Results of AGM

RNS Number : 2685B

Hurricane Energy PLC

05 June 2019

 

5 June 2019

Hurricane Energy plc

("Hurricane" or the "Company")

Results of Annual General Meeting

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that all resolutions put to shareholders at the Annual General Meeting ("AGM") of the Company held earlier today were duly passed.

The AGM was held at: The Science Suite, Royal Society of Chemistry, Burlington House, Piccadilly, London, W1J 0BA at 11.00am. Each of the resolutions contained in the Notice of Meeting were put to the AGM, voted on by way of a poll, and duly approved.

The total number of votes received on each resolution put to the AGM, as more fully disclosed in the Notice of Meeting available on the Company's website, was as follows:

#	Resolution	Votes FOR	%	Votes AGAINST	%	Votes TOTAL	% ISC Voted	Votes WITHELD
1	Receive Annual Report and Group Financial Statements	1,029,981,015	99.57	4,421,534	0.43	1,034,402,549	51.97	604,643
2	Re-appoint Deloitte LLP as the Company's auditors	1,030,075,956	99.98	173,343	0.02	1,030,249,299	51.77	4,757,893
3	Elect Sandy Shaw	1,034,061,976	99.99	114,745	0.01	1,034,176,721	51.96	830,471
4	Re-elect Dr Robert Trice	1,033,317,280	99.88	1,238,464	0.12	1,034,555,744	51.98	451,448
5	Re-elect John van der Welle	1,032,838,738	99.85	1,505,008	0.15	1,034,343,746	51.97	663,446
6	Renew authority to allot shares in the Company	1,033,804,566	99.96	450,879	0.04	1,034,255,445	51.97	751,747
7	Authority to allot shares for cash free of pre-emptive rights *	1,032,767,349	99.89	1,127,461	0.11	1,033,894,810	51.95	762,382

Notes:

·    * denotes Special Resolution.

·    A vote "Withheld" is not a vote in law and is not counted in the calculation of the votes cast "For" or "Against" the resolution, nor in the calculation of the "% ISC Voted" for any resolution.

·    Votes "For" and "Against" are expressed as a percentage of votes validly cast for that resolution at the AGM, excluding any "Withheld" votes.

·    "% ISC Voted" denotes the votes validly cast for each resolution as a percentage of the issued share capital of 1,990,228,053 shares as at 3 June 2019, being the last date for submission of votes by proxy in advance of the AGM.

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%) 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. This development is initially expected to produce an average of 17,000 bopd (gross production of 20,000 bopd with assumed operating efficiency of 85%, following a period of ramp-up). First oil was achieved in June 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 starting with three wells in 2019 and 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
bopd	Barrels of oil per day
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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