Result of GM

Released : 07/11/2016 16:01

RNS Number : 5337O
Hurricane Energy PLC
07 November 2016
 

7 November 2016

 

Hurricane Energy plc

("Hurricane" or the "Company") 

 

Result of General Meeting,

Completion of £70m Placing and Result of Open Offer

 

Hurricane Energy plc, the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to announce that at the general meeting of the Company, held earlier today, both resolutions proposed (the "Resolutions") were duly passed.

 

The Company announced on 20 October 2016 that it had conditionally raised gross proceeds of £70 million through a proposed issue of 205,882,353 Placing Shares at a price of 34 pence per share (the "Issue Price"). The Company also confirmed that it proposed separately to make an Open Offer to Qualifying Shareholders to enable them to participate in the capital raising process at the Issue Price, to raise up to an additional £4.4 million.

 

Hurricane is pleased to confirm that the Open Offer was two times oversubscribed and is now closed for acceptances. The Company has received valid acceptances in respect of 5,012,720 Open Offer Shares pursuant to Qualifying Shareholders' Open Offer Entitlements and a further 34,391,449 Open Offer Shares pursuant to Excess Open Offer Entitlements. The maximum number of 12,947,767 Open Offer Shares will therefore be issued to Qualifying Shareholders, which will provide the Company with gross proceeds from the Open Offer of £4.4 million.  Qualifying Shareholders who validly applied for Open Offer Shares pursuant to their Open Offer Entitlement will receive the full amount of Open Offer Shares they applied for and following scale back will also receive a proportion of the  Open Offer Shares applied for under the Excess Application Facility.

 

Following the passing of the Resolutions, the Fundraising will now proceed to completion.  Further details of, inter alia, the background to and reasons for the Fundraising are set out in the circular which was posted to shareholders in connection with the Resolutions, which is available on the Company's website at www.hurricaneenergy.com. Terms defined in the circular have the same meanings in this announcement.

 

Application has been made for admission of 218,830,120 New Ordinary Shares, to be issued pursuant to the Fundraising, to trading on AIM ("Admission"), with Admission expected to become effective at 8.00 a.m. on 8 November 2016.

 

Following Admission, Hurricane's total issued and voting share capital will comprise 1,202,860,397 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.

 

Dr Robert Trice, Chief Executive, commented:                                                             

 

"We are delighted that our shareholders have supported the Fundraising and we look forward to progressing the next phase of our operational activity at Lancaster, which is to commence shortly with the drilling of an exploration well on Lincoln.

 

We were extremely encouraged by the results from the Pilot and Horizontal Sidetrack wells drilled earlier this year, which have confirmed that we now have two highly productive horizontal wells which we will use in our EPS. Completion of this Fundraising will enable us to continue to advance our understanding of the Greater Lancaster Area by potentially adding considerable near-field resources and secure the development timetable for the Lancaster Early Production System.

 

We look forward to providing our shareholders with updates on these exciting activities in due course."

 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

Ends

 

Contact Details:

 

Hurricane Energy plc

Dr Robert Trice, Chief Executive Officer

Alistair Stobie, Chief Financial Officer

 

+44 (0)1483 862 820

Cenkos Securities plc

Nominated Adviser, Joint Broker and Joint Bookrunner

Derrick Lee/Nick Tulloch/Beth McKiernan

 

+44 (0)131 220 6939

Macquarie Capital (Europe) Limited

Joint Broker and Joint Bookrunner

Alex Reynolds / Guy de Freitas

 

+44 (0)20 3037 2000

Vigo Communications

Public Relations Adviser to Hurricane

Patrick d'Ancona/Ben Simons

 

+44 (0)20 7830 9700

 

 

About Hurricane

 

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. Hurricane has already successfully discovered substantial volumes of oil on the UKCS. The Company has 444-470 mmboe of 2C Contingent Resources and 432-442 mmboe of P50 Prospective Resources on acreage it controls 100%.

 

Further information on Hurricane can be found at: www.hurricaneenergy.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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