Hurricane Energy Announces Requisition of General Meeting

Source: www.gulfoilandgas.com 12/23/2022, Location: Europe

Hurricane Energy plc, the UK based oil and gas company, announces that it has received a requisition notice (the "Requisition Notice") from Crystal Amber Fund Limited pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convenes a general meeting of shareholders for the purposes of considering the following ordinary resolutions:

1. That Philip Wolfe be removed from office as a director of the Company with immediate effect.
2. That Antony Maris be removed from office as a director of the Company with immediate effect.
3. That Richard Chaffe be removed from office as a director of the Company with immediate effect.
4. That Tony Buckingham be appointed as an additional director of the Company with immediate effect.
5. That Franco Castelli be appointed as an additional director of the Company with immediate effect.
6. That, subject to the passing of ordinary resolutions 4 and 5, David Craik be removed from office as a director of the Company with immediate effect.
7. That, subject to the passing of ordinary resolutions 4 and 5, John Wright be removed from office as a director of the Company with immediate effect.
8. That, subject to the passing of ordinary resolutions 4 and 5, Juan Morera be removed from office as a director of the Company with immediate effect.

The Board is considering the content of the Requisition Notice, which it intends to respond to in accordance with the requirements of the Act. Shareholders are advised to take no action at this stage until further communication from the Company.

Formal Sales Process Update
Hurricane announced on 2 November 2022 the commencement of a formal sale process (the "FSP") as referred to in Note 2 on Rule 2.6 of the Takeover Code. The FSP is progressing well, with multiple credible counterparties having received management presentations and conducting detailed due diligence. All participants in the FSP have been requested to submit bids by 7 January 2023.

Philip Wolfe, Chairman of Hurricane commented:
"Given the excellent traction we are seeing in the FSP, which the Company commenced to explore all options for shareholders and to fulfil Crystal Amber's goals, the decision to issue the Requisition Notice at this point is simply mystifying. We note that Crystal Amber is open to bids resulting from the FSP. We encourage the participants in the FSP to submit bids in accordance with the process and look forward to updating shareholders in due course."


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