Hurricane Energy plc recorded revenues of $39.3 million for the first quarter of 2023 from its operations on the Lancaster field, west of Shetland in the North Sea. OPERATIONS The company’s unaudited trading report shows production of 0.66 MMbbls with an average of 7,311 bopd, and oil sales of 0.5 MMbbls from one cargo. At […]
Tag: Hurricane Energy plc
Hurricane agrees up to £249m sale to Prax
Hurricane Energy plc has agreed to be sold to Prax Exploration & Production plc in a deal of staged returns of up to £248.9 million to shareholders, depending on the performance of the Lancaster field. ASSETS Hurricane focuses on fractured basement reservoirs offshore West of Shetlands and has a 100% operated interest in the Lancaster […]
Hurricane welcomes withdrawal of requisition notice
Hurricane Energy plc today said that shareholder Crystal Amber Fund Ltd had withdrawn its requisition notice to convene a general meeting to replace senior managers. FORMAL SALES PROCESS The requisition notice in December 2022 came seven weeks after Hurricane announced a formal sales process. “This is a welcome development,” said chairman Philip Wolfe. “It enables […]
Hurricane ‘mystified’ by call to remove senior directors
Hurricane Energy plc has received a requisition notice from its largest shareholder Crystal Amber Fund Ltd for a general meeting to remove senior management and appoint new directors. DIRECTORS Crystal Amber’s resolutions include the immediate removal of chairman Philip Wolfe, chief executive officer Antony Maris, and chief financial officer Richard Chaffe. The activist investor has […]
Hurricane plans to return up to $70m to shareholders
Hurricane Energy plc is planning a “significant”capital reduction programme to distribute reserves of up to $70 million, equivalent to 3.1 pence per share, to shareholders. MEETING Hurricane said that the programme involved cancellation of the company’s share premium account of approximately $822.5m, in order to create distributable reserves. The company intends to start the programme in Q1 2023 should […]
Hurricane Energy initiates own sale process
Hurricane Energy plc said it would begin a formal sale process after receiving an unsolicited cash offer from an unnamed bidder for the company. INDICATIVE OFFER The offshore oil and gas company added that the indicative offer of 7.7 pence per share was at a premium of “only 13%” compared with the mid-market closing price of 6.8 pence per […]