Hurricane Energy’s Chief Executive Officer and director Robert Trice has resigned by mutual agreement with the board. He will remain available to assist the company during a transition period of six months, Hurricane said in a statement.
In conjunction with this news, the company shared additional personnel and operational updates:
- Beverley Smith has been appointed Interim CEO. She was previously with BG Group for 30 years and has been a non-executive director of Hurricane since December 2019.
- Richard Chaffe, who has been Acting Chief Financial Officer since February 2020, has been confirmed as Chief Financial Officer and an executive director. He joined the company in 2016 as Head of Finance.
- Roy Kelly, who has been the Kerogen nominated non-executive director since 2016, has stepped down from the board and has been replaced with immediate effect by Alan Parsley, a member of the Advisory Board of Kerogen Capital.
- Jason Cheng has stepped down from his Alternate Director position in relation to Kerogen's nominated director. Leonard Tao will continue in this role, acting as alternate to Parsley.
All the board changes are effective immediately.
Separately, the company has established a Technical Committee of the Board, formalizing an arrangement where certain members of the board have provided oversight of critical technical matters and Reserves and Resources disclosures. David Jenkins, independent Non-Executive Director since 2013, will Chair the Technical Committee.
An Environmental, Social, and Governance Committee of the Board has also been established to oversee and report on the impacts of company operations and products.
Given the difficult macroeconomic backdrop and the need to strengthen the company's balance sheet, the board is focused on the need to increase production, while keeping expenses focused and to a minimum. This will be one of the near-term tasks of the Interim CEO, the company said.
Steven McTiernan, Chairman of Hurricane, said, "The board commends Dr. Trice's pioneering efforts to explore the viability of the unique basement oil play west of the Shetlands. His dedication over a period of 16 years has built Hurricane into a recognized UK operator today, culminating in the outstanding success of delivering first oil in May 2019.”
"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.”
To contact the author, email bertie.taylor@rigzone.com.
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