Edison Investment Research - Hurricane Energy Plc (HUR) Hurricane Energy - Interim CEO to reset activity programme

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Edison Investment Research

Hurricane Energy - Interim CEO to reset activity programme

Hurricane has announced the resignation of Dr Robert Trice as CEO. Beverley Smith has been appointed as interim CEO and will oversee a thorough review of all available data, which will inform the future activity programme to increase production while maintaining capital discipline. Production from the Lancaster early production system (EPS) is relying on the deliverability of the 205/21a-6 well following Hurricaneâ€™s unexpected shut-in of 205/21a-7z in May 2020. Full-year guidance has been suspended, with the 205/21a-6 well presently producing at c 12,000bod. Production from 205/21a-6 will be increased over the coming weeks and months, although the optimal rate will be heavily dependent on the ongoing response of the reservoir. Our risked valuation has decreased to 37.1p/share from 70.4p/share (-47%) as we adjust our Lancaster EPS production profile and timing and capex allocation of future developments. Our core NAV now stands at 13.6p/share (-38%).

16/06/2020 8 EN

Underlying

Hurricane Energy Plc

Hurricane Energy is engaged in the exploration of oil and gas reserves principally on the U.K. continental Shelf. Co.'s acerage is focused on the Rona Ridge, West of Shetland.

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GB00B580MF54 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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