20 December 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Appointment of Non-Executive Director
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the appointment of Ms Beverley Smith as a non-executive director of the Company with immediate effect.
Ms Smith is a chartered geologist and an accomplished business leader with 30 years' experience in the upstream oil and gas sector. During a successful international career with BG Group, she delivered a portfolio of strategic, commercial, project and people leadership achievements, most recently as Vice President Exploration & Growth for Europe. Ms Smith has a proven track record of strengthening risk management capabilities, delivering improved safety frameworks and ensuring accountability and transparency through the implementation of robust processes and controls. Her work in the voluntary sector includes involvement with the Petroleum Exploration Society of Great Britain, where she will be President of the 2020 Executive Council, and as a Trustee for the Etches Collection at the Kimmeridge Trust.
Following Ms Smith's appointment, half of Hurricane's board of directors (excluding the chairman) are independent non-executive directors, in compliance with the Financial Reporting Council's UK Corporate Governance Code 2018.
Steven McTiernan, Chairman of Hurricane, commented:
"I'm delighted to welcome Beverley to Hurricane Energy. Beverley's distinguished career in oil and gas exploration and development brings highly relevant technical, strategic and management experience which will significantly enhance the capabilities of the board. These skills will be invaluable as Hurricane progresses its Rona Ridge assets towards full field development."
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
Patrick d'Ancona / Ben Simons
+44 (0)20 7390 0230
AIM Schedule 2(g) Disclosures
Beverley Ann Smith, aged 54, has held the following directorships and/or partnerships in the past five years:
Director, BAS Advisory Limited
Trustee, The Kimmeridge Trust (The Etches Collection)
The Petroleum Exploration Society of Great Britain
There are no further disclosures required to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.
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. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.
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.