Hurricane Energy Provides Listing And Governance Committee Update

Announced Date :  Dec 07, 2017

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on the initiatives undertaken by the Listing and Governance Committee ("LGC").
The Company has appointed Spencer Stuart, a leading executive search firm, to source a non-executive chairman of the board of Hurricane (the "Board"). The appointment followed a rigorous tender process, and is being overseen by the Nominations Committee. A further update will be made as to progress in due course; and the activities of the search firm and the Nominations Committee will be reported upon within the next Annual Report, in accordance with the UK Corporate Governance Code (the "Code") Provision B.2.4.

Once a non-executive chairman has been appointed, the Company will seek to appoint additional independent non-executive directors, such that the Board becomes fully compliant with Code Provision B.1.2. Such appointments will be made with input from the new chairman, and will aim to ensure the Board and its committees have the appropriate balance of skills, experience, independence and knowledge.

On the LGC's recommendation, the Company has appointed Boudicca Proxy Ltd ("Boudicca"), a specialist shareholder engagement and corporate governance consultancy, to assist in evaluating and transitioning the Company's corporate governance policies and procedures towards best practice, benchmarked against those of a premium listed business. Boudicca will work alongside Evercore Partners, which has already been appointed to provide independent advice to the LGC.

The Board believes that director nomination processes, succession planning and Board evaluations are integral parts of a well-functioning, effective Board, and will form part of the ongoing Board strengthening activities.

John van der Welle, Chairman of the LGC, commented:

"I am pleased to report that the Listing and Governance Committee's initial recommendations have been made to the Board and have been acted upon. I would like to thank shareholders for their input as part of this process. The LGC's review of the Company's organisation and governance structure will continue into the new year. I look forward to updating shareholders on progress in due course."

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