5 Jun 2019 15:00
5 June 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Results of Annual General Meeting
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that all resolutions put to shareholders at the Annual General Meeting ("AGM") of the Company held earlier today were duly passed.
The AGM was held at: The Science Suite, Royal Society of Chemistry, Burlington House, Piccadilly, London, W1J 0BA at 11.00am. Each of the resolutions contained in the Notice of Meeting were put to the AGM, voted on by way of a poll, and duly approved.
The total number of votes received on each resolution put to the AGM, as more fully disclosed in the Notice of Meeting available on the Company's website, was as follows:
# | Resolution | VotesFOR | % | Votes AGAINST | % | Votes TOTAL | % ISC Voted | Votes WITHELD |
1 | Receive Annual Report and Group Financial Statements | 1,029,981,015 | 99.57 | 4,421,534 | 0.43 | 1,034,402,549 | 51.97 | 604,643 |
2 | Re-appoint Deloitte LLP as the Company's auditors | 1,030,075,956 | 99.98 | 173,343 | 0.02 | 1,030,249,299 | 51.77 | 4,757,893 |
3 | Elect Sandy Shaw | 1,034,061,976 | 99.99 | 114,745 | 0.01 | 1,034,176,721 | 51.96 | 830,471 |
4 | Re-elect Dr Robert Trice | 1,033,317,280 | 99.88 | 1,238,464 | 0.12 | 1,034,555,744 | 51.98 | 451,448 |
5 | Re-elect John van der Welle | 1,032,838,738 | 99.85 | 1,505,008 | 0.15 | 1,034,343,746 | 51.97 | 663,446 |
6 | Renew authority to allot shares in the Company | 1,033,804,566 | 99.96 | 450,879 | 0.04 | 1,034,255,445 | 51.97 | 751,747 |
7 | Authority to allot shares for cash free of pre-emptive rights * | 1,032,767,349 | 99.89 | 1,127,461 | 0.11 | 1,033,894,810 | 51.95 | 762,382 |
Notes:
· * denotes Special Resolution.
· A vote "Withheld" is not a vote in law and is not counted in the calculation of the votes cast "For" or "Against" the resolution, nor in the calculation of the "% ISC Voted" for any resolution.
· Votes "For" and "Against" are expressed as a percentage of votes validly cast for that resolution at the AGM, excluding any "Withheld" votes.
· "% ISC Voted" denotes the votes validly cast for each resolution as a percentage of the issued share capital of 1,990,228,053 shares as at 3 June 2019, being the last date for submission of votes by proxy in advance of the AGM.
Contacts:
Hurricane Energy plc Dr Robert Trice, Chief Executive Officer Alistair Stobie, Chief Financial Officer
| +44 (0)1483 862 820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Nicholas Rhodes / Ashton Clanfield
| +44 (0)20 7710 7600 |
Morgan Stanley & Co. International plc Joint Corporate Broker Andrew Foster / Tom Perry / Alex Smart
| +44 (0)20 7425 8000 |
Vigo Communications Public Relations Patrick d'Ancona / Ben Simons hurricane@vigocomms.com | +44 (0)20 7390 0230 |
About Hurricane
Hurricane was established to discover, appraise and develop hydrocarbon resources associated with naturally fractured basement reservoirs. The Company's acreage is concentrated on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf.
The Lancaster field (100%) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. This development is initially expected to produce an average of 17,000 bopd (gross production of 20,000 bopd with assumed operating efficiency of 85%, following a period of ramp-up). First oil was achieved in June 2019.
Hurricane's other assets include Lincoln (50%), Warwick (50%), Halifax (100%), Whirlwind (100%), and Strathmore (100%). Together with Lancaster, these assets have total combined 2P reserves and 2C contingent resources of 2.6 billion barrels of oil equivalent (2.3 billion barrels of oil equivalent net to Hurricane).
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a five-phase work programme starting with three wells in 2019 and targeting sanction of full field development in 2021.
Glossary
2P Reserves | Proved plus probable reserves under the Society of Petroleum Engineers' Petroleum Resources Management System |
2C Contingent resources | Best case contingent resources under the Society of Petroleum Engineers' Petroleum Resources Management System |
bopd | Barrels of oil per day |
FPSO | Floating production storage and offloading vessel |
Spirit Energy | Spirit Energy Limited |
Inside Information
This announcement contains inside information as stipulated under the market abuse regulation (EU no. 596/2014). Upon the publication of this announcement via regulatory information service this inside information is now considered to be in the public domain.
Competent Person
The technical information in this release has been reviewed by Dr Robert Trice, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Dr Robert Trice, Chief Executive Officer of Hurricane Energy plc, is a geologist and geoscientist with a PhD in geology and has over 30 years' experience in the oil and gas industry.
Standard
Resource estimates contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.