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Oil Capital
EPIC: HUR
Market: LSE
52-week High/Low: 60.75p / 24.00p
Sector: Energy
Market Cap: 975.46M

Hurricane is a new generation of oil company that exists to discover, appraise and develop oil from fractured basement reservoirs.

We have an experienced team of experts in basement reservoirs. Between us, we have spent decades in the oil industry. Hurricane has discovered more oil in the UK in the past ten years than any other company.

Hurricane Energy PLC

www.hurricaneenergy.com

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Big picture - Why invest in Hurricane Energy PLC

Hurricane Energy PLC Snapshot

Our Commitment

At Hurricane, protecting the environment and ensuring the safety of personnel during operations are the first priorities in the successful execution of our strategy.

We take positive steps to address the potential environmental impacts of our offshore operations, which are reviewed by the Management Team and controlled through our fully certified Environmental Management System (ISO 14001:2004).

We are committed to achieving continual improvement in our environmental performance and regard compliance with the relevant laws and regulations as a minimum standard. In order to prevent pollution where possible, we work with our employees, contractors and suppliers to identify and manage the environmental impacts of our activities.

Hurricane Energy was founded in 2005 by Dr Robert Trice with the help and encouragement of a private investor, in the belief that fractured basement reservoirs represent a significant untapped resource.

Beginning with just a few highly expert staff, Hurricane gradually established a team of specialists with the skills, experience and determination to locate and develop this resource potential. Through successful participation in a series of UK licensing rounds Hurricane has built a portfolio of licences on the Rona Ridge, a major NE-SW trending basement feature on the UK Continental Shelf, to the west of the Shetland Islands. An extensive work programme has led to a number of significant discoveries (as defined under the SPE PRMS) in the Company's acreage, including Lancaster, Lincoln, Halifax and Whirlwind.

In just a short time Hurricane has achieved a great deal. During 2009 and 2010, the average size of oil discovery within the UK Continental Shelf was 20-23 million barrels. In the same period, Hurricane discovered around 200 million barrels, twice. These figures were independently verified by RPS Energy in a Competent Person's Report in 2013. Subsequent appraisal of Lancaster has doubled the contingent resources attributed to the field and led to the assignment of reserves associated with the first phase of development, an Early Production System (EPS).

Further drilling on Lincoln and Halifax led to a further significant Resource upgrade with a new RPS Energy CPR in December 2017, bringing total 2P and 2C Contingent Resources to 2.6 billion barrels of oil equivalent.

Since inception, Hurricane has identified basement prospects, discovered oil and is now moving forward to validate its model for basement exploration through extended production.

Operations

We explore basins that have proven petroleum systems.

These basins are often associated with low cost data packages, including wells and seismic data, offering a ready-made geological framework from which Hurricane generates new exploration ideas at relatively low risk.

Hurricane has retained operatorship of all our operations and that has been part of our strategy from the company's inception. We maintain control of the subsurface strategy so that we can capture the most value from our skills.

Assets

Hurricane's Rona Ridge discoveries, West of Shetland on the UK Continental Shelf, contain independently certified 2P Reserves plus 2C Contingent Resources of 2.6 billion1 barrels of oil equivalent (gross).

3D view of the Rona Ridge Top Basement depth surface, highlighting Hurricane’s P1368, P2308 and P2294 basement assets

The West of Shetland region of the UKCS is a proven petroleum basin with a number of large producing oil fields including Clair, Foinaven and Schiehallion.It is an area of significant activity attin terms of exploration and development.

Hurricane has five major discoveries in the region, the most advanced of which, Lancaster, is now progressing towards the first stage in a phased development, which is targeting first oil in H1 2019.

1Oil equivalent barrels includes gas; based on combination of RPS May-2017 CPR, Whirlwind oil case and RPS Dec-2017 CPR (Note that PRMS advises that arithmetic addition of resources is not statistically correct)

Lancaster EPS

Lancaster is now proceeding towards first phase of development, an Early Production System (EPS)

Hurricane plans a phased development of the Lancaster field. The first phase of the development is an Early Production System (EPS), using two wells tied back to the Aoka Mizu Floating Production Storage and Offloading (FPSO) vessel.

Objectives of the EPS
  
1  To provide long term production data to enhance understanding of reservoir characteristics and associated full field development scenarios
2 Commence development of the resources in a phased manner with regard to managing uncertainties over reservoir characteristics and associated development risks
3 Deliver an acceptable return on investment

Board of Directors

Dr Robert Trice
Chief Executive Officer

Robert is Hurricane’s founder and has over 30 years’ oil industry experience, the majority of which was obtained at Enterprise Oil and Shell. He has worked in field development, exploration, well-site operations and geological consultancy.

Robert has a PhD in Geology from Birkbeck College, University of London and has held the position of Visiting Professor at Trondheim University, Norway. He has published and presented on subjects related to fractured reservoirs and exploration for stratigraphic traps. He is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers.

Robert co-founded the Company and has been a Director since 2004. As CEO, Robert is responsible for the operational management of the business, developing strategy in consultation with the Board and then executing it.

Neil Platt
Chief Operations Officer

Neil has more than 25 years’ experience in the oil industry and has worked for Amoco, BG and Petrofac. He has completed assignments both in the UK and internationally, working in a variety of engineering, commercial and management roles including Production Asset Manager (NSW) for BG and Vice President for Project Delivery in Petrofac Production Solutions.

