corporate presentation - hurricane energy...presentation are provided as at the date of this...

Corporate Presentation

Q2 2019

Hurricane | Corporate Presentation | Q2 2019

Disclaimer

2

This document is incomplete without reference to, and should be viewed solely in conjunction with the oral briefing which accompanies it (this document and the accompanying oral briefing being referred to as "this Presentation").

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Introduction to Hurricane


Area Licences Interest Fields Gross Reserves and Resources (RPS Energy May/Dec 2017)

Greater Lancaster Area (GLA)

• P1368 Central• P2308

100%100%

Greater Warwick Area (GWA)

• P1368 South• P2294

50%50%

Other4 • P1368 North 100%

37 486

1,235

604

205

935

Lancaster

Halifax

Lincoln

Warwick

Whirlwind

2P Reserves 2C Contingent Resources Best Case Prospective Resources

Combined GLA: 1,758

Combined GWA: 1,539 mmboe

Introduction

4

Hurricane Energy overview

AssetsFinancial summary

Ticker LON:HUR (LSE AIM-quoted)

Shares outstanding 1,960,367,219

Market capitalisation1 £921 million (US$1,206 million)

Debt $230 million 7.5% convertible bonds due 2022 (initial conversion price $0.52/sh2)

Cash $83.0 million3 as at 31-Dec-2018

Source: RPS May-17 Lancaster CPR; RPS Dec-17 CPR; Note: 1. Based on a share price of £0.47 and GBPUSD rate of 1.31x, as at 01-Apr-19; 2. Fixed in USD, equates to £0.40/sh at FX rate at the time of issue; 3. Unrestricted cash and cash equivalents; 4. Strathmore licence excluded as basement assets are current focus

Multi-billion barrel fractured basement resource on the UKCSAIM-quoted E&P company funded to first production in H1 2019


Introduction

5

Fractured basement

Conceptual reservoir model Global examples

Note: Global examples are based on basement literature (see RPS May-17 CPR Figure 2.1); 1. Wood Mackenzie estimate Bach Ho/Rong oil recovery of 1.6bn barrels to Oct-16; 2. La Paz production since 1945, RA Nelson et al AAPG 2000; Zeit Bay production since 1983, Wood Mackenzie; Bach Ho production since 1986, Wood Mackenzie)

Observations on global fractured basements

— Recoveries in excess of 1 billion barrels (e.g. Bach Ho1)

— Multi-decade production (e.g. La Paz, Zeit Bay, Bach Ho)2

— Light oil can be produced

— Produced conventionally

Edison

Lago Mercedes

Carmopolis

Kansas uplift

Zdanice-Krystalinkum

Cauvery Basin

Dongshengpu

Wangzhuang

Nabrajah

Rolvsnes (Edvard Grieg)

Zeit Bay

Augila-Nafoora

Szeghalom

La Paz

Suban

Rong, Rang Dong

Bach Ho

Hurricane Assets


Introduction

6

Greater Lancaster Area (GLA) and Greater Warwick Area (GWA)

Westray Fault Zone Brynhild Fault

Zone

Whirlwind

Halifax

Lancaster Warwick

-

2P Reserves 2C Resources Combined

Lancaster mmstb 37 486 523

Halifax mmboe - 1,235 1,235

Total mmboe - 1,721 1,758

2C Resources Best Prospective Combined

Lincoln mmboe 604 - 604

Warwick mmboe - 935 935

Total mmboe 604 935 1,539

GLA Reserves/Resources GWA Resources

1. Greater Lancaster Area (GLA) – Lancaster EPS development− On track for first oil H1 2019

− Subsea umbilical, risers and flowlines (SURF) and mooring installation

− Well completions with Paul B Loyd Jr rig

− FPSO hook-up (March 2019)

2. Greater Warwick Area (GWA) – Spirit Energy farm-in− Up to $387 million in carry across five conditional phases

− First phase fully carried across $180.6 million work programme

− Deal announced, obtained regulatory consents and closed in Sep-18

− Transocean Leader signed for three-well programme from Q2 2019

Lincoln

Note: 1. In RPS Dec-17 CPR, the possibility of Lincoln and Warwick being one accumulation is acknowledged, although separation is conservatively assumed; similarly an intra-basement sealing fault between Lancaster and Halifax is considered; 2. Hurricane management base case, high case in RPS May-17 CPR; 3. Hurricane management base case (RPS consider a high and low case either side of this in Dec-17 CPR)


152154159166203214222

265268278292339

413460

641695

810

1,064

1,297

2,179

-

500

1,000

1,500

2,000

2,500

INEOSDyasEniDelek GroupCNOOCExxonMobilEnQuestWhalsayApacheSuncorEneConocoPhillCentricaSiccarPointChevronChrysaorEquinorTotalShellBPHurricaneEn

WI N

et

Res

erve

s (m

mb

oe)

Commercial Technical

Introduction

7

Monetising the largest undeveloped resource on the UKCS

Source: Wood Mackenzie Upstream Data Tool, accessed March 2019; ‘Technical reserves’ are equivalent to ‘contingent resources’, as defined by the Society of Petroleum Engineers’ Petroleum Resources Management System (PRMS) guidelines. Note: Spirit is shown under Centrica; Monetising the significant reserves and resources associated with the naturally fractured basement reservoirs within Hurricane’s portfolio to create shareholder value is the company’s strategy

Wood Mackenzie UK commercial/technical reserve ranking


Introduction

8

Targeting initial full-field development FIDs on GLA and GWA

2018 2019 2020 2021

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Greater Lancaster Area

EPS Development

Gas Export

Additional Wells

Greater Warwick Area

Drilling

GWA Tie-Back

Full Field Development

3x Appraisal Wells / Future Producers

Well Planning1x Lincoln Hz

2x Warwick HzWell Planning

Debottlenecking – Target ~40,000 bopd ThroughputFirst OilDevelopment

Gas ProductionFirst GasGas Export Solution

ProductionFirst OilDevelopmentPreparation, LLIs

GWA Tie-back FID

Reserves Increase GWA FFD FID

DevelopmentFEEDGWA FFDFirst Oil

2024

Reserves Increase

GLA FFDFID ~2022

3x Appraisal Wells / Future Producers

Well & Tie-back Planning

Note: Indicative schedule; milestones on quarter boundaries are expected to occur during the quarter following



10

Lancaster EPS – simple development for data and cash flow

Target initial production20,000bopd net of anticipated 85% uptime

17,000bopd

Operating cash flow per annumFull year run-rate basis at 17,000bopd and $60/bbl Brent

>$200million

Average operating costsOver 10 years’ production at 17,000bopd, $60/bbl Brent

$22/bbl

1To provide long term production data to enhance understanding of reservoir characteristics and associated full field development scenarios

2Commence development of the resources in a phased manner with regard to managing uncertainties over reservoir characteristics and associateddevelopment risks

3 Deliver an acceptable return on investment

EPS objectives



11

Development delivered on time and on budget to date

1.Offshore SURF installation, well

completions and mooring installation

— Installation of Enhanced Horizontal Xmas Trees on Lancaster -6 and -7 wells by Far Superior

— Well completions using Paul B Loyd Jr rig

— SURF fabrication and installation (manifold, flowlines, umbilical, mooring)

2.Buoy fabrication and installation

— Buoy specifically fabricated for Lancaster EPS

— Efficiencies from using same yard as FPSO upgrade, including ‘dry’ trial fit

— Installation at field successfully carried out in August 2018

3.Aoka Mizu FPSO upgrade and life

extension works

— FPSO previously operated for Nexen in North Sea

— 10-year life extension in Drydocks World, Dubai

— Upgrade for West of Shetland metoceanenvironment

— Sail-away October 2018

— Hook-up March 2019



12

Approaching first oil

Note: Time from arrival in field to first oil based on operator disclosures

Commissioning

Kraken

Catcher

66 Days

129 Days

Provisional Acceptance / First Oil

Ramp-up to Long-term Uptime Start-up Sequence Hook-up Commissioning

• Successfully completed 19 March 2019

• Connection of risers and umbilical to turret• End-to-end commissioning of processing systems

(where possible individual systems already tested)

• Final testing (e.g. valves, offtake hose etc)

• Well clean-up• Individual flow and shut-in of each well

for interference and pressure build-up data

• Combined flow from both wells

• Stable flow from both wells• Contractual milestone –

triggers start to Bareboat Charter payments

• Ramp-up to 10kbopd/well expected to be achieved within days

• Proportion of producing days expected to steadily rise over first 6 months to long-term uptime of 85%

RNSIntroduction of Hydrocarbons First LiftingRNS Capital

Markets Day

Start-up data

✓ Shut-in data since wells originally drilled

✓ Fully cleaned-up natural flow-rates

✓ Interference testing – direction of preferential flow

✓ Flow assurance assumptions

Total connected volume

Long-term recovery rates

Reduces negatives, does not confirm success

Expected ramp-up profile

Facilities ramp-up to expected long-term uptime of 85%

-

5,000

10,000

15,000

20,000

25,000

1 2 3 4 5 6 7 8 9 10 11 12

Pro

du

ctio

n R

ate

(bo

pd

)

Production Month

Gross production rate

45%

65%

85%

Average net production rate



13

Potential for 2P reserves of >100 mmboe in H1 2020

— Conversion of resources to reserves occurs on development sanction

— Hurricane is targeting a final investment decision on gas export, GWA single well tie-back to Aoka Mizu, and debottlenecking in 2019

— This is expected to unlock full 10-year life of Aoka Mizu with associated uplift in reserves, subject to regulatory approval

— Potential reserves of >100mmboe only includes those related to the Aoka Mizu – full field development phases of both GWA and GLA could further uplift reserves by many multiples of this

Potential 2P reserve uplift

Lancaster 6 Year Production

Lancaster 10 Year Production

Gas Export

FPSO Debottlenecking

GWA Tie-back

-

100

2P

Res

erv

es /

Po

ten

tial

Res

erve

s (m

mb

oe

ne

t to

Hu

rric

ane

)

Cu

rre

nt

2P

Re

serv

es

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Pro

du

ctio

n R

ate

(bo

epd

ne

t to

Hu

rric

ane

)

Lancaster 6-Yr Lancaster 10-Yr Gas ExportFPSO Debottleneck GWA Tie-back Gross Production

Current FDP Production Profile

Aoka Mizu production profile

Note: Subject to well results, regulatory consents and partner approvals



14

A low cost development

Example 17,000 bopd full year economics

Project cost structure

Flat Brent price

$50/bbl $60/bbl $70/bbl

Sales 6.2 million barrels

Revenue $283m $345m $407m

Op. Cash Flow $159m $216m $272m

2122

23

-

5.0

10.0

15.0

20.0

25.0

30.0

$50/bbl $60/bbl $70/bbl

Ave

rage

Op

erat

ing

Co

st (

US$

/bb

l)

Bareboat Charter

Operations & Maintenance

G&A

Provision of the FPSO vessel- Dayrate- Revenue-linked incentive tariff

FPSO operations and management- Crewing (onshore and offshore staff)- Consumables, logistics

Recharged G&A- Includes insurance

Source: Company model; Note: Full year economics figures are from first full plateau year; revenue is net of marketing fee; operating cash flow is prior to debt service and funding of reserve accounts; Operating cost figures are averages over a 10-year EPS life

— Project cost structure is shown assuming 17,000 bopd for 10-year life of Aoka Mizu

