Hurricane Energy plc

07/17/2019 | Press release | Distributed by Public on 07/17/2019 02:14

Director/PDMR Shareholding

17 July 2019

Hurricane Energy plc

('Hurricane' or the 'Company')

Director / PDMR Shareholding

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, notes the sale of 110 million ordinary shares in the Company by Kerogen Investments No. 18 Limited ('Kerogen').

On 17 July 2019, Kerogen announced that it had sold 110 million ordinary shares in the Company at a price of 46.5 pence per share. Following settlement, which is expected to take place on 19 July 2019, Kerogen will hold approximately 16.0 per cent of the Company's issued ordinary share capital. This residual holding will be subject to a lock-up period of 120 days, subject to customary exceptions.

Hurricane notes that Kerogen has signalled its continued support for the Company as it continues to be a major shareholder with a 16.0 per cent interest and a nominated representative on Hurricane's board of directors. Kerogen has participated in each of the Company's significant placings since April 2016 and this transaction represents approximately a quarter of its current holding.

Kerogen Investments No. 18 Limited is a Person Closely Associated (PCA) with Roy Kelly, a person discharging managerial responsibility at Hurricane Energy plc (as non-executive director). Accordingly, the below Notification of Dealing Form is provided in accordance with the requirements of EU Market Abuse Regulation (MAR).

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them


Details of the person discharging managerial responsibilities/person closely associated



Kerogen Investments No. 18 Limited


Reason for the notification



Person Closely Associated (PCA) with Roy Kelly, a person discharging managerial responsibility at Hurricane Energy plc (non-executive director)


Initial notification/Amendment:

Initial Notification


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor



Hurricane Energy plc





Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted


Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.1p each in Hurricane Energy plc ('Shares')

ISIN: GB00B580MF54


Nature of the transaction:

Accelerated bookbuild offering by Kerogen Investments No. 18 Limited carried out by Morgan Stanley & Co. International plc and Stifel Nicolaus Europe Limited, acting as joint bookrunners.


Price(s) and volume(s):

110 million Shares

46.5 pence per Share


Aggregated information:

See above 4 c)


Date of the transaction:

17 July 2019


Place of the transaction:

Outside of trading venue


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 on 4 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.


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


Barrels of oil per day


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.


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.