Neil joined Hurricane in 2011 and was appointed to the Board in 2013. As Chief Operations Officer Neil is responsible for daily operations and asset delivery (drilling and projects).

Picture of Neil Platt
Alistair Stobie
Chief Financial Officer

Alistair Stobie has significant capital markets and oil and gas industry experience. Alistair was previously Director of Finance at AIM-quoted Zoltav Resources and Chief Financial Officer (CFO) at Oando Exploration & Production. Prior to this, Alistair founded and was CFO at both Volga Gas, where he was CFO and led its IPO to raise US$135 million, and Pan-Petroleum, which acquired an interest in the multi-billion barrel oil in place Mengo-Kundji-Bindi licence in Congo-Brazzaville. During his career Alistair has been actively involved in numerous corporate transactions including fundraisings, M&A and the acquisition and disposal of licence interests.

Alistair joined the Board in 2016 and his key responsibilities as CFO are the financial and commercial activities of the business.

Steven McTiernan
Chairman

Steven has over 45 years of oil and gas industry and investment banking experience. He was a non-executive director of Tullow Oil plc for eleven years until December 2012, and served as its Senior Independent Director.

His oil and gas industry experience includes roles at Iraq Petroleum, Amoco, BP and Mesa, and his banking experience includes senior roles leading energy teams at the Chase Manhattan Bank, NatWest Markets and CIBC. He has served as an independent director at First Quantum Minerals Ltd and Songa Offshore SE and is currently Chairman of Kenmare Resources. He holds an MA in Natural Sciences from the University of Cambridge.

Steven joined the Board in 2018 and is Chairman of the Nominations Committee.

Dr David Jenkins
Senior Independent Non Executive Director

David has spent over 50 years working in the oil and gas industry. He was at BP for the first 37 years, where he held the positions of Chief Geologist in 1979, General Manager, Exploration in 1984 and then Chief Executive, Technology for 10 years from 1987. He retired at the end of 1998 with the position of Chief Technology Advisor for the BP Group.

Following retirement from BP, David held a variety of advisory and board positions, including nine years on the board of BHP Billiton and until recently was a member of the advisory board of Riverstone Holdings.

David joined the Board in 2013, is Senior Independent Director and Chairman of the Remuneration Committee.

John van der Welle
Non Executive Director

John has over 30 years’ oil industry experience, having qualified as a Chartered Accountant with Arthur Andersen in 1981. He is a member of the Association of Corporate Treasurers and the Institute of Taxation.

John spent 11 years at Enterprise Oil, where he was Business Development Manager and subsequently Group Treasurer. In addition, John has been Finance Director of a number of listed E&P companies, including Premier Oil in 1999-2005. He was Managing Director, Head of Oil and Gas, at the Royal Bank of Scotland 2007-2008, and since 2010 has worked as a consultant to, and non-executive director of, a number of listed and private E&P companies.

John joined the Board in 2013 and is Chairman of the Listing and Governance Committee and the Audit and Risk Committee.

Roy Kelly
Non Executive Director

Roy is Partner and Head of Technical at Kerogen Capital. He has over 35 years of technical, commercial and managerial experience in the upstream oil and gas industry, obtained through both operating and service company roles on projects throughout the world. Previously, he was Managing Director of consulting at RPS Energy Ltd, a leading upstream technical consultancy and reserve auditor. Prior to RPS, Roy held senior positions at PGS Reservoir, Ranger Oil and Sovereign Exploration, and spent around 10 years at BP where he trained as a petroleum reservoir engineer.

Roy joined the Board in 2016 in accordance with the terms of the Kerogen Relationship Agreement. He appointed Jason Cheng or, in his absence, Leonard Tao as his Alternate Director on the Board.

Jason Cheng
Alternate Director

Jason is the Managing Partner and Co-Founder of Kerogen Capital, where he serves on its Investment Committee and is responsible for its daily operations. Jason has over 20 years’ commercial experience across investing, operations and investment banking. He was previously the Managing Partner of Ancora Capital and, prior to this, he was Managing Director of Jade International Capital Partners Limited in Beijing where he was involved in Sino-foreign investments and advisory assignments. He previously worked in investment banking at JP Morgan in the Energy and Natural Resources Group and, prior to this, at Schroders in the energy and Asian M&A teams. Jason is regulated by the FCA in the UK and the Securities and Futures Commission in Hong Kong.

Leonard Tao
Alternate Director

Leonard Tao is a Partner of Kerogen Capital, having joined the firm in 2011. Prior to this he spent around nine years in the Energy and Natural Resources Group at JP Morgan, in both Australia and Hong Kong, where he managed a wide range of M&A and capital markets transactions in the natural resources sector across numerous geographies, including Asia, Central Asia, Latin America and Africa. Leonard is regulated by the Securities and Futures Commission in Hong Kong.

 

The percentage holdings of significant shareholders

Significant shareholder Number of Ordinary Shares Percentage of issued share capital
Kerogen Investments No. 18 Limited 428,531,211 21.87%
Pelham Capital Limited 121,875,000 6.22%
Crystal Amber Fund Limited 113,035,613 5.77%
The Capital Group Companies, Inc 75,999,050 3.88%

 

Hurricane Energy plc
The Wharf Abbey Mill Business Park
Lower Eashing
Godalming
Surrey
GU7 2QN

Telephone
+44 1483 862 820

Fax
+44 1483 862 859

Email
[email protected]

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