— Subject to significant operating leverage

— Operating costs reduce to mid teens if full debottlenecked throughput capacity of 40,000 bopd is utilised

GreaterWarwick Area



16

Spirit farm-in accelerates derisking of Hurricane’s portfolio

Deal structure

- $46.9m TBD TBDTBD

GWA Tie-back (Inc. Host Mods and

Gas Tie-in)3 Additional Wells GWA FFD

3 E&A Wells +GWA Tie-back

PreparationGWA FFD FEED

$90.3m $46.9m - 1 Up to $250m*

$90.3m $93.8m TBD TBD

Carry

Net Cost

Hurricane Operatorship Spirit Energy Operatorship

$180.6m $187.5m TBD TBDGross Cost

- 1

TBD

TBD

FID

Net Effective Cost

$90.3m $137.2m $137.2m Up to $387m*$137.2mCumulative Carry

FID FID FID

Spirit overview

69%

Stadtwerke München Group

(former Bayerngasshareholders)

31%

Overview

— Formed by combination of Centrica’s E&P business and Bayerngas Norge’s upstream businesses in 2017

— Assets in the UK, Norway, Denmark and the Netherlands

— 2P reserves at 2018 year end of 270 mmboe

— 2018 net production of 47mmboe (128mboepd)

Highlights

✓ Strong financial partner

✓ Technically and commercially aligned

✓ Operational capability to take on operatorship at FEED for FFD

✓ Prior experience with basement plays, inc. Norway

Note: 1. Phase 3 & 4 costs are payable at working interest with no carry (50:50); *$150-250 million contingent commitment on FID, dependent on reserves being developed, $150m up to 300mmboe and $0.5/boe thereafter up to 500mmboe, payable as carry over 3 years



17

Fully-carried 3-well programme in 2019

Schematic of well locations Well locations

Valhall Limestones

Kimmeridge Clay

Rona Sandstone

Fractured Basement

# Location Depth (TVDSS) Well Number

1 Warwick Deep Horizontal 1,900m 205/26b-C

2 Lincoln Horizontal 1,770m 205/26b-B

3 Warwick Crestal Horizontal 1,840m 204/30b-A

SE

-

205/26-1(Arco 1975)

205/26b-12(Hurricane

2016)

205/26b-B(Hurricane

2019)205/26b-C(Hurricane

2019)

204/30b-A(Hurricane

2019)

Hurricane ODT from 205/26b-12: 2,258m TVDSS

NW

RPS CPR P90 OWC: 2,109m TVDSS

— Transocean Leader to spud first well in April 2019

— Warwick Deep to be Hurricane’s first well below local structural closure

— Each well will be flow-tested 1km horizontal

Supporting Information



19

What will the EPS show?

