Award of Shares under the Share Incentive Plan

RNS Number : 3667A

Hurricane Energy PLC

20 January 2020

 

20 January 2020

Hurricane Energy plc

("Hurricane" or the "Company")

Award of Shares under the Share Incentive Plan

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the award of shares to Hurricane employees under the Hurricane Energy plc Share Incentive Plan ("SIP").

On 20 January 2020, Hurricane received notification from Global Shares Trustee Company Limited ("SIP Trustee"), trustee of the SIP, that it has awarded 1,674,240 ordinary shares of £0.001 each in the Company ("Ordinary Shares") to participants in the SIP at a price of 25.63 pence per share, being the closing mid-market price on 17 January 2020.

The SIP award will be satisfied in part by the issue of 1,643,503 new Ordinary Shares to the SIP Trustee at a subscription price of £0.001 per share, being the nominal value of the shares. Application has been made for these new Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place by 24 January 2020.  The shares will rank pari passu with the existing Ordinary Shares.

Following the SIP awards, Hurricane's total issued and voting share capital will comprise 1,991,871,556 Ordinary Shares.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

The Company operates the SIP annually to encourage and deepen share ownership in the Company. Under the plan, which is approved by HM Revenue & Customs, each participating employee will receive an allocation of Partnership Shares (being shares acquired at market value using contributions deducted from employees' pre-tax salaries; "Partnership Shares"), Matching Shares (being ordinary shares of twice the number of Partnership Shares acquired by an employee which are paid for by the Company; "Matching Shares") and Free Shares (being ordinary shares to a value not exceeding £3,600 in the current tax year, which are paid for by the Company; "Free Shares").

Under the SIP, the following persons discharging managerial responsibilities of the Company were awarded the following number of Ordinary Shares:

Name	Number of Partnership Shares	Number of Matching Shares	Number of Free Shares
Dr Robert Trice	7,023	14,046	14,046
Alistair Stobie	7,023	14,046	14,046
Neil Platt	7,023	14,046	14,046
Richard Chaffe	7,023	14,046	14,046
Melissa Clare	7,023	14,046	14,046
Stephen Holmes	7,023	14,046	14,046
Daniel Jankes	7,023	14,046	14,046
Moira Slightam	7,023	14,046	14,046
Richard Tomlins	7,023	14,046	14,046

The below information is intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	a)   Dr Robert Trice b)   Alistair Stobie c)   Neil Platt d)   Richard Chaffe e)   Melissa Clare f)    Stephen Holmes g)   Daniel Jankes h)   Moira Slightam i)    Richard Tomlins
2.	Reason for the notification
a)	Position/status:	a)   Chief Executive Officer b)   Chief Financial Officer c)   Chief Operations Officer d)   Finance Director e)   General Manager (Aberdeen) f)    Production Operations Director g)   General Counsel h)   Subsurface Technical Director i)    Development and Engineering Technical Director
b)	Initial notification/Amendment:	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Hurricane Energy plc
b)	LEI:	2138007Z66OO4XWKM819
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary shares of 0.1p each in Hurricane Energy plc ("Shares") ISIN: GB00B580MF54
b)	Nature of the transaction:	Award of Shares by the SIP Trustee pursuant to the SIP.
c)	Price(s) and volume(s):	Price(s) Volume(s) a) 25.63p 35,115 b) 25.63p 35,115 c) 25.63p 35,115 d) 25.63p 35,115 e) 25.63p 35,115 f) 25.63p 35,115 g) 25.63p 35,115 h) 25.63p 35,115 i) 25.63p 35,115
d)	Aggregated information: ·      Price: ·      Volume:	25.63p Volume: 316,035
e)	Date of the transaction:	20 January 2020
f)	Place of the transaction:	London Stock Exchange (XLON)

Contacts: 

Hurricane Energy plc Dr Robert Trice, Chief Executive Officer Alistair Stobie, Chief Financial Officer	[phone]
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Nicholas Rhodes / Ashton Clanfield	[phone]
Morgan Stanley & Co. International plc Joint Corporate Broker Andrew Foster / Tom Perry / Alex Smart	[phone]
Vigo Communications Public Relations Patrick d'Ancona / Ben Simons [e-mail]	[phone]

 

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% owned by Hurricane) 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. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

Glossary

FPSO	Floating production storage and offloading vessel
Spirit Energy	Spirit Energy Limited

 

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