8 Dec 2021 07:00
8 December 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Notice of Repurchase of Hurricane's U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022
Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that its subsidiary Hurricane GLA Limited has completed the repurchase of U.S.$15.0 million in aggregate principal amount of the Company's U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022 (the "Bonds") (of which U.S.$152,016,000 in aggregate principal amount are outstanding) for a total consideration of U.S.$14.0 million, including accrued interest.
The Bonds were acquired from Stifel Nicolaus Europe Limited and will be surrendered for cancellation. Following cancellation, this will result in the Company further reducing its aggregate principal amount of the Bonds outstanding to U.S.$137,016,000 and leading to a net saving in debt repayment and interest charges of U.S.$1.8 million.
The Company will continue to evaluate its liability management options which may include further Bond repurchases from time to time, subject to market conditions.
This notification does not constitute or form part of an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Bonds or any other securities.
Antony Maris, CEO of Hurricane, commented:
"Managing our outstanding debt is a key focus for Hurricane and I am pleased we have been able to take this positive opportunity to further reduce our bond obligations. Despite the current economic climate and volatile oil price, and the remaining challenge of bridging any funding gap for the repayment of the bonds, we will continue to look at all options to maximise value from our assets as we focus on meeting our debt repayment obligations and beyond."
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 | +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 is released by Hurricane Energy plc and contains inside information under Regulation (EU) 596/2014 on market abuse, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the UK MAR). For the purpose of the UK MAR, this announcement is made by Antony Maris, Chief Executive Officer at Hurricane Energy plc.