TIDMHUR

RNS Number : 5296T

Hurricane Energy PLC

25 July 2022

25 July 2022

Hurricane Energy plc

("Hurricane" or the "Company")

Repayment of Convertible Bonds

Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that it has repaid in full its outstanding $78,515,000 7.50 per cent Convertible Bonds (the "Bonds") plus $1.5 million of accrued interest by the maturity date of 24 July 2022.

The Bonds will now be delisted from The International Stock Exchange and cancelled.

The repayment leaves the Company debt free, with significant cash on hand, further cash due from the imminent lifting from the FPSO, and ongoing cash generative production from the Lancaster field.

Antony Maris, CEO of Hurricane, commented:

"The repayment of the convertible bonds is an important and key milestone for Hurricane as we move into a new phase for the company, focusing on building a long-term future for the business and creating additional value for our shareholders. The excellent operational performance of the Lancaster field, for which I pay a huge tribute to our whole team, combined with high oil prices has underpinned the establishment of a strong financial platform for the company.

We continue our work to identify the most effective capital allocation opportunities both within and outside of our existing asset base, and which best fit within our growth plans in the context of both our own and the UK's transition goals.

I believe that Hurricane going forward is attractive to investors and well positioned to look for new growth opportunities. Our focus is on creating value for shareholders and we are being very rigorous in assessing which opportunities will best deliver that."

-ends-

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 / Charles Craven    +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.

Visit Hurricane's website at www.hurricaneenergy.com

Glossary

 
 bopd    Barrels of oil per day 
 FPSO    Floating production storage and offloading 
          vessel 
        =========================================== 
 Mbbls   Thousand barrels 
        =========================================== 
 psia    pounds per square inch absolute 
        =========================================== 
 

Inside Information

This announcement does not contain inside information.

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END

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(END) Dow Jones Newswires

July 25, 2022 02:00 ET (06:00 GMT)

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