Hurricane Energy raises £0.5bn to fund Lancaster EPS

Hurricane Energy's raised over half a billion pounds to fund the development of the early production system at its Lancaster field after selling new shares at a discount.

The company placed 731.2 new shares at 32p each for gross proceeds of $300.0m.

In parallel, it raised a further $220.0m through an offering of convertible bonds, with a $10.0m over-allotment option.

Both were conditional upon resolutions to be passed by the shareholders at the company's general meeting.

Lancaster was still scheduled to achieve first oil in the first half of 2019.

Cenkos acted as nominated adviser and joint bookrunner for the placing, alongside Stifel for the latter.

In a related transaction, Kerogen Capital was to raise $35.0m by subscribing for as many as 85,31m placing shares in the placing.