Hurricane Update on Aoka Mizu Charter

Hurricane Energy plc, the UK based oil and gas company, announces that it has resolved not to exercise its option to extend the bareboat charter of the Aoka Mizu FPSO (the “Bareboat Charter”) for a period of three years from June 2022 to June 2025.

Based on the contractual terms for the three year extension and the current Lancaster production forecasts, the Company does not believe it is in the best interests of the Company and its stakeholders to exercise the option in its current form to extend the Aoka Mizu lease to June 2025, given the significant financial obligations this could entail. Accordingly, it has resolved not to do so.

As contemplated in the Explanatory Statement, the Company remains in negotiations with Bluewater Energy Services B.V., the owner of the Aoka Mizu FPSO, over an alternative extension to the Bareboat Charter for a shorter period than three years.

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Hurricane Energy plc announce Notice of Extraordinary General Meeting
On 18 May 2021, Crystal Amber Fund Limited, a shareholder with a beneficial holding of 14.32% of the issued ordinary shares of Hurricane, served a requisition notice on the Company pursuant to section 303 of the Companies Act 2006 (the “Companies Act”), requiring that the Company convenes a general meeting of shareholders for the purposes of considering ordinary resolutions removing from, and appointing to office, directors of the Company.