Appointment of Non-Executive Director

RNS Number : 1490M

Hurricane Energy PLC

03 January 2019

 

3 January 2019

Hurricane Energy plc

("Hurricane" or the "Company")

Appointment of Non-Executive Director

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that Ms Sandy Shaw has been appointed as Non-Executive Director of the Company with immediate effect.

Ms Shaw has over thirty-five years of experience in the oil and gas industry, focused on legal and commercial roles. From 2008 until its takeover in 2013, she was Executive Director Corporate & Commercial, and Company Secretary of Valiant Petroleum, a company of which she was a founder and non-executive director. Ms Shaw has held senior executive positions as group legal counsel and/or commercial director for a number of companies including Consort Resources, LASMO, Esso Petroleum and Marathon Oil. She is currently a non-executive director of Velocys plc, an AIM quoted renewable fuels company.

Steven McTiernan, Chairman of Hurricane, commented:

"I am delighted to welcome Sandy to the board of Hurricane. We believe Sandy's specialist legal and commercial expertise in the oil and gas industry will materially strengthen the board. This wealth of experience will be invaluable as the Company not only enters a critical phase in approaching first oil from the Lancaster EPS, but also significantly expands the scope of its activities, starting with appraisal drilling in the Greater Warwick area in 2019."

Contacts: 

Hurricane Energy plc	Dr Robert Trice (Chief Executive Officer) / Alistair Stobie (Chief Financial Officer)	[phone]
Stifel Nicolaus Europe Limited	Nominated Adviser and Joint Corporate Broker Callum Stewart / Nicholas Rhodes / Ashton Clanfield	[phone]
Morgan Stanley & Co. International plc	Joint Corporate Broker Andrew Foster / Tom Perry / Alex Smart	[phone]
Vigo Communications	Public Relations Patrick d'Ancona / Ben Simons	[phone] [e-mail]

The information required to be disclosed in relation to Ms Shaw in accordance with the AIM Rules for Companies ("AIM Rules") is as outlined below:

Full name:	Ms Sandra Nan Demby Shaw
Age:	65
Current directorships:	·     Velocys plc ·     SDC LNC Limited ·     Fifty One Fernbank Road Management Company Limited
Previous directorships / partnerships in the last 5 years:	·     Valiant Petroleum

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 Ms Shaw.

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 Hurricane's most appraised asset, with five wells drilled by the Company to date. It has 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 which will be the UK's first basement field development. It involves a two well tie-back to the Aoka Mizu FPSO and is expected to initially produce 17,000 barrels of oil per day. First oil is targeted for 1H 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 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
FPSO	Floating production storage and offloading vessel
Spirit Energy	Spirit Energy Limited

Inside Information

The content of this announcement does not comprise price sensitive information.

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.

 

END

 

 

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