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Hurricane Energy PLC on Friday said it is planning for a capital reduction programme to distribute reserves to shareholders.
The Surrey-based oil and gas producer in fields offshore west of Shetland said the capital reduction involves the cancellation of Hurricane Energy’s share premium account, which currently stands at around $822.5 million.
Up to $70 million will be returned to shareholders in the first quarter of financial 2023, equivalent to 3.1 pence per share, it said.
Hurricane Energy launched a formal sales process at the beginning of November and said that in the event that this doesn’t result in a transaction, the company will commence the capital return programme.
Shareholder approval is now being sought to carry out the reduction of capital.
Hurricane Energy shares were up 1.4% to 8.11 pence on Friday afternoon in London.
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