Hurricane Energy jumps on acquisition deal with Prax

Hurricane Energy

16/03/2023 08:51

** Shares of Hurricane Energy  HUR.L  soar as much as 31% to
a near six-month high of 9p; stock top pct gainer across all
London shares  .FTAS 
    ** British oil producer agrees to be acquired by
London-based oil refining firm Prax Exploration & Production,
both cos say in a joint statement  
    ** Deal values Hurricane at 249 mln pounds ($301.4 mln)
    ** The 12.5p/share offer, divided into firm proceeds of 4.5p
and rest supplementary consideration, represents a premium of
84% to Hurricane stock's close on Nov. 1, the last business day
prior to formal sale process announcement
    ** HUR on track to log best day since June 2022, if trend
holds 
    ** Up to last close, stock down ~14% so far this year 

($1 = 0.8262 pounds)

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))