Inactive Instrument

HURE ENER

Equities

HUR

GB00B580MF54

Oil & Gas Exploration and Production

Hurricane Energy plans USD70 million capital reduction programme

November 25, 2022 at 09:30 am EST

(Alliance News) - Hurricane Energy PLC on Friday said it is planning for a capital reduction programme to distribute reserves to shareholders.

The Surrey-based oil and gas producer in fields offshore west of Shetland said the capital reduction involves the cancellation of Hurricane Energy's share premium account, which currently stands at around USD822.5 million.

Up to USD70 million will be returned to shareholders in the first quarter of financial 2023, equivalent to 3.1 pence per share, it said.

Hurricane Energy launched a formal sales process at the beginning of November and said that in the event that this doesn't result in a transaction, the company will commence the capital return programme.

Shareholder approval is now being sought to carry out the reduction of capital.

Hurricane Energy shares were up 1.4% to 8.11 pence on Friday afternoon in London.

By Jaskeet Briah; jaskeetbriah@alliancenews.com

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	BRENT CRUDE OIL SPOT	88.12 USD	+0.16%	+2.02%	-
	WTI	83.72 USD	+0.11%	+2.02%	-

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Hurricane Energy annual profit and revenue rises from high oil price	23-05-26	AN
Earnings Flash (HUR.L) HURRICANE ENERGY Posts FY22 Revenue $310.8M	23-05-26	MT
Earnings Flash (HUR.L) HURRICANE ENERGY Reports FY22 EPS $0.0546	23-05-26	MT
Hurricane Energy plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-05-26	CI
Hurricane Energy plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-05-26	CI
Acquisition of Hurricane Energy clears another hurdle	23-05-25	AN
Hurricane Energy confident on dividend as hails latest oil lifting	23-05-02	AN
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Hurricane Energy Suitor Prax Exploration Says Buyout Bid Already Final	23-04-24	MT
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Hurricane Energy plc Reports Production Results for the Quarter Ended March 31, 2023	23-04-18	CI

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Company Profile

Hurricane Energy PLC is a United Kingdom-based oil exploration and production company. The principal activity of the Company is to discover, appraise and develop hydrocarbons from naturally fractured basement reservoirs on the United Kingdom Continental Shelf, West of Shetland. The Company's assets are focused on the Rona Ridge, in the West of Shetland region of the United Kingdom Continental Shelf. The Company's Lancaster oil field is located West of the Shetland Islands on the Rona Ridge, which is a northeast-southwest trending basement feature within United Kingdom Continental Shelf License P1368 (Central), offshore West of Shetland. The Company holds a 100% working interest and is the operator of P1368 (Central).

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Oil & Gas Exploration and Production

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