27 Feb 2020 07:00
27 February 2020
Hurricane Energy plc
("Hurricane" or the "Company")
Directorate Change
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that Alistair Stobie has resigned as Chief Financial Officer and a Director of the Company by mutual agreement with the Board. Although not carrying out his day-to-day responsibilities after today, he remains available to assist Hurricane with the transfer of his responsibilities.
Richard Chaffe has assumed the role of Acting Chief Financial Officer at the request of the Board. Mr Chaffe joined the Company in 2016 as Head of Finance. He was previously Finance Director at EOG Resources in the UK and before that worked for Ernst & Young.
Steven McTiernan, Chairman of Hurricane, commented:
"We thank Alistair Stobie for his contribution to Hurricane and are pleased that Richard Chaffe has agreed to assume the role of Acting Chief Financial Officer. He has considerable finance and audit experience both within Hurricane and the wider oil and gas sector."
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 / 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% 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.
Inside Information
This announcement contains inside information as stipulated under the market abuse regulation (EU no. 596/2014). Upon the publication of this announcement via regulatory information service this inside information is now considered to be in the public domain.