Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that all resolutions put to shareholders at the Annual General Meeting ("AGM") of the Company held earlier today were duly passed.
The AGM was held at: The Science Suite, Royal Society of Chemistry, Burlington House, Piccadilly, London, W1J 0BA at 11.00am. Each of the resolutions contained in the Notice of Meeting were put to the AGM, voted on by way of a poll, and duly approved.
The total number of votes received on each resolution put to the AGM, as more fully disclosed in the Notice of Meeting available on the Company's website, was as follows:
% ISC Voted
Receive Annual Report and Group Financial Statements
Re-appoint Deloitte LLP as the Company's auditors
Elect Sandy Shaw
Re-elect Dr Robert Trice
Re-elect John van der Welle
Renew authority to allot shares in the Company
Authority to allot shares for cash free of pre-emptive rights *
· * denotes Special Resolution.
· A vote "Withheld" is not a vote in law and is not counted in the calculation of the votes cast "For" or "Against" the resolution, nor in the calculation of the "% ISC Voted" for any resolution.
· Votes "For" and "Against" are expressed as a percentage of votes validly cast for that resolution at the AGM, excluding any "Withheld" votes.
· "% ISC Voted" denotes the votes validly cast for each resolution as a percentage of the issued share capital of 1,990,228,053 shares as at 3 June 2019, being the last date for submission of votes by proxy in advance of the AGM.
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
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 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. This development is initially expected to produce an average of 17,000 bopd(gross production of 20,000 bopd with assumed operating efficiency of 85%, following a period of ramp-up). First oil was achieved in June 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 starting with three wells in 2019 and targeting sanction of full field development in 2021.
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
Barrels of oil per day
Floating production storage and offloading vessel
Spirit Energy Limited
This announcement contains inside information as stipulated under the market abuse regulation (EU no. 596/2014). Upon the publication of this announcement via regulatory information service this inside information is now considered to be in the public domain.
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.
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.
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.
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Headlines from the Proactive UK newsroom.
Hurricane Energy PLC (LON:HUR) has confirmed that it has struck oil at its Lincoln Crestal well off the west coast of the Shetland Islands. The group said a drill stem test on the well produced oil to surface, resulting in a flare.