8th Jun 2020 10:46
(Alliance News) - Hurricane Energy PLC said Monday that Chief Executive Officer Robert Trice has resigned from his role by mutual agreement, after 15 years in the role.
Trice will remain available to assist the company during a transition period of six months. In the meantime, Non-Executive Director Beverley Smith has been appointed as interim chief executive officer.
Smith has been part of Hurricane since December 2019, and her most recent executive role was at oil & gas firm BG Group as vice president for Exploration & Growth in Europe from 2013 to 2016, before its takeover by Royal Dutch Shell PLC.
In addition, acting Chief Financial Officer Richard Chaffe has been appointed to the role on a permanent basis, as well as executive director. Chaffe first joined Hurricane Energy in 2016 as head in Finance, and was appointed as CFO on an interim basis in February.
Looking ahead, Hurricane Energy said that given the challenges experienced in keeping the target plateau production rate of 18,000 net barrels of oil per day from the existing two well configuration on natural flow, the company's technical committee will review all available information.
This will include recent dynamic performance data, and the re-examine the full range of possible geological and reservoir models.
Due to the difficult macroeconomic conditions, Hurricane is focused on the need to increase production, while also keeping capital expenditure to a minimum.
As a result, the main near-term task of Interim CEO Smith will be to propose a revised forward activity programme, based on a prudent interpretation of field performance to date, including the possibility of a shallower oil water contact.
"As we move into a phase where the focus is on enhancing production, I am very pleased that Beverley has taken on the role of Interim CEO where her extensive subsurface and development experience will be of huge benefit to the company," said Chair Steven McTiernan.
"In evaluating options for the forward work programme against an uncertain macroeconomic backdrop, we will prioritise early low-cost production with the capital discipline needed to achieve financial resilience," McTiernan added.
Shares in Hurricane Energy were 8.8% lower at 8.07 pence on Monday in London.
By Dayo Laniyan; [email protected]
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