Hurricane Energy PLC Appointment of Non-Executive Chairman (6888L)
April 23 2018 - 1:01AM
UK Regulatory
TIDMHUR
RNS Number : 6888L
Hurricane Energy PLC
23 April 2018
23 April 2018
Hurricane Energy plc
("Hurricane" or the "Company")
Appointment of Non-Executive Chairman
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, announces the appointment of Mr Steven McTiernan as
Non-Executive Chairman of the board of directors of Hurricane (the
"Board"), effective 1 May 2018. Dr David Jenkins, who has acted as
Interim Chairman of the Board since November 2017, will return to
his previous role as Senior Independent Director on this date.
Mr Steven McTiernan has over forty-five years of oil and gas
industry and investment banking experience. He was a non-executive
director of Tullow Oil plc for eleven years until December 2012,
during its period of rapid growth, and served as its Senior
Independent Director. He is currently Chairman of Kenmare
Resources, a mining company listed on the Main Market of the London
Stock Exchange (Premium segment), where he has been on the board
since 2013. He was an independent director at First Quantum
Minerals Ltd until June 2012, and an independent director at Songa
Offshore SE until January 2014. His oil and gas industry experience
includes roles at Iraq Petroleum, Amoco, BP and Mesa, and his
banking experience includes senior roles leading energy teams at
the Chase Manhattan Bank, NatWest Markets and CIBC. He holds an MA
in Natural Sciences from the University of Cambridge.
Dr Robert Trice, Chief Executive of Hurricane Energy,
commented:
"I am delighted to welcome Steven to the Board of Hurricane as
Non-Executive Chairman. This is an extremely important time for the
Company as we progress towards first oil on Lancaster in H1 2019.
As the Company continues to grow, and considers the best way to
create further value for its stakeholders, Steven's experience will
prove invaluable. His background in both the oil industry and
finance, particularly his significant M&A experience, is well
suited to guiding the Company in its next steps beyond the
commencement of the EPS. I'd also like to thank David for assuming
the Interim Chairman role and leading the Board over recent
months."
Dr David Jenkins, Non-Executive Director of Hurricane Energy,
commented:
"It is a great pleasure to welcome a Chairman of Mr McTiernan's
calibre to Hurricane and I look forward to working with him as we
transition to the next phase of the Company's development."
Mr Steven McTiernan commented:
"I am most enthusiastic to be joining Hurricane, one of the UK
E&P sector's most exciting junior companies, at an early stage
in the development and appraisal of its unique and play-opening
assets. The potential scale and productivity of Hurricane's
opportunity is highly significant. I believe that my diverse
technical, financing and transaction experiences can be valuable in
helping shape the future progress of the Company. I am also
reassured to see the steps already taken by Dr David Jenkins and
the Board to put in place corporate governance standards
appropriate for a more mature company, and I look forward to
steering further steps in this process as the Board considers the
merits of application for a premium listing."
The information required to be disclosed in relation to Mr
McTiernan in accordance with the AIM Rules for Companies ("AIM
Rules") is as outlined below:
Full name: Mr Steven James McTiernan
------------------------ ------------------------------------------
Age: 67
------------------------ ------------------------------------------
Current Directorships: Kenmare Resources plc
(Chairman)
------------------------ ------------------------------------------
Previous Directorships
/ Partnerships in the * Tullow Oil plc
last 5 years:
* First Quantum Minerals Ltd
* Songa Offshore SE
* Sandown Energy Consultants Limited
------------------------ ------------------------------------------
Save for the information disclosed above, there are no further
disclosures to be made in accordance with Schedule Two paragraph
(g) of the AIM Rules in respect of the appointment of Mr
McTiernan.
Contacts:
Dr Robert Trice (Chief
Hurricane Executive Officer)/Alistair
Energy Stobie (Chief Financial +44 (0)14 8386
plc Officer) 2820
--------------------- ------------------------------ -------------------------
Stifel Nominated Adviser and
Nicolaus Corporate Broker
Europe Callum Stewart/Nicholas +44 (0)20 7710
Limited Rhodes/Ashton Clanfield 7600
--------------------- ------------------------------ -------------------------
Vigo Communications Public Relations +44 (0)20 7830
Patrick d'Ancona/Ben 9704
Simons Hurricane@vigocomms.com
--------------------- ------------------------------ -------------------------
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 H1 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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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