The boards of Prax Exploration and Hurricane Energy have reached an agreement on an acquisition of Hurricane via a share offer, with a potential value of $301 million.
Hurricane launched a formal sale process in November 2022 after receiving an unsolicited offer for the company.
Hurricane’s assets are focused on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf. Hurricane has a 100 per cent. operated interest in the Lancaster Field. As at 31 December 2022 the Lancaster Field’s proved and probable reserves were certified by ERCE to be 6.6 mmbbls. Hurricane produced 3.1 mmbbls from the Lancaster field in 2022 and is currently producing 7,710 bbls/d from a single well into the leased Aoka Mizu FPSO.
Prax is a wholly-owned subsidiary of State Oil Limited, which is the ultimate operating holding company of the Prax Group.
The Prax Group is a leading, British headquartered, international, integrated and diversified midstream and downstream energy group with 1,274 employees in 12 offices across seven countries. Prax’s activities include refining, marketing, and distribution of commercial fuels, via its network of storage terminals and pipeline infrastructure, petrol retail forecourts, road tankers, and its marine bunkering vessel fleet.
(Source and image: Hurricane Energy – Hurricane’s Aoka Mizu FPSO at Lancaster field)