logo-loader
RNS
viewHurricane Energy PLC

Hurricane Energy PLC - Award of Shares under the Share Incentive Plan

RNS Number : 3667A
Hurricane Energy PLC
20 January 2020
 

20 January 2020

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

Award of Shares under the Share Incentive Plan

 

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the award of shares to Hurricane employees under the Hurricane Energy plc Share Incentive Plan ("SIP").

 

On 20 January 2020, Hurricane received notification from Global Shares Trustee Company Limited ("SIP Trustee"), trustee of the SIP, that it has awarded 1,674,240 ordinary shares of £0.001 each in the Company ("Ordinary Shares") to participants in the SIP at a price of 25.63 pence per share, being the closing mid-market price on 17 January 2020.

 

The SIP award will be satisfied in part by the issue of 1,643,503 new Ordinary Shares to the SIP Trustee at a subscription price of £0.001 per share, being the nominal value of the shares. Application has been made for these new Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place by 24 January 2020.  The shares will rank pari passu with the existing Ordinary Shares.

 

Following the SIP awards, Hurricane's total issued and voting share capital will comprise 1,991,871,556 Ordinary Shares.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

 

The Company operates the SIP annually to encourage and deepen share ownership in the Company. Under the plan, which is approved by HM Revenue & Customs, each participating employee will receive an allocation of Partnership Shares (being shares acquired at market value using contributions deducted from employees' pre-tax salaries; "Partnership Shares"), Matching Shares (being ordinary shares of twice the number of Partnership Shares acquired by an employee which are paid for by the Company; "Matching Shares") and Free Shares (being ordinary shares to a value not exceeding £3,600 in the current tax year, which are paid for by the Company; "Free Shares").

 

Under the SIP, the following persons discharging managerial responsibilities of the Company were awarded the following number of Ordinary Shares:

 

Name

Number of
Partnership Shares

Number of
Matching Shares

Number of
Free Shares

Dr Robert Trice

7,023

14,046

14,046

Alistair Stobie

7,023

14,046

14,046

Neil Platt

7,023

14,046

14,046

Richard Chaffe

7,023

14,046

14,046

Melissa Clare

7,023

14,046

14,046

Stephen Holmes

7,023

14,046

14,046

Daniel Jankes

7,023

14,046

14,046

Moira Slightam

7,023

14,046

14,046

Richard Tomlins

7,023

14,046

14,046

 

The below information is intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

 

 

1.

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

a)   Dr Robert Trice

b)   Alistair Stobie

c)   Neil Platt

d)   Richard Chaffe

e)   Melissa Clare

f)    Stephen Holmes

g)   Daniel Jankes

h)   Moira Slightam

i)    Richard Tomlins

2.

Reason for the notification

a)

Position/status:

a)   Chief Executive Officer

b)   Chief Financial Officer

c)   Chief Operations Officer

d)   Finance Director

e)   General Manager (Aberdeen)

f)    Production Operations Director

g)   General Counsel

h)   Subsurface Technical Director

i)    Development and Engineering Technical Director

b)

Initial notification/Amendment:

Initial Notification

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 of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.1p each in Hurricane Energy plc ("Shares")

ISIN: GB00B580MF54

b)

Nature of the transaction:

Award of Shares by the SIP Trustee pursuant to the SIP.

c)

Price(s) and volume(s):

 

 

Price(s)

Volume(s)

a)

25.63p

35,115

b)

25.63p

35,115

c)

25.63p

35,115

d)

25.63p

35,115

e)

25.63p

35,115

f)

25.63p

35,115

g)

25.63p

35,115

h)

25.63p

35,115

i)

25.63p

35,115

 

d)

Aggregated information:

·      Price:

·      Volume:

 

25.63p

Volume: 316,035

e)

Date of the transaction:

20 January 2020

f)

Place of the transaction:

London Stock Exchange (XLON)

 

 

Contacts: 

 

Hurricane Energy plc

Dr Robert Trice, Chief Executive Officer

Alistair Stobie, Chief Financial Officer

 

+44 (0)1483 862 820

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

[email protected]

+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% owned by Hurricane) 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. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

 

Glossary

FPSO

Floating production storage and offloading vessel

Spirit Energy

Spirit Energy Limited

 


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 [email protected] or visit www.rns.com.
 
END
 
 
DSHBLGDBRGDDGGG

Quick facts: Hurricane Energy PLC

Price: 14.56

Market: LSE
Market Cap: £290.02 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE