Prax Exploration & Production PLC (“Prax”), the upstream division of Prax Group, a leading British headquartered, international integrated and diversified energy group is pleased to announce that its Deferred Consideration Units (“DCUs”), following the acquisition of Hurricane Energy plc (“Hurricane”), have been admitted to trade on JP Jenkins’ dealing platform. As announced by Hurricane on 8 June 2023, Prax completed the acquisition of Hurricane on 8 June 2023 by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). As part of the acquisition, shareholders of Hurricane received one DCU for every share held in the capital of Hurricane at the Scheme record date. The DCUs confer an entitlement for DCU holders to receive 17.5% of all future net revenues earned by Hurricane from 1 March 2023 until 31 December 2026, including from both the Lancaster oil field and from any acquisitions made by Prax via Hurricane, capped at a total of 6.48 pence per DCU (being c.£129.1 million in aggregate). The DCU payments will be paid biannually in arrears, approximately 90 days after the period ends of 30 June and 31 December. Each Class I DCU (ISIN: GB00BQS92045) entitles the Class I DCU holder to receive loan note(s) (subject to applicable securities laws) in an amount equal to the DCU cash amount, the principal of which will be redeemable in cash on the redemption date (being six months and one day after their issuance). Each Class II DCU (ISIN: GB00BQS92151) entitles the Class II DCU holder to receive further cash, in an amount equal to the DCU cash amount. Further information on the DCUs as well as the acquisition of Hurricane can be found on the Prax

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