RCS - Prax Explrtn & Prod. - Matched Bargain Dealing Facility

Hurricane EnergyAnnouncement

22/06/2023 08:15

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RNS Number : 5148D  Prax Exploration & Production PLC  22 June 2023

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INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

 

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION
OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY DEFERRED CONSIDERATION UNITS OF
PRAX EXPLORATION & PRODUCTION PLC.

 

 

22 June 2023

 

Prax Exploration & Production PLC

 

Matched Bargain Dealing Facility

 

Prax Exploration & Production PLC ("Prax"), the upstream division of Prax
Group, a leading British headquartered, international integrated and
diversified energy group is pleased to announce that its Deferred
Consideration Units ("DCUs"), following the acquisition of Hurricane Energy
plc ("Hurricane"), have been admitted to trade on JP Jenkins' dealing
platform.

 

As announced by Hurricane on 8 June 2023, Prax completed the acquisition of
Hurricane on 8 June 2023 by means of a Court-sanctioned scheme of arrangement
under Part 26 of the Companies Act 2006 (the "Scheme"). As part of the
acquisition, shareholders of Hurricane received one DCU for every share held
in the capital of Hurricane at the Scheme record date. The DCUs confer an
entitlement for DCU holders to receive 17.5% of all future net revenues earned
by Hurricane from 1 March 2023 until 31 December 2026, including from both the
Lancaster oil field and from any acquisitions made by Prax via Hurricane,
capped at a total of 6.48 pence per DCU (being c.£129.1 million in
aggregate). The DCU payments will be paid biannually in arrears, approximately
90 days after the period ends of 30 June and 31 December.

 

Each Class I DCU (ISIN: GB00BQS92045) entitles the Class I DCU holder to
receive loan note(s) (subject to applicable securities laws) in an amount
equal to the DCU cash amount, the principal of which will be redeemable in
cash on the redemption date (being six months and one day after their
issuance). Each Class II DCU (ISIN: GB00BQS92151) entitles the Class II DCU
holder to receive further cash, in an amount equal to the DCU cash amount.

 

Further information on the DCUs as well as the acquisition of Hurricane can be
found on the Prax microsite at www.prax.com/dcu/ (http://www.prax.com/dcu/) .

 

JP Jenkins is a liquidity venue for unlisted or unquoted assets in companies,
enabling investors to buy and sell instruments on a matched bargain basis. JP
Jenkins is a trading name of InfinitX Limited (Company No. 11551708), an
Appointed Representative of Prosper Capital LLP (FRN453007).

 

DCU holders or potential investors wishing to trade these instruments may be
able to do so through their stockbroker. Trades will be executed at a price
where JP Jenkins is able to match a willing seller and a willing buyer. Trades
can be conducted, and limits can be accepted, during normal business hours.
DCU holders or potential investors can place limits on their orders.

 

The indicative pricing for the instruments, as well as the transaction
history, will be available on the JP Jenkins website at jpjenkins.com.

 

Alessandro Agostini, Head of Exploration and Production at Prax said:

 

"We are pleased that trading on JP Jenkins' matched bargain facility has
commenced, enabling investors to acquire the DCUs and provide those DCU
holders who wish to monetise their DCUs the ability to do so."

 

 

For further information, please contact:

 

 JP Jenkins Ltd.                                              +44 (0)207 469 0937

 Veronika Oswald

 Commercial Director

 Prax Exploration & Production PLC                            +44 (0) 20 3757 4980

 Alessandro Agostini                                          prax@camarco.co.uk

 Head of Exploration and Production

 (Care of Camarco)

 Camarco                                                      +44 (0) 20 3757 4980

 Public Relations Adviser to Prax                             prax@camarco.co.uk

 Billy Clegg / Georgia Edmonds / Violet Wilson / Hugo Liddy

 

About Prax Exploration & Production PLC

 

Headquartered in the UK, the Prax Group is a British multi-national,
independent global energy conglomerate, completely integrated across the oil
value chain from upstream to downstream, with high standards of corporate
governance.

 

Prax's Upstream division, Prax Exploration & Production, was created to
integrate and complement its midstream and downstream activities and is
committed to rapidly growing its upstream portfolio via acquisitions.

 

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