Hurricane Energy plc, the UK based oil and gas company, is pleased to provide an update regarding the Company's proposed reduction of capital, which was approved by the Company's shareholders at a General Meeting held on 11 January 2023 and then subsequently approved by the High Court of England and Wales on 31 January 2023 (the "Reduction of Capital").
The Shareholder Circular sent to all shareholders dated 12 December 2022 sets out the details of the reduction of the Company's capital involving the cancellation of the Company's share premium account in order to create distributable reserves.
The Company is pleased to confirm that the sealed court order confirming the Reduction of Capital and the associated statement of capital that was approved by the High Court at the hearing held on 31 January 2023 has been sent to the Registrar of Companies. The Reduction of Capital will become effective upon the registration of the order by the Registrar of Companies, expected to be in the next few working days.
The Company confirms that, following the Reduction of Capital taking place, the issued share capital of the Company remains at 1,991,871,556 ordinary shares of £0.001 each.
Philip Wolfe, Chairman of Hurricane Energy, commented:
"The registering of the court order with the Registrar of Companies will complete the Reduction of Capital process, which allows the Company to make capital returns to shareholders. The completion of the process does not itself automatically trigger a capital return and, as previously announced, the next steps in terms of timing and exact quantum of a return of capital to shareholders will be decided in conjunction with the ongoing Formal Sales Process and we look forward to updating shareholders in due course."
