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17 Jun 2016 07:00
Embargoed: 0700hrs 17 June 2016
Hurricane Energy plc
("Hurricane" the "Company")
Directors' Shareholdings
Hurricane Energy plc (AIM: HUR.L), the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the Company was informed on 16 June 2016 that on the same date Sanne Fiduciary Services Limited, in its capacity as trustee of the Hurricane Energy Employee Benefit Trust ("EBT"), sold 418,341 ordinary shares of 0.1p each ("Ordinary Shares") at an average price of 15.91 pence per share on behalf of the directors listed below solely to satisfy the payment of tax arising from the issue of bonus shares to them as announced on 8 June 2016. The aggregate of their beneficial holdings are now as follows:
Name | Number of Ordinary Shares | % |
Dr Robert Trice | 26,241,659 | 2.67% |
Neil Platt | 602,751 | 0.06% |
The EBT has raised sufficient funds to satisfy the payment of all tax arising from the issue of the bonus shares and no further sales are envisaged.
Contacts:
Hurricane Energy plc | Daniel Jankes Company Secretary | +44 (0)1483 862 820 |
Cenkos Securities plc | Nominated Adviser and Broker Derrick Lee/Nick Tulloch/Beth McKiernan | +44 (0)131 220 6939 |
Vigo Communications | Public Relations Patrick d'Ancona/Ben Simons | +44 (0)20 7830 9704 hurricane@vigocomms.com |
About Hurricane
Hurricane is an oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs. The Company's focus is to discover, appraise and develop oil reserves in basement rock. Hurricane has already successfully discovered substantial volumes of oil on the UKCS. The Company has 444-470 mmboe of 2C Contingent Resources and 432-442 mmboe P50 Prospective Resources on acreage it controls 100%.
In 2014, Hurricane drilled and tested an appraisal well on its Lancaster oil field West of Shetland. The highly successful operations demonstrated that the Company could produce commercial quantities of oil from Lancaster. The Company will undertake a further well programme on Lancaster, incorporating a Pilot well and a Horizontal Sidetrack well as part of a continuous drilling programme in the summer of 2016. The Horizontal Sidetrack well is designed to refine the Lancaster Contingent Resource range (currently 62 - 456 mmboe), will provide a second future production well and will provide new information to help optimally plan the Lancaster field development. The Pilot well objectives are to confirm the depth of Oil Water Contact, evaluate the properties of a potential aquifer to establish how supportive it is of production and evaluate the overlying Victory sandstone resource range.
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