Award of Shares under the Share Incentive Plan

RNS Number : 8606C

Hurricane Energy PLC

25 January 2018

 

25 January 2018

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 that it received notification on 25 January 2018 that, following payroll contributions made on 25 January 2018, Global Shares Trustee Company Limited ("SIP Trustee"), trustee of the Hurricane Energy plc Share Incentive Plan ("SIP"), awarded 474,006 ordinary shares of £0.001 each in the Company ("Ordinary Shares") to participants in the SIP at a price of 38.86 pence per share, being the closing mid-market price on 24 January 2018.

The SIP award has been partly satisfied by the issue of 341,301 new Ordinary Shares to the SIP Trustee at a subscription price of £0.001 per share, being the nominal value of the shares.

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 purchased or were awarded the following number of Ordinary Shares:

Name	Number of Partnership Shares	Number of Matching Shares	Number of Free Shares
Dr Robert Trice	4,632	9,264	9,264
Alistair Stobie	4,632	9,264	9,264
Neil Platt	4,632	9,264	9,264
Clive Smith	4,632	9,264	9,264
Richard Chaffe	4,632	9,264	9,264
Clare Slightam	4,632	9,264	9,264
Daniel Jankes	4,632	9,264	9,264

Application has been made for 341,301 new Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place by 31 January 2018.  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 1,959,551,637 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.

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 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, with first oil targeted for 1H 2019.

During the 2016-2017 drilling campaign, the Company made two significant discoveries* at Halifax and Lincoln. Together, these discoveries* have 2C Contingent Resources of 1,839 million barrels of oil equivalent.

Hurricane's other assets include Warwick, which has best case Prospective Resources of 935 million stock tank barrels of oil, Whirlwind, which has 2C Contingent Resources of 205 million barrels of oil equivalent (under the Whirlwind oil case) and Strathmore, which has 2C Contingent Resources of 32 million stock tank barrels of oil. Together, this brings Hurricane's total combined 2P Reserves and 2C Contingent Resources to 2.6 billion barrels of oil equivalent.

*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.

 

END

 

 

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