Pressure build-up analysis 205/21a-7Z

-1920

-1920

-1920

-1920

-1920

-1920

-2020

-2020

-2020

-2020

-2020

-2020

-2720-2620

-2520

-2420 -2320

-2320

-2220

-2220

-2120

-2120

-212

0

-1920

-1920

-1920

-1920

-1920

-1920

-192

0

-1920

-1720

-2220

-2020

-2020

-2020

-2020

-2020

-2020

-2020

-2020

-2120

-2120

-2120

-2120

-2120

-2120 -2120

-1420 -2

320

-2220

-2220

-222

0

-2220

-2220

-2220

-2220

-252

0

-2320

-2420

-2420 -2220

-2120

-2120

-2120

-1820

-1820

-1820

-1820

-1820

-1820

-182

0

-1820

-1820

-1820

-1820

-1820-1820

-1820

-1820

-1220

-1220

-1220

-1220

-1620

-1120

-1020

-232

0

-2320

-2320

-2320

-1320

-1320

-1320

-1320

-132

0

-1320

-1320-142

0

-1320

-1320

-1320

-1420

-142

0

-1420

-1420

-1420

-1420

-1420

-1420

-1420

-1420

-1420

-1220

-1220

-1520

-1520

-1520

-1520

-1520

-152

0

-1520

-1520

-152

0

-1520

-1520

-1520

-1520

-1520

-2420

-2420

-2420

-2420

-1620

-1620

-1620

-1620

-1620

-1620

-1620

-162

0

-1620

-1620

-1620

-162

0

-1620

-1620

-2320

-252

0

-1720

-1720

-1720

-1720

-1720

-172

0

-1720

-1720

-1720

-172

0

-1720

-1720

-1720

-172

0

-172

0

-2820

-2120

-2520

-2520

-2520

-2220

-2320

-2420-2620

-2620

-2720

-2720

-2820

-2920

0 0.5 1 1.5 2km

Lancaster EPS BHP comparison of model cases

— Helping constrain permeability anisotropy

— “Seeing” reservoir character away from the well bore

— Base case assumptions should be validated after 6-12 months of production

Note: BHP chart shows initial 3 year focus period only

Yr 0 Yr 1 Yr 2 Yr 3

Pre

ssu

re (

psi

)

Bottom hole pressures Interference testing



20

Lancaster Schematic

CPR Competent Persons Report

ESP Electrical Submersible Pump

FWL Free Water Level

OWC Oil Water Contact

PI Productivity Index

PLT Production Logging Tool

TVDSS True Vertical Depth Subsea

Victory Sandstone

Rona Sandstone

Fractured Basement

P1

36

8 (C

en

tral) licen

ce b

ou

nd

ary

-

1,000

m TVDSS

2,000

1,500

0 5km

205/21-1A (Shell, 1974): • Flowed light oil thought to be diesel

contamination from Valhall Formation, Rona Sandstone & Basement

205/21a-7 (2016): • Max ESP flow 10,930 bopd• Defined FWL

205/21a-6 (2014): • Max ESP flow 9,800 bopd• PI 160 stb/d/psi• Suspended as future producer

205/21a-4 (2009): • Max flow rate of 220 bopd with severe

formation damage• Confident oil down to 1,597m TVDSS

205/21a-4Z (2010): • Max flow rate of 2,885 bopd • Flow to 1,333m TVDSS logged

with PLT

205/21a-7Z (2016):• Max ESP flow 15,375 bopd• PI 147 stb/d/psi• Suspended as future producer

1,597m TVDSS (CPR 1C OWC)

1,653m TVDSS(CPR 2C OWC)

Management View FWL1 1,678m TVDSS (CPR 3C OWC)

Note: Indicative schematic; References to CPR are to RPS May-17 CPR; 1. Hurricane management base case FWL and high case ODT in RPS May-17 CPR



Portfolio Overview

Note: Reserve/Resources figures are gross; For full details refer to RPS Energy CPRs

21

Asset2P

Reserves2C

Resources

P50 Prospective Resources

Wells

Well NumberMax DST

Rate Status

37 mmboe - -205/21a-6

205/21a-7Z

9,800 stb/d

15,375 stb/d

Completed for EPS production

Completed for EPS production

- 486 mmboe -

205/21-1a

205/21a-4

205/21a-4Z

205/21a-7

na

1,367 bopd

2,885 bopd

11,000 stb/d

Shell 1974 P&A’d

Logged, tested, P&A’d

Logged, tested, suspended

Logged, tested, P&A’d

- 1,235 mmboe -205/23-2

205/23-3A

na

na

Arco 1998, P&A’d

ODT confirmed, suspended

- 604 mmboe -205/26-1

205/26b-12

na

na

Arco 1975, P&A’d

ODT confirmed, P&A’d

- - 935 mmboe - - -

- 205 mmboe -205/22-1a

205/21a-5

na

na

BP 1974, P&A’d

ODT confirmed, suspended

- 32 mmboe -205/26a-3

204/30a-3

na

na

Amerada Hess 1991, P&A’d

Amerada Hess 1995, P&A’d

Greater Lancaster

Area

Greater Warwick

Area

Lancaster EPS

Lancaster Resources

Halifax

Lincoln

Warwick

WhirlwindWhirlwind

Hurricane well

Historical well

StrathmoreStrathmore

Key:


