | Ordinary Shares |
Dr Robert Trice | Chief Executive Officer | 266,165 |
Neil Platt | Chief Operations Officer | 224,576 |
The below information is intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).
1. | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
a) | Name: | a) Dr Robert Trice b) Neil Platt | |||||||||
2. | Reason for the notification | ||||||||||
a) | Position/status: | a) Chief Executive Officer b) Chief Operations Officer | |||||||||
b) | Initial notification/Amendment: | Initial Notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Name | Hurricane Energy plc | |||||||||
b) | LEI: | 2138007Z66OO4XWKM819 | |||||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||||||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 0.1p each in Hurricane Energy plc ("Ordinary Shares") ISIN: GB00B580MF54 | |||||||||
b) | Nature of the transaction: | Purchase of Ordinary Shares by the Employee Benefit Trust pursuant to 2019 executive director bonus awards. | |||||||||
c) | Price(s) and volume(s): |
| |||||||||
d) | Aggregated information: · Price: · Volume: |
10.62p Volume: 490,741 | |||||||||
e) | Date of the transaction: | 27 April 2020 | |||||||||
f) | Place of the transaction: | London Stock Exchange (XLON) | |||||||||
Contacts:
Hurricane Energy plc Dr Robert Trice, Chief Executive Officer
| +44 (0)1483 862 820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / 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% owned by Hurricane) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.
Glossary
FPSO | Floating production storage and offloading vessel |
Spirit Energy | Spirit Energy Limited |
Inside Information
This announcement does not contain inside information.