Hurricane Energy PLC Listing and Governance Committee Update (6148Y)
07 December 2017 - 6:00PM
UK Regulatory
TIDMHUR
RNS Number : 6148Y
Hurricane Energy PLC
07 December 2017
7 December 2017
Hurricane Energy plc
("Hurricane" or the "Company")
Listing and Governance Committee Update
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, provides an update on the initiatives undertaken by the
Listing and Governance Committee ("LGC").
The Company has appointed Spencer Stuart, a leading executive
search firm, to source a non-executive chairman of the board of
Hurricane (the "Board"). The appointment followed a rigorous tender
process, and is being overseen by the Nominations Committee. A
further update will be made as to progress in due course; and the
activities of the search firm and the Nominations Committee will be
reported upon within the next Annual Report, in accordance with the
UK Corporate Governance Code (the "Code") Provision B.2.4.
Once a non-executive chairman has been appointed, the Company
will seek to appoint additional independent non-executive
directors, such that the Board becomes fully compliant with Code
Provision B.1.2. Such appointments will be made with input from the
new chairman, and will aim to ensure the Board and its committees
have the appropriate balance of skills, experience, independence
and knowledge.
On the LGC's recommendation, the Company has appointed Boudicca
Proxy Ltd ("Boudicca"), a specialist shareholder engagement and
corporate governance consultancy, to assist in evaluating and
transitioning the Company's corporate governance policies and
procedures towards best practice, benchmarked against those of a
premium listed business. Boudicca will work alongside Evercore
Partners, which has already been appointed to provide independent
advice to the LGC.
The Board believes that director nomination processes,
succession planning and Board evaluations are integral parts of a
well-functioning, effective Board, and will form part of the
ongoing Board strengthening activities.
John van der Welle, Chairman of the LGC, commented:
"I am pleased to report that the Listing and Governance
Committee's initial recommendations have been made to the Board and
have been acted upon. I would like to thank shareholders for their
input as part of this process. The LGC's review of the Company's
organisation and governance structure will continue into the new
year. I look forward to updating shareholders on progress in due
course."
Contacts:
Dr Robert Trice (Chief
Hurricane Executive Officer)/Alistair
Energy Stobie (Chief Financial +44 (0)14 8386
plc Officer) 2820
Stifel Nominated Adviser and
Nicolaus Corporate Broker
Europe Callum Stewart/Nicholas +44 (0)20 7710
Limited Rhodes/Ashton Clanfield 7600
Vigo Communications Public Relations +44 (0)20 7830
Patrick d'Ancona/Ben 9704
Simons Hurricane@vigocomms.com
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs.
Hurricane's acreage is concentrated on the Rona Ridge, West of
Shetland. The Lancaster field, the Company's most appraised asset,
has combined 2P Reserves and 2C Resources of 523 million stock tank
barrels of oil. The Company is currently proceeding towards the
first phase of development of Lancaster, an Early Production
System, with first oil targeted for 1H 2019.
During the 2016-2017 drilling campaign, the Company made two
significant discoveries* at Halifax and Lincoln, indicating that
the Greater Lancaster Area and the Greater Warwick Area have the
potential to be two large accumulations.
Hurricane's other assets include Whirlwind, which has 2C
Contingent Resources of 205 million barrels of oil equivalent
(under the Whirlwind oil case).
*Discovery - This classification is consistent with SPE/AAPG/WPC
and SPEE guidelines for Petroleum Resource Management -
Determination of Discovery Status
Inside Information
The content of this announcement does not comprise price
sensitive information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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