Hurricane Energy plc announced board resignations and appointments as well as the withdrawal of a requisition notice from one of its shareholders. BOARD CHANGES Yesterday (29 June) chairman Steven McTiernan, and non-executive directors (NEDs) John van der Welle, Sandy Shaw, Beverley Smith and Dr David Jenkins resigned from the board with immediate effect. Alan John […]
Tag: Hurricane Energy plc
Hurricane refused court approval for restructure
Hurricane Energy plc said that the High Court had today refused to sanction its proposed restructuring plan. RISK The company added that its existing board was considering all options including an appeal. “Unless the company or the Ad Hoc Committee successfully appeals the judgment, the restructuring plan will not be implemented,” said Hurricane in a […]
Hurricane Energy FDPA approved for Lancaster
Hurricane Energy plc said that the Oil and Gas Authority (OGA) had approved the field development plan addendum (FDPA) for Lancaster oil field on the Rona Ridge, West of Shetland. The approval satisfies a key condition of Hurricane’s proposed financial restructuring. The FDPA, together with associated production, flare, and vent consents, enables production with the […]
Hurricane Energy restarts P6 well
Hurricane Energy plc has progressed work on the Lancaster 205/21a-6 (P6) and the 205/26b-14 (Lincoln-14) wells, West of Shetland. COSTS The company said it had restarted the electric submersible pump (ESP), which tripped on 8 June, in the Lancaster 205/21a-6 (P6) oil well. The company expects oil production from the P6 well at a rate […]
Hurricane bondholders back restructure
Hurricane Energy plc’s bondholders today voted 100% to support the company’s restructuring plan while the majority of shareholders voted against it. Shareholder votes in favour were reported at 7.66% compared with 92.34% opposing the plan. The company said that 1,518,667 votes were withheld and 32.87% of the issued share capital voted. Hurricane added that because […]
Hurricane sets date for vote on board directors
Hurricane Energy plc said that an extraordinary general meeting for shareholders will be held on 5 July to consider the removal and appointment of its board directors. The announcement follows a requisition notice served in May by activist investor Crystal Amber Fund Ltd (14.32%), requiring that Hurricane convenes a general meeting to discuss and vote […]