Offshore operator Prax Exploration breaks into North Sea market with Hurricane Energy deal

The UK North Sea has a new operator in the shape of private company Prax Exploration & Production, which has just completed the acquisition of Hurricane Energy, the owner-operator of the producing Lancaster oilfield in the West of Shetland area.

A scheme of arrangement that underpinned the acquisition became effective on 8 June 2023 after shareholder approvals in April followed by UK regulator agreements and sanctioning by a UK court.

Trading of Hurricane shares on the London Stock Exchange’s market for small and medium-size growth companies ended today with effect from 7am local time.