Note: IPR plot is 3rd party analysis


EPS production certainty

22

EPS production well results

IPR plot (205/21a-6 well)

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

-

10

,00

0

20

,00

0

30

,00

0

40

,00

0

50

,00

0

60

,00

0

70

,00

0

80

,00

0

90

,00

0

10

0,0

00

11

0,0

00

12

0,0

00

13

0,0

00

14

0,0

00

15

0,0

00

16

0,0

00

17

0,0

00

18

0,0

00

Pre

ssu

re (

psi

)

Rate (stb/d)

Single well could produce 20,000 stb/d at drawdown

of only 120psi

Bubble point pressure equates to 43,000 stb/d

for a single well

Drilled Drill stem test (DST)

ESP flow rateProductivity

index

Well 205/21a-6 2014 9,800 stb/d 160 stb/d/psi

Well 205/21a-7Z 2016 15,375 stb/d 147 stb/d/psi

Test rates constrained by surface infrastructure

EPS producing from existing wells with world-class test results

DST Drill Stem Test


IPR Inflow Performance Relationship

Note: 1. Based on Hurricane management base case OWC / high case OWC in RPS May-17 CPR, and depth of beginning of 6/7Z horizontal sections

Reasons for EPS profile certainty

— Five wells drilled into Lancaster structure by Hurricane

— Both production wells have been tested with/without ESPs

— World-class productivity index in production wells

— 20,000 bopd (gross) requires very low drawdowns – well within the capability of a single well but Hurricane is using two

— Wells are ~430m1 above the oil water contact

— EPS is targeting 12% of the field’s 2P Reserves + 2C Resources



23

Rona Ridge Reserves and Resources – 2017 CPRs

Asset Unit Initially In-Place Volumes Contingent Resources3

Low Best High 1C 2C 3C

Lancaster mmstb 1,571 2,326 3,333 129 486 1,117

Halifax mmboe 2,523 5,157 9,064 268 1,235 3,379

Lincoln mmboe 1,404 2,514 4,113 150 604 1,537

Whirlwind1 mmboe 137-219 268-409 445-652 91-98 179-205 301-373

Strathmore mmboe 131 182 246 20 32 57

Total2 mmboe 5,848 10,588 17,408 665 2,562 6,463

Contingent resources (gross)

Prospective resources (gross) Reserves (gross/net)

Asset Unit Prospective Resources GPoS

Low Best High

Warwick mmboe 228 935 2,790 77%

Asset Unit Reserves

1P 2P 3P

Lancaster (6-year EPS) mmstb 28.1 37.3 49.3

Lancaster (10-year EPS)4 mmstb 44.5 62.1 88.7

Source: RPS May-17 Lancaster CPR; RPS Dec-17 CPR; Note: 1. Range is Whirlwind gas/condensate case - oil case; 2. Whirlwind oil case; 3. Exclusive of Reserves; 4. Increase in Reserves from EPS extension from 6 years to 10 years would cause corresponding decrease in Resources



24

Regional Activity

Rolvsnes• Extended well test (7,000 bopd constrained)

confirmed good productivity from fractured and weathered basement reservoir

• FID on tie-back to Edvard Grieg taken in April 2019

(Operator)

Edvard Greig, Norwegian North Sea

GREATER LANCASTER AREA

GREATER WARWICK AREA

Clair

SHETLAND ISLANDS

Rosebank

Cambo

Quad 204

Sullom Voe

Rosebank• 300+ mmbbl field which would require

new gas export infrastructure • FID due in 2019• Equinor acquired operated stake from

