Hurricane Energy plc join AIM
Tuesday 4th February 2014
Hurricane specialises in the discovery, appraisal and development of oil from naturally fractured basement reservoirs. Hurricane has successfully found light oil West of Shetland and the Company believes that its creativity and innovation will help realise a strategic resource for the UK.
The Company has discovered over 200 million barrels of recoverable oil equivalent on two occasions at its Lancaster and Whirlwind assets respectively. Compared with the UK average offshore discovery size of 20-23 million barrels during the same period, Hurricane has already achieved a great deal.
On Admission to the AIM market, 106,733,642 shares were issued in respect of pre-IPO instruments used to raise £31.4 million that convert to equity. The flotation also saw the Company place a further 41,860,465 new shares at a price of 43 pence per share, raising £18 million before expenses, valuing the Company at approximately £272 million.
Funds raised will be used for the Company's operations and working capital. Operations in 2014 will be focused on drilling and testing a horizontal appraisal well on the Company's Lancaster basement oil discovery.
Robert Trice, Chief Executive Officer of Hurricane, commented: “We are delighted to have succeeded with our IPO. We believe that the investor support we received is a strong endorsement of our story and the Hurricane team, and of course the potential for basement reservoirs in the UK. Our listing on the AIM market is an important milestone for the business and we look forward to welcoming our new shareholders.”
Hurricane’s Nominated Adviser and Broker is Cenkos Securities plc.