REG - Hurricane Energy PLC - Repayment of Convertible Bonds

Hurricane EnergyAnnouncement

25/07/2022 07:00

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RNS Number : 5296T  Hurricane Energy PLC  25 July 2022

25 July 2022

 

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

Repayment of Convertible Bonds

 

Hurricane Energy plc, the UK based oil and gas company, is pleased to announce
that it has repaid in full its outstanding $78,515,000 7.50 per cent
Convertible Bonds (the "Bonds") plus $1.5 million of accrued interest by the
maturity date of 24 July 2022.

 

The Bonds will now be delisted from The International Stock Exchange and
cancelled.

 

The repayment leaves the Company debt free, with significant cash on hand,
further cash due from the imminent lifting from the FPSO, and ongoing cash
generative production from the Lancaster field.

 

Antony Maris, CEO of Hurricane, commented:

 

"The repayment of the convertible bonds is an important and key milestone for
Hurricane as we move into a new phase for the company, focusing on building a
long-term future for the business and creating additional value for our
shareholders. The excellent operational performance of the Lancaster field,
for which I pay a huge tribute to our whole team, combined with high oil
prices has underpinned the establishment of a strong financial platform for
the company.

 

We continue our work to identify the most effective capital allocation
opportunities both within and outside of our existing asset base, and which
best fit within our growth plans in the context of both our own and the UK's
transition goals.

 

I believe that Hurricane going forward is attractive to investors and well
positioned to look for new growth opportunities. Our focus is on creating
value for shareholders and we are being very rigorous in assessing which
opportunities will best deliver that."

 

-ends-

 

Contacts:

 

 Hurricane Energy plc                             +44 (0)1483 862820

 Antony Maris, Chief Executive Officer

 communications@hurricaneenergy.com

 Stifel Nicolaus Europe Limited                   +44 (0)20 7710 7600

 Nominated Adviser & Joint Corporate Broker

 Callum Stewart / Jason Grossman

 Investec Bank plc                                +44 (0)20 7597 5970

 Joint Corporate Broker

 Chris Sim / Jarrett Silver / Charles Craven

 Vigo Consulting                                  +44 (0)20 7390 0230

 Public Relations

 Patrick d'Ancona / Ben Simons

 hurricane@vigoconsulting.com

About Hurricane

 

Hurricane has a 100% interest in and operates the Lancaster field, the UK's
first field to produce from a fractured basement reservoir.

 

Visit Hurricane's website at www.hurricaneenergy.com
(http://www.hurricaneenergy.com)

Glossary

 bopd   Barrels of oil per day
 FPSO   Floating production storage and offloading vessel
 Mbbls  Thousand barrels
 psia   pounds per square inch absolute

 
Inside Information

 

This announcement does not contain inside information.

 

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