Hurricane Energy Announces Listing, New Board Committee & Director Change

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on plans to explore a change in the Company's listing venue, corporate governance and a directorate change.

Consideration of Premium Listing

Following discussions with shareholders, and in light of the Company's increased institutional shareholder base since the recent US$530 million capital raise, the Company is exploring a number of options, including application for admission of its ordinary shares to a premium segment of a recognised stock exchange ("Premium Listing"). The Company directors believe that a Premium Listing could provide the Company with a more appropriate platform for its growth, raise the Company's global profile, potentially increase its trading liquidity and provide it with a wider addressable investor universe for its ordinary shares.

Listing and Governance Committee

The Board recognises the increased size and scale of the Company's operations as it moves towards target first oil. Given this, and the Premium Listing considerations mentioned above, the Board considers it timely to review its current organisational and governance structure. Accordingly, a sub-committee of the Board has been established, the Listing and Governance Committee ("LGC"), to evaluate the Company's organisation and governance structure, and provide recommendations for changes that will better suit the ongoing requirements of a company of Hurricane's scale and growth profile.

The LGC will be chaired by John van der Welle (Independent Non-Executive Director) and Evercore Partners has been appointed to provide independent advice to the committee.

The LGC's scope will include, amongst other things:

  • Evaluation of the merits of a potential move to a Premium Listing
  • Recommendations on Board size, composition and structure including governance protocols and the formation of additional sub-committees
  • Recommendations on any changes to organisational structure, and internal processes and procedures
  • Recommendations on enhanced reporting and disclosure associated with a Premium Listing
  • Assessment of regulatory or other changes that may impact on the Company's activities

Directorate Change

The Company also announces the resignation of the Company's Non-Executive Chairman, Dr Robert Arnott, with immediate effect. Dr David Jenkins, Senior Independent Non-Executive Director, has assumed the role of interim Chairman and Chair of the Nominations Committee until the LGC has nominated a suitable candidate.

Dr Robert Trice, Chief Executive, commented:
"Following our successful fundraising and corresponding business transformation, I am pleased to announce the Board's preparation for future growth, through the formation of the Listing and Governance Committee. The establishment of this committee demonstrates Hurricane's commitment to achieving best practice disclosure, reporting and corporate governance standards, commensurate with a Premium Listed business.

"I would like to thank Rob for his time as Chairman and contribution to the Company through what has been a transformational period of growth and development.

"I am pleased to confirm that operational progress towards our target of first oil on the EPS continues to be on schedule, with the FPSO currently undergoing upgrade work in Dubai and our planned revised CPR, which includes Lincoln and Halifax, remaining on track for publication by year end. We look forward to providing an update on operations as relevant milestones are reached."