Hurricane Energy, the UK based oil and gas company, has provided an operational update. This information is unaudited, and subject to further review and adjustments. Also provided is an update on the recommended acquisition by Prax Exploration & Production of the entire issued, and to be issued, share capital of Hurricane to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, which was announced by Hurricane and Prax on 16 March 2023.
The 34th cargo of Lancaster oil, totalling approx. 541 Mbbls, was lifted on 27 April 2023. This cargo was priced by reference to the average of the last five days of April's Dated Brent quotes, being c. $82/bbl, resulting in net revenue of c. $43 million.
The two liftings in 2023, totalling 1,041 Mbbls, have realised an average price of c. $79 per barrel. The next cargo is anticipated to be lifted in July 2023.
As a result of the April lifting, the Board of Hurricane is highly confident that, under the terms of the offer from Prax, the full value of the Supplementary Dividend will be paid (either as a dividend or as part of the Deferred Consideration Units (DCUs)) at the same time as the Transaction Dividend and the Cash Consideration, being within 14 days of the Effective Date. Therefore, it is expected that a total of 6.02 pence per share will be paid at this time.
Defined terms used but not defined in this announcement have the meaning given to them in the scheme document in respect of the Scheme and the Acquisition, which was published and made available to Hurricane Shareholders on 6 April 2023. The Scheme Document and other information relating to the Acquisition is available on the Company's website:
https://www.hurricaneenergy.com/investors/formal-sale-process
Source: Hurricane Energy
