Listing and Governance Committee Update

RNS Number : 6148Y

Hurricane Energy PLC

07 December 2017

 

7 December 2017

Hurricane Energy plc

("Hurricane" or the "Company")

Listing and Governance Committee Update

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on the initiatives undertaken by the Listing and Governance Committee ("LGC").  

The Company has appointed Spencer Stuart, a leading executive search firm, to source a non-executive chairman of the board of Hurricane (the "Board"). The appointment followed a rigorous tender process, and is being overseen by the Nominations Committee. A further update will be made as to progress in due course; and the activities of the search firm and the Nominations Committee will be reported upon within the next Annual Report, in accordance with the UK Corporate Governance Code (the "Code") Provision B.2.4.

Once a non-executive chairman has been appointed, the Company will seek to appoint additional independent non-executive directors, such that the Board becomes fully compliant with Code Provision B.1.2. Such appointments will be made with input from the new chairman, and will aim to ensure the Board and its committees have the appropriate balance of skills, experience, independence and knowledge.

On the LGC's recommendation, the Company has appointed Boudicca Proxy Ltd ("Boudicca"), a specialist shareholder engagement and corporate governance consultancy, to assist in evaluating and transitioning the Company's corporate governance policies and procedures towards best practice, benchmarked against those of a premium listed business. Boudicca will work alongside Evercore Partners, which has already been appointed to provide independent advice to the LGC.

The Board believes that director nomination processes, succession planning and Board evaluations are integral parts of a well-functioning, effective Board, and will form part of the ongoing Board strengthening activities.

John van der Welle, Chairman of the LGC, commented:

"I am pleased to report that the Listing and Governance Committee's initial recommendations have been made to the Board and have been acted upon. I would like to thank shareholders for their input as part of this process. The LGC's review of the Company's organisation and governance structure will continue into the new year. I look forward to updating shareholders on progress in due course."

Contacts: 

Hurricane Energy plc	Dr Robert Trice (Chief Executive Officer)/Alistair Stobie (Chief Financial Officer)	[phone]
Stifel Nicolaus Europe Limited	Nominated Adviser and Corporate Broker Callum Stewart/Nicholas Rhodes/Ashton Clanfield	[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.

Hurricane's acreage is concentrated on the Rona Ridge, West of Shetland. The Lancaster field, the Company's most appraised asset, has combined 2P Reserves and 2C 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, with first oil targeted for 1H 2019.

During the 2016-2017 drilling campaign, the Company made two significant discoveries* at Halifax and Lincoln, indicating that the Greater Lancaster Area and the Greater Warwick Area have the potential to be two large accumulations.

Hurricane's other assets include Whirlwind, which has 2C Contingent Resources of 205 million barrels of oil equivalent (under the Whirlwind oil case).

*Discovery - This classification is consistent with SPE/AAPG/WPC and SPEE guidelines for Petroleum Resource Management - Determination of Discovery Status

Inside Information

The content of this announcement does not comprise price sensitive information.

 

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