HURRICANE Energy has announced its chairman, Robert Arnott, has resigned from the board.

The West of Shetland focused oil and gas exploration company, which discovered the huge Lancaster field, also revealed it was considering a move from the alternative investment market (AIM) to a premium stock exchange.

David Jenkins, senior independent non-executive director, has assumed the role of interim chairman and chair of the nominations committee until a candidate is found.

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The group has also formed a listing and governance committee (LGC) which will help it “prepare for future growth”, including moving to a new stock market.

Hurricane expects first production from Lancaster in the first half of 2019. The field is part of the Greater Lancaster Area, which Hurricane estimated could contain up to one billion barrels of oil.

Hurricane said that following discussions with shareholders, and in light of its increased institutional shareholder base since a recent $530 million capital raise, a premium listing could: “provide a more appropriate platform for its growth, raise the company’s global profile, potentially increase its trading liquidity and provide it with a wider addressable investor universe for its ordinary shares”.