Director/PDMR Shareholding

RNS Number : 1615B

Hurricane Energy PLC

14 June 2016

 

14 June 2016

Hurricane Energy plc

(the "Company")

Directors' Shareholding

Hurricane Energy plc (AIM: HUR.L), the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, was informed on 14 June 2016 that on the same date John van der Welle, Non-executive Director of the Company, acquired 150,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 17.6875 pence per share.

Following this transaction Mr van der Welle is interested in a total of 150,000 Ordinary Shares, representing 0.02 per cent. of the Company's issued share capital.

Contacts:

Hurricane Energy plc	Daniel Jankes Company Secretary	[phone]
Cenkos Securities plc	Nominated Adviser and Broker Derrick Lee/Nick Tulloch/Beth McKiernan	[phone]
Vigo Communications	Public Relations Patrick d'Ancona/Ben Simons	+44  (0)20 7830 9704 [e-mail]

About Hurricane

Hurricane is an oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs. The Company's focus is to discover, appraise and develop oil reserves in basement rock. Hurricane has already successfully discovered substantial volumes of oil on the UKCS. The Company has 444-470 mmboe of 2C Contingent Resources and 432-442 mmboe P50 Prospective Resources on acreage it controls 100%.

In 2014, Hurricane drilled and tested an appraisal well on its Lancaster oil field West of Shetland. The highly successful operations demonstrated that the Company could produce commercial quantities of oil from Lancaster. The Company will undertake a further well programme on Lancaster, incorporating a Pilot well and a Horizontal Sidetrack well as part of a continuous drilling programme in the summer of 2016.  The Horizontal Sidetrack well is designed to refine the Lancaster Contingent Resource range (currently 62 - 456 mmboe), will provide a second future production well and will provide new information to help optimally plan the Lancaster field development. The Pilot well objectives are to confirm the depth of Oil Water Contact, evaluate the properties of a potential aquifer to establish how supportive it is of production and evaluate the overlying Victory sandstone resource range.

 

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