1 Jul 2021 07:00
1 July 2021
Hurricane Energy plc
("Hurricane", or the "Company")
Further announcement regarding Restructuring Plan
Hurricane Energy plc, the UK based oil and gas company, announces, further to the decision of the High Court of Justice of England and Wales (the 'Court') on 28 June 2021 not to sanction the restructuring plan proposed by the Company under Part 26A of the Companies Act 2006 as set out at Appendix F of the explanatory statement dated 24 May 2021 in relation to the Restructuring Plan (the 'Restructuring Plan'), that the lock-up agreement dated 30 April 2021 (the 'Lock-Up Agreement') entered into with an ad hoc committee of holders of the US$230,000,000 7.5% Convertible Bonds due 2022 (ISIN: XS1641462277) (the 'Convertible Bonds') for, among other things, the purpose of implementing the Restructuring Plan, automatically terminated at 11.59 p.m. on 30 June 2021 in accordance with the terms contained therein.
Accordingly, the Event of Default (as defined in the trust deed dated 24 July 2017 between the Company and U.S. Bank Trustees Limited (the 'Trustee') (the 'Trust Deed')) pursuant to Condition 10(F) of the terms and conditions of the Convertible Bonds notified to holders of the Convertible Bonds on 30 April 2021 is no longer continuing, and any consequential right of the Company's convertible bondholders to accelerate the convertible bonds has lapsed.
However, in light of the decision made by the Court, the Company continues to monitor the Potential Event of Default (as defined in the Trust Deed) relating to the Company's ability to repay the Convertible Bonds at maturity under Condition 10(F) of the terms and conditions of the Convertible Bonds, which was also notified to the Trustee and holders of the Convertible Bonds on 30 April 2021.
Furthermore, the Company shall procure the "unblocking" of all Convertible Bonds currently "blocked" in the clearing systems in accordance with the procedures set out in Appendix B of the explanatory statement dated 24 May 2021. Once "unblocked", holders of the Convertible Bonds will be able to trade and the Company expects such "unblocking" to take place during the course of today.
For the avoidance of doubt, the Trustee has not been involved in and expresses no opinion as to the matters set out in this announcement.
The dedicated website containing all documentation relating to the Lock-up Agreement for the holders of the Convertible Bonds will be taken down. All information made available to shareholders in relation to the Restructuring Plan will remain on the Company's website until further notice.
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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 |
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
This announcement contains inside information.