Welligence UK M&A | Prax enters upstream with Hurricane Energy acquisition

March 17, 2023

On 16 March 2023, Prax announced the acquisition of Hurricane Energy for up to £249 million (US$301 million). Hurricane’s sole asset is its 100% interest and operatorship of the Lancaster field. The deal includes £82.7 million (US$99.8 million) in firm payments and the remaining £166.3 million (US$201 million) in contingent payments. The deal is expected to close in mid-2023.