Hurricane Energy PLC Director/PDMR Shareholding (8199F)
17 Julio 2019 - 3:01AM
UK Regulatory
TIDMHUR
RNS Number : 8199F
Hurricane Energy PLC
17 July 2019
17 July 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Director / PDMR Shareholding
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, notes the sale of 110 million ordinary shares in the
Company by Kerogen Investments No. 18 Limited ("Kerogen").
On 17 July 2019, Kerogen announced that it had sold 110 million
ordinary shares in the Company at a price of 46.5 pence per share.
Following settlement, which is expected to take place on 19 July
2019, Kerogen will hold approximately 16.0 per cent of the
Company's issued ordinary share capital. This residual holding will
be subject to a lock-up period of 120 days, subject to customary
exceptions.
Hurricane notes that Kerogen has signalled its continued support
for the Company as it continues to be a major shareholder with a
16.0 per cent interest and a nominated representative on
Hurricane's board of directors. Kerogen has participated in each of
the Company's significant placings since April 2016 and this
transaction represents approximately a quarter of its current
holding.
Kerogen Investments No. 18 Limited is a Person Closely
Associated (PCA) with Roy Kelly, a person discharging managerial
responsibility at Hurricane Energy plc (as non-executive director).
Accordingly, the below Notification of Dealing Form is provided in
accordance with the requirements of EU Market Abuse Regulation
(MAR).
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Kerogen Investments No. 18 Limited
------------------------- -----------------------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status: Person Closely Associated (PCA) with Roy Kelly, a
person discharging managerial responsibility at Hurricane
Energy plc (non-executive director)
------------------------- -----------------------------------------------------------
b) Initial Initial Notification
notification/Amendment:
------------------------- -----------------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Hurricane Energy plc
------------------------- -----------------------------------------------------------
b) LEI: 2138007Z66OO4XWKM819
------------------------- -----------------------------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------------
a) Description Ordinary shares of 0.1p each in Hurricane Energy plc
of ("Shares")
the ISIN: GB00B580MF54
financial
instrument,
type
of
instrument:
Identification
code:
------------------------- -----------------------------------------------------------
b) Nature Accelerated bookbuild offering by Kerogen Investments
of No. 18 Limited carried out by Morgan Stanley & Co.
the International plc and Stifel Nicolaus Europe Limited,
transaction: acting as joint bookrunners.
------------------------- -----------------------------------------------------------
c) Price(s) 110 million Shares
and 46.5 pence per Share
volume(s):
------------------------- -----------------------------------------------------------
d) Aggregated See above 4 c)
information:
------------------------- -----------------------------------------------------------
e) Date 17 July 2019
of
the
transaction:
------------------------- -----------------------------------------------------------
f) Place Outside of trading venue
of
the
transaction:
------------------------- -----------------------------------------------------------
Contacts:
Hurricane Energy plc
Dr Robert Trice, Chief Executive Officer +44 (0)1483 862
Alistair Stobie, Chief Financial Officer 820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / Nicholas Rhodes / Ashton
Clanfield +44 (0)20 7710 7600
Morgan Stanley & Co. International plc
Joint Corporate Broker
Andrew Foster / Tom Perry / Alex Smart +44 (0)20 7425 8000
Vigo Communications
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigocomms.com +44 (0)20 7390 0230
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 on 4 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DSHGRGDRCUBBGCR
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July 17, 2019 04:01 ET (08:01 GMT)
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