The Prax Group has announced that it has successfully completed the strategic acquisition of Hurricane Energy Plc (Hurricane) in the United Kingdom.
Hurricane is a UK-based oil and gas exploration and production company with a 100 per cent operated interest in the Lancaster offshore oil field in the West of Shetland basin.
With a strong track record of integrating acquisitions and managing assets in the oil value chain, this acquisition is a natural progression for Prax. It provides the opportunity to integrate Hurricane’s expertise and infrastructure into the company’s footprint, to enable the continued exploration of new business opportunities as part of a long-term growth strategy.
Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, said: “Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group. The acquisition of Hurricane Energy is a natural progression for the Group, and will create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come. The acquisition of Hurricane is a very significant moment in the Group’s history and a major leap forward towards achieving our goal of becoming a fully integrated global energy provider.”