North Sea firm Hurricane to float on London's junior market

LONDON Wed Jan 22, 2014 2:29am EST

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LONDON Jan 22 (Reuters) - North Sea-focused oil firm Hurricane Energy announced plans to float on London's junior AIM market in February, in an initial public offering (IPO) which will value the company at around 272 million pounds ($447.8 million).

The company said it would raise around 18 million pounds from investors upon listing plus another 31.4 million through the conversion of loan notes and a warrant at the time of the IPO.

Hurricane, which has oil licences off the west coast of the Shetland Islands north of Scotland, said it planned to use the funds to drill a well to appraise its Lancaster oil discovery.

A spokesman for Hurricane said oil major BP was amongst the investors in the company, having invested in a funding round last March.

It expects to have its shares admitted to trading on AIM on Feb. 4.

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