Directorate Changes

Released : 22/02/2016 07:00

RNS Number : 6690P
Hurricane Energy PLC
22 February 2016
 

Embargoed: 0700hrs, 22 February 2016

 

Hurricane Energy plc

("Hurricane" or the "Company")

Directorate changes

Hurricane Energy plc, the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that Non-executive Chairman, John Hogan, has advised the Company of his intention to step down from the Board upon completion of a three year term of office in March of this year. The Company is pleased to announce that Dr Robert Arnott has agreed to join the Board as a director and non-executive Chairman. The Board changes will be effective on 1 March 2016.

Dr Arnott has spent over three decades in the oil and gas industry. During his career, which began at Shell International, he has held the role of Chairman at each of Petroceltic International plc, Global Petroleum Limited and Oyster Petroleum Limited and non-executive directorships at Rocksource ASA and, until recently, Core Energy AS, an oil and gas company focused on the Norwegian continental shelf. Dr Arnott was a director of Spring Energy AS and is currently Chairman of Independent Oil Tools AS, an international oil services business.

In addition, Dr Arnott spent ten years in investment banking, most recently at Morgan Stanley Dean Witter and Goldman Sachs International, and is a Research Associate at the Oxford Institute for Energy Studies.

Dr Robert Trice, Chief Executive of Hurricane Energy, commented: "I am delighted that we have attracted a Chairman of such high calibre to Hurricane. This is an extremely important time for the Company as we continue to progress our ongoing discussions aimed at achieving first oil on Lancaster. I would like to thank John for his valuable contributions and advice over the last three years and wish him all the best for his future endeavours."

Dr Arnott  commented: "I am delighted to be joining Hurricane at such an exciting time for the business, as it continues to progress the farm-out of its world class Lancaster discovery, the biggest find on the UK Continental Shelf in over a decade. Robert and his team have demonstrated their ability to flow oil at commercial rates and I am looking forward to working with them to develop the field and make Lancaster a key part of the UK oil industry's future."

Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointment of Dr Arnott.

 

Full name:

Dr Robert John Arnott



Age:

58



Current Directorships:

Independent Oil Tools AS

Brimham Resources Limited


Previous Directorships / Partnerships in the last 5 years:

Rocksource ASA

Oyster Petroleum Ltd

Global Petroleum Limited

OPHL Investment Limited

Petroceltic International plc

Tullow Oil (International) Norge Limited

Spring Energy AS

Impax Environmental Markets plc

Core Energy AS

 

Ends

 

Contact Details:

Hurricane Energy plc

Dr Robert Trice

Chief Executive Officer

+44 1483 862 820

comms@hurricaneenergy.com

www.hurricaneenergy.com

Cenkos Securities plc

Derrick Lee

Nick Tulloch

Beth McKiernan

+44 131 220 6939

dlee@cenkos.com

ntulloch@cenkos.com

bmckiernan@cenkos.com

Media enquiries:

Vigo Communications

Patrick d'Ancona

Ben Simons

+44 20 7016 9573

+44 20 7016 9574

hurricane@vigocomms.com

 

Notes for Editors:

Hurricane is an oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs. The Company's focus is to discover, appraise and develop oil reserves in basement rock and has successfully found oil on the UKCS. The Company has 444-470 Mmboe of 2C Contingent Resources and 432-442 Mmboe P50 Prospective Resources on acreage it controls 100% under licences P1368, P1485 and P1835.

The Group completed an IPO on the AIM market on 4 February 2014.

Strategy and Focus

The Group's primary objective is to increase shareholder value through the exploration, appraisal and development of fractured basement reservoirs. The Directors' strategy to achieve this is as follows:

1) Concentrate on basement in proven petroleum systems

To date, the Group's basement exploration approach has been to focus on areas where oil had been found in basement structures by previous operators but not progressed on the basis that the prevailing opinion at the time was that such discoveries were not commercial. Once such potential areas have been identified, the Group undertakes a high grading process involving the evaluation of existing geotechnical data to establish if, and where, suitable prospects may be present.

The Directors believe this approach serves to reduce exploration risk on basement prospects by ensuring a working hydrocarbon system is present and by having available a comprehensive geotechnical database (both seismic and well data).

2) Regional focus on West of Shetland

Hurricane has established an attractive portfolio of exploration and appraisal projects, focused on fractured basement prospectivity West of Shetland. The Directors believe that the potential scale of the recoverable resource within these fractured basement reservoirs presents the UK oil and gas industry with a significant opportunity to access a material new strategic asset.

3) Ownership and operatorship during exploration and early stage appraisal

Hurricane has maintained 100% ownership and operatorship of all of its assets to date. The Directors believe that this puts the Company in a strong position to invite other industry participants to participate in the assets and share costs, in preparation for field development that will lead to producing assets.

4) Maintain an influential equity position

As Hurricane progresses the Group's assets towards development it intends to seek potential partners through a farm-out or other process to assist in future development and implementation of the FDP whilst maintaining an influential equity position.

5) Opportunities to acquire exploration licences in existing and new regions

Hurricane intends to participate in applications for new licence areas where the Group will be able to apply its technical expertise in basement reservoir evaluation to create value for its shareholders. The Directors believe that the Group's skill set and its track record to date leave it well positioned to secure further licences in countries with low geopolitical risk.

 


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