Chevron in 2018

Cambo• Field development plan being

prepared• Shell acquired 30% in March

2018

Shell • Awarded acreage across 10+ West of Shetland

blocks in 29th offshore licensing round, mostly around Hurricane’s acreage

(Operator)Clair• Sandstone Rona Ridge reservoir believed

to be charged from basement• Rumoured to be planning basement wells• BP increased stake through asset swap

with ConocoPhillips in July 2018

(Operator)

(Operator)

Glendronach• 1Tcf discovery in September 2018• Could start production by late 2020

via existing infrastructure

Source: Wood Mackenzie, media reports; Note: Map is illustrative and not to scale



25

Board of Directors

Executive directors

Dr Robert TriceChief Executive Officer

Robert is Hurricane’s founder and has over 30 years’ oil industryexperience, the majority of which was obtained at Enterprise Oiland Shell. He has worked in field development, exploration, well-site operations and geological consultancy.

Robert has a PhD in Geology from Birkbeck College, University ofLondon and has held the position of Visiting Professor atTrondheim University, Norway. He has published and presented onsubjects related to fractured reservoirs and exploration forstratigraphic traps. He is a Fellow of the Geological Society and amember of the Petroleum Exploration Society of Great Britain andthe Society of Petroleum Engineers.

Neil PlattChief Operations Officer

Neil has more than 25 years’ experience in the oil industry and hasworked for Amoco, BG and Petrofac. He has completedassignments both in the UK and internationally, working in a varietyof engineering, commercial and management roles includingProduction Asset Manager (NSW) for BG and Vice President forProject Delivery in Petrofac Production Solutions.

Neil joined Hurricane in 2011 and was appointed to the Board in2013. As Chief Operations Officer Neil is responsible for dailyoperations and asset delivery (drilling and projects).

Alistair StobieChief Financial Officer

Alistair has significant capital markets and oil and gas industryexperience. Alistair was previously Director of Finance at AIM-quoted Zoltav Resources and Chief Financial Officer (CFO) at OandoExploration & Production. Prior to this, Alistair founded and wasCFO at both Volga Gas, where he was CFO and led its IPO to raiseUS$135 million, and Pan-Petroleum, which acquired an interest inthe multi-billion barrel oil in place Mengo-Kundji-Bindi licence inCongo-Brazzaville.

During his career Alistair has been actively involved in numerouscorporate transactions including fundraisings, M&A and theacquisition and disposal of licence interests. Alistair joined theBoard in 2016.

Non-Executive directors

Steven McTiernanChairman

Dr David JenkinsSenior Independent Non-Executive Director

John van der WelleNon-Executive Director

Roy KellyNon-Executive Director

Sandy ShawNon-Executive Director

Jason ChengAlternate Director

Leonard TaoAlternate Director



26

Glossary

bbl Barrels

boe Barrels of oil equivalent

bopd Barrels of oil per day

CPR Competent Persons Report

DST Drill-stem Test

EPS Early Production System (phase 1 of Lancaster/GLA development)


FEED Front End Engineering and Design

FID Final Investment Decision

FPSO Floating Production Storage and Offloading vessel

FFD Full Field Development (phase 2 of the Lancaster/GLA development)

FWL Free Water Level

GLA Greater Lancaster Area (Lancaster and Halifax)

GWA Greater Warwick Area (Warwick and Lincoln)

LLI Long Lead Items

mmboe Million barrels of oil equivalent

mmstb Million stock tank barrels of oil

ODT Oil Down To

OWC Oil Water Contact

OGA Oil and Gas Authority (An executive agency of the UK Government’s Department for Business, Energy and Industrial Strategy)

PI Productivity Index

stb Stock Tank Barrel

SURF Subsea Umbilicals Risers and Flowlines

TMS Turret Mooring System

TVDSS True Vertical Depth Subsea

TVT True Vertical Thickness

UKCS United Kingdom Continental Shelf

WI Working Interest

corporate presentation - hurricane energy...presentation are provided as at the date of this...

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