Kerogen Capital is pleased to announce that at today’s general meeting of Hurricane Energy plc (“Hurricane” or the “Company”) all the resolutions relating to Kerogen Capital’s proposed £44 million (approximately US$63 million) subscription for new ordinary shares in Hurricane were duly passed.
As a result, Kerogen will become Hurricane’s largest shareholder with a 29.9% shareholding when the new ordinary shares are admitted to trading on London’s AIM market (“Admission”), with Admission expected to become effective at 8.00am on Tuesday 10 May 2016.
Hurricane shareholders also approved the appointment of Roy Kelly, Managing Director and Head of Technical of Kerogen Capital, as a Non-executive Director of the Company with effect from Admission. Roy Kelly will appoint Jason Cheng or, in his absence, Leonard Tao as his alternate director on the Board of Hurricane.
About Hurricane Energy plc
Hurricane, founded in 2005, is a UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs. The Company is the 100% owner and operator of four licences on the UKCS. Hurricane’s anchor project is the Lancaster field, a shallow water light oil discovery with independently certified 2C resources of around 200 million barrels of oil (Competent Person’s Report by RPS Energy, 2013). The most recent well, a one kilometre horizontal well drilled and tested in 2014, achieved a sustainable flow rate of approximately 9,800 barrels of oil per day, constrained by the capacity of surface equipment. Following the success of the 2014 horizontal well, Hurricane intends to complete its appraisal programme and proceed towards the EPS phase of development at Lancaster.