Repayment of Convertible Bonds

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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