Hurricane Energy plc’s sale to Prax Exploration & Production Ltd has been approved by a court order and is now complete.
PROGRESSION
Admission to trading of Hurricane shares on AIM will be cancelled from 7am tomorrow, 9 June 2023.
The company’s directors have resigned, while former executive directors chief executive officer Antony Maris and chief financial officer Richard Chaffe continue at Hurricane Group Ltd.
Alessandro Agostini, Iain McKendrick and Sanjeev Kumar Soosaipillai have become directors of Hurricane.
Stifel Nicolaus Europe Ltd, the company’s financial adviser, nominated adviser and joint corporate broker, has resigned.
“Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group,” said chairman and CEO Sanjeev Kumar Soosaipillai.
“The acquisition of Hurricane Energy is a natural progression for the group, and will create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come.
“The acquisition of Hurricane is a very significant moment in the group’s history and a major leap forward towards achieving our goal of becoming a fully integrated global energy provider.”