Kerogen backs £74m Hurricane funding round

As was the case following a similar funding round earlier this year, Hurricane will invest the fresh capital in the early production-stage phase of development for its Lancaster oil field project.

Existing investor Crystal Amber also took part in the round, alongside a number of new investors.

Kerogen and Crystal Amber have invested a combined £31.63m in the offering, which consists of 205,882,353 placing shares priced at 34 pence apiece. The remaining £4.4m in funding consists of an open offer to qualifying shareholders.

Cenkos Securities and Macquarie Capital acted as joint bookrunners in the latest placement.

Previous funding
Kerogen acquired a 29.9% stake in Hurricane for £44m in April 2016, becoming the company's largest shareholder.

Company
Founded in 2005 and headquartered in Godalming, Surrey, Hurricane is an oil exploration company focusing on naturally fractured basement reservoirs. The company currently has no turnover and obtains working capital exclusively through equity financing. It currently anticipates the first extraction from the Lancaster oil field to take place in H1 2019.

People
Kerogen Capital – Jason Cheng (co-founder, managing partner).
Hurricane Energy – Robert Trice (CEO).

Advisers
Company – Dentons, Darren Acres, Simon Mitchell, Verity Kent, Farrah Kiyani, Wei Wu (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• PIPEs
• UK / Ireland
• Industrials
• United Kingdom