7 April 2021

Hurricane Energy plc

("Hurricane" or the "Company")

Competent Person's Report on West of Shetland Assets

&

Stakeholder Engagement Update

Hurricane Energy plc, the UK based oil and gas company, announces that a summary of a Competent Person's Report ("CPR") on the Company's West of Shetland assets by ERC Equipoise Ltd ("ERCE") has been published on the Company's website at:

https://www.hurricaneenergy.com/assets/reserves-and-resources

The full CPR will be published on the Company's website in due course, once finalised. ERCE's work has been prepared in accordance with the June 2018 Petroleum Resources Management System ("PRMS") as the standard for classification and reporting with an effective date of 31 December 2020.

Antony Maris, Chief Executive Officer of Hurricane, commented:

"The summary of the CPR published today is broadly consistent with the estimates for Lancaster and Lincoln which we presented in September 2020. We are continuing to work on a financial plan and are engaging with our key stakeholders to allow us to take the business forward and provide us with the best chance of targeting these reserves and resources."

Lancaster Reserves and Resources

Lancaster Reserves (Hurricane 100% working interest) and associated Net Present Values ("NPVs")

ERCE's estimates of Reserves and NPVs for the Lancaster field are tabulated below:

Notes:

1.     In determining the economic reserves for the Lancaster field, ERCE has assumed a Brent oil price of US$50/bbl in 2021, US$53/bbl in 2022, US$55/bbl in 2023 and US$56/bbl in 2024 and thereafter in real terms. Prices are escalated at 2.0% per annum inflation

2.     NPV10 equates to the net present value of cash flows from the Lancaster field at a 10% discount rate at the effective date of 31 December 2020

ERCE's estimates of Reserves for the Lancaster field assume production only from the 205/21a-6 well (the "P6 well") and reflect its natural decline. Hurricane's future development plan requires the field to be produced below the bubble point of the oil. Hurricane has submitted an amendment to the Lancaster field development plan ("FDPA") to the UK upstream regulator, the Oil and Gas Authority ("OGA"), to allow for production below bubble point. Hurricane is in constructive discussions with the OGA to obtain the FDPA to permit ongoing reservoir management on this basis, subject to quarterly review of operating procedures to ensure gas liberated in the reservoir is not produced. Hurricane has a reasonable expectation that an approved FDPA is likely to be forthcoming.

The Company will adopt the ERCE reserves and resources figures at 31 December 2020 and they will be included in the Company's 2020 Annual Report. The Company has developed a range of production scenarios for the Lancaster field to assist in financing and balance sheet recapitalisation discussions. While these scenarios incorporate different oil price and technical assumptions to those included in the ERCE Reserves figures tabulated above, they are within the ranges of Reserves and Contingent Resources estimated by ERCE.

Lancaster Contingent Resources (Hurricane 100% working interest)

ERCE's estimates of Contingent Resources for the Lancaster field are tabulated below:

Notes:

1.     The P8 well is the proposed side-track of the existing 205/21a-7z well, which the Company is considering drilling in 2022

2.     Incremental resources are computed by the subtraction of the Reserves estimates for Lancaster from estimates of future recoverable volumes from the combined activity of the P6 and P8 wells. As the forecasts for the combined activity of the P6 and P8 wells both accelerate production and add additional resources, the incremental resources associated with the P8 well decrease as the Reserves attributed to the Lancaster field increase

3.     Contingent Resources, Development Unclarified, assume water injection is implemented as part of any further development

The Development Unclarified Contingent Resources for the Lancaster field in the table above are contingent on Hurricane finalising a commercially viable further development plan if the P8 well is drilled, Hurricane being able to fund and execute this development plan during the lifetime of the Lancaster field and obtaining regulatory consents. As such, there can be no certainty of any further activity in relation to the Lancaster field.

Greater Warwick Area Reserves and Resources

Lincoln discovery (Hurricane 50% working interest)

ERCE's estimates of Contingent Resources for the Lincoln discovery are tabulated below:

Notes:

1.     Contingent Resources, Development Unclarified, assume water injection is implemented as part of any development

2.     Net attributable figures are rounded to one decimal point

The Lincoln prospect was originally drilled by Hurricane in 2016 and, although hydrocarbons were encountered, the well was not successfully tested. The Lincoln discovery was appraised in 2019 and flowed hydrocarbons to surface. Appraisal is at an early stage and there is currently no development plan for the discovery. ERCE has attributed Contingent Resources, Development Unclarified, to the Lincoln discovery, assuming water injection is implemented as part of any future

development.

The Development Unclarified Contingent Resources for the Lincoln discovery in the table above are contingent on Hurricane completing any required appraisal drilling, finalising a commercially viable development plan, being able to fund and execute this development plan and obtaining regulatory and partner consents. As such, there can be no certainty of any further activity in relation to the Lincoln discovery.

Warwick Crest discovery (Hurricane 50% working interest)

ERCE's estimates of Contingent Resources for the Warwick Crest discovery are tabulated below:

Notes:

1.     Contingent Resources, Development Unclarified, assume water injection is implemented as part of any development

2.     Net attributable figures are rounded to one decimal point

The Warwick Crest discovery was drilled in 2019 and hydrocarbons were successfully flowed to surface. Appraisal is at an early stage and there is no development plan for the discovery. ERCE has attributed Contingent Resources, Development Unclarified, to the Warwick Crest discovery assuming water injection is implemented as part of any future development.

The Development Unclarified Contingent Resources for the Warwick Crest discovery in the table above are contingent on Hurricane completing any required appraisal drilling, finalising a commercially viable development plan, being able to fund and execute this development plan and obtaining regulatory and partner consents. As such, there can be no certainty of any further activity in relation to the Warwick Crest discovery.

Halifax (Hurricane 100% working interest)

No Contingent Resources are attributed by ERCE to the Halifax well drilled in 2017. At 31 December 2020, c.$35 million of the Company's balance sheet intangible exploration and evaluation assets represented the historical cost incurred at Halifax to date. The Company now expects that the Halifax carrying value will be fully written off in its audited accounts for the year ended 31 December 2020.

Review by Qualified Person

The technical information in this release has been reviewed by Antony Maris, Chief Executive Officer, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Mr Maris is a petroleum engineer with 35 years' experience in the oil and gas industry. He has a B.Sc.(Eng.) Petroleum Engineering (Hons) from the Imperial College of Science and Technology (University of London) Royal School of Mines A.R.S.M. and an MBA from Kingston Business School.

Update on Stakeholder Engagement

The Company continues to engage with an ad hoc group of its convertible noteholders over the Company's forward work programme, strategy, financing and balance sheet recapitalisation. It should be noted that there is a risk of significant dilution to existing shareholders from a possible restructuring and/or partial equitisation of the convertible bonds and of potentially limited or no value being returned to shareholders.

If no agreement can be reached with the Company's stakeholders on additional development activity at Lancaster, the field could continue to produce from the P6 well before reaching its economic limit, the timing of which would depend on oil prices, actual production levels delivered and the level of cost savings achievable. The field may then be decommissioned, with potentially limited or no value returned to shareholders.

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About Hurricane

Hurricane was established to discover, appraise and develop hydrocarbon resources associated with naturally fractured basement reservoirs. The Company's acreage is concentrated on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf.

The Lancaster field (100% owned by Hurricane) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

Visit Hurricane's website at www.hurricaneenergy.com

Glossary

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Inside Information

This announcement contains inside information.