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10 May 2016 15:29
10 May 2016
Hurricane Energy plc
(the "Company")
Director Shareholding
Hurricane Energy plc, the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, advises that following the completion of the Kerogen Subscription and Placing (as announced on 9 May 2016), Dr Robert Trice's holding, including the persons connected with him, remains at 25,285,102 Ordinary Shares in the Company. This now represents approximately 2.576 per cent. of the total issued and voting share capital of the Company.
Contact Details:
Hurricane Energy plc | Dr Robert Trice Chief Executive Officer | +44 (0)1483 862 820 |
Cenkos Securities plc | Nominated Adviser, Broker and Joint Bookrunner Derrick Lee/Nick Tulloch/Beth McKiernan | +44 (0)131 220 6939 |
Vigo Communications | Public Relations Patrick d'Ancona/Ben Simons | +44 (0)20 7830 9700 |
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.
Hurricane is in advanced technical and commercial discussions with potential partners with whom to progress the development of its assets.
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