Hurricane Energy PLC's (LSE:HUR) takeover by Prax Exploration & Production is now advancing after the proposed transaction was approved by the UK authorities.
The company, in a stock market statement, told investors that Prax has now received confirmation from the Cabinet Office that the Chancellor of the Duchy of Lancaster has determined that no further action will be taken under the National Security and Investment Act 2021.
Prax - a London headquartered firm that has interests in the UK, Houston and Singapore – said it now expects to imminently receive written confirmation from the North Sea Transition Authority, the UK oil and gas industry regulator, stating that it does not intend to revoke any of the relevant licences or to require a further change of control of Hurricane following the transaction.
That will chalk off another condition to the transaction’s completion.
Meanwhile, a court sanction hearing is set for 7 June and consequently it is anticipated that 7 June will also be the last day of dealing for Hurricane shares in London.
The long stop date of the transaction is set at 31 December 2023.