Hurricane Energy PLC Update Regarding Proposed Pre-emptive Offering (8196M)
August 02 2017 - 1:00AM
UK Regulatory
TIDMHUR
RNS Number : 8196M
Hurricane Energy PLC
02 August 2017
2 August 2017
Hurricane Energy plc
("Hurricane" or the "Company")
Update Regarding Proposed Pre-emptive Offering
Hurricane Energy plc, the UK-based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, provides an update on the proposed pre-emptive
follow-on offering to all shareholders.
As previously announced, in connection with the Company's
recently completed US$530 million fundraising ("Fundraising"), the
Company planned to pursue a pre-emptive offer to all shareholders
on the register at close of business on 29 June 2017,
("Shareholders") to raise up to US$5 million at the Fundraising
placing price (the "Pre-emptive Offer"), being 32 pence per share
(the "Offer Price"). It was not practical to incorporate a
Pre-emptive Offer as part of the Fundraising, primarily because
such a Pre-emptive Offer requires a prospectus to be approved by
the United Kingdom Listing Authority, the timing of which was not
compatible with final investment decision for the early production
system at the Company's Lancaster field in summer 2017.
The Pre-emptive Offer was designed to provide Shareholders with
the opportunity to subscribe for shares at the Offer Price. Since
completion of the Fundraising on 24 July 2017, Shareholders have
been able to purchase shares in the open market at below the Offer
Price. The Directors do not believe it is a productive use of
Company funds or management time to proceed with the Pre-emptive
Offer should the Company's shares continue to trade below the Offer
Price. Therefore, should the volume weighted average price of the
Company's shares remain at or below the Offer Price over the 5
trading days from the date of this announcement, no Pre-emptive
Offer will be pursued.
Contact Details:
+44 (0) 1483
Hurricane Energy plc 862 820
Dr Robert Trice (Chief Executive
Officer) / Alistair Stobie
(Chief Financial Officer)
+44 (0) 131 220
Cenkos Securities plc 6939
Nominated Adviser, Joint Broker
Nick Tulloch / Derrick Lee
/ Beth McKiernan
+44 (0) 207 710
Stifel Nicolaus Europe Limited 7600
Joint Broker
Callum Stewart / Nicholas Rhodes
/ Ashton Clanfield
Evercore Partners International +44 (0) 207 653
LLP 6000
Financial Adviser
Gent Kadare / Jim Renwick
+44 (0) 207 830
Vigo Communications 9700
Public Relations Adviser hurricane@vigocomms.com
Patrick d'Ancona / Ben Simons
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 licence, the Company's most appraised
asset, has combined 2P Reserves and 2C Resources of 523 million
barrels. In addition, the Company has 205 million barrels of oil
equivalent on its Whirlwind licence (under the Whirlwind oil
case).
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.
*Discovery - This classification is consistent with SPE/AAPG/WPC
and SPEE guidelines for Petroleum Resource Management -
Determination of Discovery Status
This information is provided by RNS
The company news service from the London Stock Exchange
END
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