The Lemon Fool

Bondholder Meeting

The Bondholder Meeting was convened at 11:00 a.m. today virtually via video conference in accordance with the Order.

The resolution to approve the Restructuring Plan as set out in Appendix F of the Explanatory Statement was put to the Bondholders and was duly passed on a poll.

Bondholders present and voting represented 84.89% of the total amount outstanding (Plan Claims of USD 197,070,375 present and voting out of USD 232,156,250 Plan Claims outstanding in total).

The number of votes lodged for and against the resolution proposed is set out below. No votes were withheld.

Votes for: 197,070,375 (100%)

Votes against: Nil (0%)

Further information

As set out in the Order, the sanction hearing of the Court to sanction the Restructuring Plan is due to commence on 21 June 2021, at a time to be confirmed.

If the Restructuring Plan is not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

Shareholder Meeting

The Shareholder Meeting was convened at 12:00 p.m. today virtually via video conference in accordance with the Order.

The resolution to approve the Restructuring Plan as set out in Appendix F of the Explanatory Statement was put to the Shareholders and was not passed as a special resolution on a poll.

The number of votes lodged for and against the resolution proposed is set out below. 1,518,667 votes were withheld and 32.87% of the issued share capital voted.

Votes for: 50,130,545 (7.66%)

Votes against: 604,636,415 (92.34%)

Further information

As set out in the Order, the sanction hearing of the Court to sanction the Restructuring Plan is due to commence on 21 June 2021, at a time to be confirmed.

The Company reminds the Shareholders that as the Restructuring Plan was approved at the Bondholder Meeting by the requisite majority, if the Court sanctions the Restructuring Plan at the hearing on 21 June 2021, the Restructuring Plan will be binding on all Shareholders despite the resolution not being duly passed at the Shareholder Meeting.

Further the Shareholders and bondholders of the Company are reminded that if the Restructuring Plan is not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

Tinderboy wrote:The Bondholder was they key vote, the Shareholder vote was sadly just background noise, the problem now is apathy, it’s ok the Bondholders trying to squeeze every penny out the remainder of the contract, but remember that resource (Core crew) bought many shares, won’t be surprised if folk retire on the job.

ReallyVeryFoolish wrote:

thehaggistrap wrote:

Tinderboy wrote:The Bondholder was they key vote, the Shareholder vote was sadly just background noise, the problem now is apathy, it’s ok the Bondholders trying to squeeze every penny out the remainder of the contract, but remember that resource (Core crew) bought many shares, won’t be surprised if folk retire on the job.

Do the maths. Crystal Amber own 14.32% of shares.
Kerogen own 15.99%. Total votes cast were 32% of total shares (92% against)

We know CA voted against. Therefore Kerogen abstained?
Nothing to see here ....

I am not certain what happens next? I think the judge now rubber stamps the restructuring proposals and the shares are then diluted to the extent they lose 98 per cent of their value?

RVF

Further to the announcements on 10 and 11 June 2021, the Company is pleased to announce that it has successfully restarted the electric submersible pump in the Lancaster 205/21a-6 ("P6") well.

Once stabilised, the Company intends to target oil production from the P6 well at a rate of c.11,000 bopd, being a similar level to that achieved immediately prior to the trip on 8 June 2021. Thereafter, oil production from the P6 well is expected to continue declining. A further operational update will be announced in early July, in line with the Company's recent reporting framework.

ReallyVeryFoolish wrote:I have long since given up trying to understand share price movements, especially with HUR stock. But, the share price at HUR is actually increasing of late. Pure gambling? No different than putting everything on red?

RVF

ReallyVeryFoolish wrote:But the BoD said such an outcome will lead to winding down and voluntary company liquidation? Not really a great outcome for shareholders?

At an Extraordinary General Meeting of the Fund held on 30 July 2013 a resolution was passed that following the thirteenth
anniversary of the Company's launch (in 2008), at the Annual General Meeting to be held in 2021, an Extraordinary Resolution,
that would require a 75 per cent. majority, would be proposed that the Company continue as constituted ("the Continuation
Vote"). If such a resolution was to be passed, a similar resolution would be proposed at every second annual general meeting
thereafter. If the resolution were not passed at any of those meetings, the Directors would be required to formulate proposals to
be put to the shareholders to reorganise, reconstruct, or wind up the Company.

Yesterday afternoon, a letter was received by the Fund from Saba Capital Management, L.P. ("Saba"), which holds more than 25
per cent. of the voting rights of the Fund, to inform the Fund that Saba will be voting its ordinary shares against the Continuation
Vote and that, accordingly, the Continuation Vote will not pass.

The Directors expect that the next Annual Meeting of the Fund will be held at a similar time to the Annual General Meeting held
in 2020, ie in late November 2021.

Following the 2020 Annual General Meeting, the Directors noted the diversity of voting in respect of certain resolutions including
the continuation of the share buyback authority. Since such time, the Fund has consulted widely with shareholders and in the
light of the above letter from Saba will continue to do so particularly in order to formulate proposals to be put to the
shareholders to reorganise, reconstruct, or wind up the Company following the Continuation Vote not being passed at the next
Annual General Meeting of the Fund.

Hurricane Energy plc, the UK based oil and gas company, announces the results of the sanction hearing (the 'Sanction Hearing') of the High Court of Justice of England and Wales (the 'Court') in relation to the restructuring plan proposed by the Company under Part 26A of the Companies Act 2006 as set out at Appendix F of the explanatory statement dated 24 May 2021 in relation to the Restructuring Plan (the 'Restructuring Plan').

The Sanction Hearing was convened on 21 June 2021 at 2:00 p.m. and concluded on 23 June 2021. Judgment was reserved and was handed down today, 28 June 2021.

The Court has not sanctioned the Restructuring Plan. A copy of the sealed court order will be published on the Company's website at www.hurricaneenergy.com once received.

The existing Hurricane board is considering all options, including an appeal. Unless the Company or the Ad Hoc Committee successfully appeals the judgment, the Restructuring Plan will not be implemented. The Company's convertible bondholders have certain rights under the terms of the convertible bonds which, if enforced, could result in an acceleration of the convertible bonds and ultimately an insolvent liquidation of the Company. As a result there is a significant risk of no value being returned to shareholders.

The Company notes that a number of its shareholders have indicated that they were not supportive of the Restructuring Plan and, as a result, have indicated an intention to vote against the re-election of those Directors of the Company that are standing for re-election at the upcoming AGM on 30 June 2021 and/or to vote in favour of resolutions proposed by Crystal Amber Fund Limited to remove all of the non-executive Directors of the Company at the upcoming EGM on 5 July 2021. It is the Company's understanding that, in the event all of the Executive Directors are removed from the Board, the Company's Nominated Adviser is likely to resign with immediate effect. This is likely to have the result that the shares of the Company are suspended from trading and, if a replacement Nominated Adviser is not in place within a period of one month, it may result in the shares of the Company being de-listed from AIM.

Further updates will be made when appropriate.