Troubled North Sea oil and gas firm Hurricane Energy (LON: HUR) has shuffled its top team after a request from its activist investor.
AIM-listed fund Crystal Amber (LON:CRS), which has a 28.2% stake in the company, has asked that Juan Morera be appointed to the board as a non-executive director.
Due diligence work is ongoing and, once complete, it is expected that Mr Morera will join Hurricane Energy’s top brass.
In connection with his appointment, John Wright has agreed to step down from the role of interim chairman – he will remain on the board as a non-executive director.
Philip Wolfe, currently the company’s senior independent non-executive director, will assume the role of independent non-executive chairman.
Both changes take place with immediate effect.
Hurricane Energy said the structure and composition of its board will continue to be reviewed and it is expected that additional independent non-executive directors will be appointed in due course.
Crystal Amber
Hurricane Energy’s relationship with Crystal Amber has been more than a little strained in the last year.
In May the fund moved to oust five of the company’s non-executive directors, believing them to have “demonstrably failed to protect” shareholder’s interests.
They subsequently opted to jump ship rather than wait for a vote on their future.
Just weeks later a court failed to sanction Hurricane Energy’s restructuring plan, which was branded “egregious” by Crystal Amber chairman Christopher Waldron.
More recently the activist fund claimed that prospects for Hurricane Energy’s flagship Lancaster field may be better than first thought.
It said production could be extended through until “at least” January 2025, generate revenues of around £558 million, based on the rate of decline.
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