TIDMHUR

RNS Number : 2048V

Hurricane Energy PLC

10 December 2021

10 December 2021

Hurricane Energy plc

("Hurricane" or the "Company")

Notice of Repurchase of Hurricane's U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022

Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that, following the convertible bond repurchase announced on 8 December 2021, its subsidiary Hurricane GLA Limited has completed the repurchase of an additional U.S.$28.5 million in aggregate principal amount of the Company's U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022 (the "Bonds") (of which U.S.$137,016,000 ( excluding the Bonds held by Hurricane GLA Limited pending cancellation) in aggregate principal amount are outstanding) for a total consideration of U.S.$27.3 million, including accrued interest.

The Bonds were acquired from Stifel Nicolaus Europe Limited and will be surrendered for cancellation. Following cancellation of all purchased Bonds, the Company will have further reduced its aggregate principal amount of the Bonds outstanding to U.S.$108,507,000 and lead to a further net saving in debt repayment and interest charges of U.S.$2.8 million.

The Company will continue to evaluate its liability management options which may include further Bond repurchases from time to time, subject to market conditions.

This notification does not constitute or form part of an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Bonds or any other securities.

Antony Maris, CEO of Hurricane, commented:

"The net savings from the Bond repurchases over the past week have been of significant benefit to the Company. We will continue to take advantage of the volatility in the oil price and the economic indicators, and any inbound offers from the holders of the Bonds, to reduce further our outstanding debt, whilst maintaining an appropriate cash position. While bridging any funding gap for the repayment of the Bonds remains a challenge, we will continue to look at all the options available to us to meet our debt repayment obligations and maximise the value of our assets."

Contacts:

 
 Hurricane Energy plc 
  Antony Maris, Chief Executive Officer 
  communications@hurricaneenergy.com            +44 (0)1483 862820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / Jason Grossman               +44 (0)20 7710 7600 
 Investec Bank plc 
  Joint Corporate Broker 
  Chris Sim / Jarrett Silver                    +44 (0)20 7597 5970 
 
 Vigo Consulting 
  Public Relations 
  Patrick d'Ancona / Ben Simons 
  hurricane@vigoconsulting.com                  +44 (0)20 7390 0230 
 

About Hurricane

Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.

Hurricane also has a 50% interest in the Greater Warwick Area licence, which contains the Lincoln and Warwick assets.

Visit Hurricane's website at www.hurricaneenergy.com

Inside Information

This announcement is released by Hurricane Energy plc and contains inside information under Regulation (EU) 596/2014 on market abuse, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the UK MAR). For the purpose of the UK MAR, this announcement is made by Antony Maris, Chief Executive Officer at Hurricane Energy plc.

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December 10, 2021 02:00 ET (07:00 GMT)

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