Hurricane Energy PLC Director Shareholdings (0451L)
April 28 2020 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 0451L
Hurricane Energy PLC
28 April 2020
28 April 2020
Hurricane Energy plc
("Hurricane" or the "Company")
Director Shareholdings
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, announces the award of shares to Hurricane's executive
directors in relation to their 2019 bonus awards.
As detailed in the Company's Annual Report and Accounts 2019,
Hurricane's Remuneration Committee determined that the 2019 bonus
award for Hurricane's executive directors would not be delivered
fully in cash and would now instead be delivered as two thirds in
cash and one third in shares (all net of tax and other deductions),
with the shares to be held in the Employee Benefit Trust ("EBT")
for a period of three years unless earlier release is agreed at the
sole discretion of the Board.
On 27 April 2020, Hurricane received notification from Sanne
Fiduciary Services Limited as Trustee of the Hurricane Energy EBT,
that it made market purchases of 490,741 ordinary shares of 0.01p
each in the Company ("Ordinary Shares") at an average price of
10.62 pence per share to satisfy executive director bonus
awards.
The share components of the 2019 bonus to executive directors
are as follows:
Executive director Role Ordinary Shares
Chief Executive
Dr Robert Trice Officer 266,165
------------------ ----------------
Chief Operations
Neil Platt Officer 224,576
------------------ ----------------
The below information is intended to satisfy the Company's
obligations under Article 19(3) of EU Regulation No 596/2014 (the
Market Abuse Regulation).
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: a) Dr Robert Trice
b) Neil Platt
-------------------------------- ------------------------------------------
2. Reason for the notification
----------------------------------------------------------------------------
a) Position/status: a) Chief Executive Officer
b) Chief Operations Officer
-------------------------------- ------------------------------------------
b) Initial notification/Amendment: Initial Notification
-------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name Hurricane Energy plc
-------------------------------- ------------------------------------------
b) LEI: 2138007Z66OO4XWKM819
-------------------------------- ------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1p each in Hurricane
financial instrument, Energy plc ("Ordinary Shares")
type of instrument: ISIN: GB00B580MF54
Identification code:
-------------------------------- ------------------------------------------
b) Nature of the transaction: Purchase of Ordinary Shares by the
Employee Benefit Trust pursuant to
2019 executive director bonus awards.
-------------------------------- ------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
a) 10.62p 266,165
--------- ----------
b) 10.62p 224,576
--------- ----------
-------------------------------- ------------------------------------------
d) Aggregated information:
* Price: 10.62p
Volume: 490,741
* Volume:
-------------------------------- ------------------------------------------
e) Date of the transaction: 27 April 2020
-------------------------------- ------------------------------------------
f) Place of the transaction: London Stock Exchange (XLON)
-------------------------------- ------------------------------------------
Contacts:
Hurricane Energy plc +44 (0)1483 862
Dr Robert Trice, Chief Executive Officer 820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / Ashton Clanfield +44 (0)20 7710 7600
Morgan Stanley & Co. International plc
Joint Corporate Broker
Andrew Foster / Tom Perry / Alex Smart +44 (0)20 7425 8000
Vigo Communications
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigocomms.com +44 (0)20 7390 0230
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs. The Company's acreage is concentrated on the Rona
Ridge, in the West of Shetland region of the UK Continental
Shelf.
The Lancaster field (100% owned by Hurricane) is the UK's first
producing basement field. Hurricane is pursuing a phased
development of Lancaster, starting with an Early Production System
consisting of two wells tied-back to the Aoka Mizu FPSO.
Hydrocarbons were introduced to the FPSO system on 11 May 2019 and
the first oil milestone was achieved on 4 June 2019.
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln
and Warwick assets, committing to a phased work programme targeting
sanction of an initial stage of full field development.
Glossary
FPSO Floating production storage and offloading
vessel
Spirit Energy Spirit Energy Limited
===========================================
Inside Information
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END
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