Director's Shareholding

RNS Number : 5458I

Hurricane Energy PLC

27 November 2018

 

27 November 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Director's Shareholding

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, was informed on 26 November 2018 that on the same date Steven McTiernan, Chairman of the Company, acquired 375,000 ordinary shares of 0.1p each in the Company at a price of 40.61393 pence per share.

Following this transaction, Steven McTiernan holds 375,000 ordinary shares, which represents a total of 0.019% of the Company's issued capital.

DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Steven McTiernan
2.	Reason for the notification
a)	Position/status:	Chairman
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 ISIN: GB00B580MF54
b)	Nature of the transaction:	Purchase of ordinary shares of 0.1p each in Hurricane Energy Plc
c)	Price(s) and volume(s):	Price(s) Volume(s) 40.61393p 375,000
d)	Aggregated information: ·      Aggregated volume: ·      Price:	375,000 40.61393p
e)	Date of the transaction:	26 November 2018
f)	Place of the transaction:	London Stock Exchange, AIM Market

Contacts: 

Hurricane Energy plc	Dr Robert Trice (Chief Executive Officer) / Alistair Stobie (Chief Financial Officer)	[phone]
Stifel Nicolaus Europe Limited	Nominated Adviser and 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	[phone] [e-mail]

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 Hurricane's most appraised asset, with five wells drilled by the Company to date. It has 2P reserves and 2C contingent resources of 523 million stock tank barrels of oil. The Company is currently proceeding towards the first phase of development of Lancaster, an Early Production System which will be the UK's first basement field development. It involves a two well tie-back to the Aoka Mizu FPSO and is expected to initially produce 17,000 barrels of oil per day. First oil is targeted for 1H 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 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
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.

 

END

 

 

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