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Results of AGM

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RNS Number : 2685B
Hurricane Energy PLC
05 June 2019
 

5 June 2019

 

Hurricane Energy plc

("Hurricane" or the "Company")

Results of Annual General Meeting

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:

#

Resolution

Votes
FOR

%

Votes AGAINST

%

Votes TOTAL

% ISC Voted

Votes WITHELD

1

Receive Annual Report and Group Financial Statements

1,029,981,015

99.57

4,421,534

0.43

1,034,402,549

51.97

604,643

2

Re-appoint Deloitte LLP as the Company's auditors

1,030,075,956

99.98

173,343

0.02

1,030,249,299

51.77

4,757,893

3

Elect Sandy Shaw

1,034,061,976

99.99

114,745

0.01

1,034,176,721

51.96

830,471

4

Re-elect Dr Robert Trice

1,033,317,280

99.88

1,238,464

0.12

1,034,555,744

51.98

451,448

5

Re-elect John van der Welle

1,032,838,738

99.85

1,505,008

0.15

1,034,343,746

51.97

663,446

6

Renew authority to allot shares in the Company

1,033,804,566

99.96

450,879

0.04

1,034,255,445

51.97

751,747

7

Authority to allot shares for cash free of pre-emptive rights *

1,032,767,349

99.89

1,127,461

0.11

1,033,894,810

51.95

762,382

 

Notes:

·    * 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.

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%) 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.

Glossary

2P Reserves

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

bopd

Barrels of oil per day

FPSO

Floating production storage and offloading vessel

Spirit Energy

Spirit Energy Limited

 

Inside Information

 

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.

 

Competent Person

 

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.

 

Standard

 

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.
 
END
 
 
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