25 Jul 2022 07:00
25 July 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Repayment of Convertible Bonds
Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that it has repaid in full its outstanding $78,515,000 7.50 per cent Convertible Bonds (the "Bonds") plus $1.5 million of accrued interest by the maturity date of 24 July 2022.
The Bonds will now be delisted from The International Stock Exchange and cancelled.
The repayment leaves the Company debt free, with significant cash on hand, further cash due from the imminent lifting from the FPSO, and ongoing cash generative production from the Lancaster field.
Antony Maris, CEO of Hurricane, commented:
"The repayment of the convertible bonds is an important and key milestone for Hurricane as we move into a new phase for the company, focusing on building a long-term future for the business and creating additional value for our shareholders. The excellent operational performance of the Lancaster field, for which I pay a huge tribute to our whole team, combined with high oil prices has underpinned the establishment of a strong financial platform for the company.
We continue our work to identify the most effective capital allocation opportunities both within and outside of our existing asset base, and which best fit within our growth plans in the context of both our own and the UK's transition goals.
I believe that Hurricane going forward is attractive to investors and well positioned to look for new growth opportunities. Our focus is on creating value for shareholders and we are being very rigorous in assessing which opportunities will best deliver that."
-ends-
Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer communications@hurricaneenergy.com
| +44 (0)1483 862820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Jason Grossman
| +44 (0)20 7710 7600 |
Investec Bank plc Joint Corporate Broker Chris Sim / Jarrett Silver / Charles Craven | +44 (0)20 7597 5970 |
| |
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.
Visit Hurricane's website at www.hurricaneenergy.com
Glossary
bopd | Barrels of oil per day |
FPSO | Floating production storage and offloading vessel |
Mbbls | Thousand barrels |
psia | pounds per square inch absolute |
Inside Information
This announcement does not contain inside information.