ACTIVIST investor Crystal Amber has called on Hurricane Energy to monetise its assets in the North Sea as it criticised the oil and gas exploration company’s plans.

Crystal Amber cited Hurricane’s recent share performance for the decline in its own price. Crystal Amber is the single largest shareholder in Hurricane, with a 12.2 per cent holding.

The investor said its performance – which has seen the price drop from 246.7p in May to 201.5p – “primarily reflects the decline in the share price of… Hurricane Energy”.

The fund said Hurricane’s share price decline, which has more than halved since May, was resulted from the “poor handling” of a warrant issue in May, and Hurricane’s decision to focus on funding and delivering an early production system.

The group said it was supportive of the monetisation of Hurricane’s assets, which it conditionally values at 219p per share.

Surrey-based Hurricane is focused on the west of Shetland, where it operates the largest undeveloped discovery on the UK Continental Shelf, believed to contain up to one billion barrels of oil.

The company declined to comment on Crystal Amber’s statement, but shares climbed 11 per cent, as the City reacted to signs that Hurricane has become a focus of attention for the investor.