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Hurricane Energy plans possible move to premium listing on London Stock Exchange

Hurricane is considering an upgrade to its stock market listing due to its significantly increased size. It is also seeking a new chairman and is reviewing its corporate and boardroom structure
Dr Robert Trice chief executive of Hurricane Energy offshore drilling in North Sea
Dr Robert Trice said operations are on schedule for the Lancaster oil field

Hurricane Energy PLC (LON:HUR) is considering an upgrade to its listing, with a potential transfer from the junior AIM market to a premium listing on the London Stock Exchange.

The successful UK offshore oiler, which raised more than £500mln of capital earlier this year, has announced a number of measures to recognise the company’s new size and scale.

Hurricane Energy updates on Lancaster progress as FPSO arrives at dry-dock

Hurricane has been able to advance the large Lancaster field in Scotland’s West of Shetland region to the cusp of development for an early production system (EPS).

Hurricane recently greenlighted the EPS which will come online in 2019 and deliver up to 17,000 barrels of oil per day. The EPS will be a precursor to a larger development of the potential multi-billion barrel oil project.

Hurricane chief executive Dr Robert Trice gave investors a brief project update.

"I am pleased to confirm that operational progress towards our target of first oil on the EPS continues to be on schedule, with the FPSO currently undergoing upgrade work in Dubai and our planned revised CPR, which includes Lincoln and Halifax, remaining on track for publication by year end,” he said in the statement.

READ: Hurricane Energy gets regulatory green light for Lancaster field development

“We look forward to providing an update on operations as relevant milestones are reached."

On Thursday, Hurricane also told investors that it is going to review its current organisational and governance structure, and as part of that effort it has now called a listing and governance sub-committee to its board.

It will make recommendations for the future board size, composition and structure while also considering changes to the organisational structure and regulatory matters.

Additionally, Hurricane non-executive chairman Dr Robert Arnott has stepped down with immediate effect. He is being replaced by senior independent director Dr David Jenkins who is taking the role on an interim basis, until the new sub-committee recommends suitable permanent candidates.

Trice added: "Following our successful fundraising and corresponding business transformation, I am pleased to announce the board's preparation for future growth, through the formation of the listing and governance committee.

“The establishment of this committee demonstrates Hurricane's commitment to achieving best practice disclosure, reporting and corporate governance standards, commensurate with a Premium Listed business.”

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