Harbour Energy Share Discussion Threads

[deans] 18/5/2017 08:10

Steve 73 on Catcher first oil. TD was confident that first oil would be achieved end 4Q 17. I am not an oil man construction was what I used to do in my working life. My read is that the floating vessel is not on the critical path in programme terms (construction programme term)and a sail away date was not given at the meeting. Lets hope TD is under promising over delivering rather than the reverse.

[bakedbean57] 18/5/2017 08:06

Opening 7 trades has got to be the simplest summary of the trading history over last 9 months...

[leoneobull] 18/5/2017 08:06

Steve. On dilution, the warrants at 40 odd p will certainly need to be cleared but let's recall that the Cb bh's cannot convert until 74p and given 2% interest coupon are unlikely to convert until share price well above £1

[bakedbean57] 18/5/2017 08:03

Uncross at 59p of 198 then a lowball on the bid of a couple of hundred units to keep it anchored !!! No need other than greed and corruption no on e other than the PI....

[frightened city] 18/5/2017 06:20

The Solan facilities certainly have the space to take in some Hurricane production as the Solan reservoir is only delivering a third of 'promise'.
As I predicted, Catcher is now going down the Solan route, delayed......

Somebody asked a while ago why the focus on Solan when there is Catcher, Tolmount, Sea Lion?
Because it demonstrates that the company has lost the skills base that delivered successful projects in SE Asia.
And has a BoD that doesn't get it.
Presumably the Chairman and the chair of the Remuneration Committee will now resign???? But let's not hold our breath!

[steve73] 18/5/2017 04:09

On the AGM RNS,

The voting turnout was very poor at just 28.19%, although the number voting against the remuneration report (#3) was unusually high, and good to see the company acknowledging this.

Let's hope they do something about it....!

[steve73] 18/5/2017 04:00

Leo...
Perhaps the latest Jeffries valuation is taking account of all the proposed dilution (warrants & CB's) that the restructuring will cause..?

[steve73] 18/5/2017 03:58

Thanks for your AGM report Deans... post ...933

2 months for arrival to first oil (if that's what he meant) for Catcher sounds a bit optimistic - at least based on Kraken's performance to date.

On the Solan infrastructure - I wonder if they're looking at providing some third party capacity eg. for Hurricane.

[leoneobull] 17/5/2017 20:08

OK Jefferies downgrade to 68p from 90p. The thing is with any analyst repricing a share price target they tend to shift their target when the share price has already changed direction I.e. No better than hindsight posters

[leoneobull] 17/5/2017 20:04

Asa can you post the downgrade you mention?

[begorrah88] 17/5/2017 19:39

Top work Deans

Thanks for that

[asa8] 17/5/2017 19:34

just goes to show that failure is still being awarded at the top Durrant has no shame he should donate his rise to charity but he wont,id like to know why the house broker has downgraded today this is all for the benefit for the shorting houses for when the finance is finally sorted to let them out on the cheap.for anyone in doubt Durrant is fully complicit to whats going on with the shorting and is aiding them.

[leoneobull] 17/5/2017 19:25

Dean, on behalf of our humble BB, many thanks indeed

[dr biotech] 17/5/2017 18:23

Thanks Deans, really informative.

[deans] 17/5/2017 17:58

Attended the AGM and my comments are as follows:

Didn't do a head count but there were less than 100 there. The meeting itself lasted about one hour and there was polite applause for the out going directors.

TD report was well received considering the share price He acknowledged straight away that the share price was disappointing but to some extent was the result of the low POO. He said that US shale production was having a damping effect on the POO for Brent despite it only representing 5% of total world daily production.

He was very positive about Catcher and said he had been out 4 times this year to Singapore to visit the floating vessel yard. Last time he went was for the naming ceremony. Will take 40 days to reach Catcher and 2 months or so to test/ commission. 11 out of 12 drills have been done and all performed ahead of expectation.

On Sea Lion recently the terms of the JV had been 'tweaked' the effect of this was to split the development into (different) phases with budgets for each. He is hoping to report the go ahead at next years AGM. A question was asked about the supply chain taking on board some of funding for the development apparently this was stated as a possibility at yesterday's Rockhopper AGM. It was said that the questioner was well informed.

Solan only came up once prompted by a question on forecast production estimates and when would we achieve the long term goal of 100k boepd. (This was stated as a PMO objective years ago.) In answer TD said we would not achieve 100k this year or next. The questioner was asking whether we would achieve the target with Catcher coming on stream despite Solan being disappointing. He did say on a good day we might produce 100k but not as an average over an extended period.

With regard to Solan he said they were still trying to understand the reservoir and that production had stabilised. He also pointed out that the infrastructure could prove to valuable to the company. The company would be able to recover the investment.

They were very keen to talk about how well the E.on deal was working out - Tolmount costing effectively nothing.

Also very positive about the two Mexico licenses - PMO the first foreign company in 40 years or so invited to explore. The company was very surprised to win the licences. A presentation board said Zama had a better than 50% chance of success. Possibly transformational for the company.

There were a number of questions with regard to the share price and lack of director share buying (closed period)

I didn't take notes so relying on memory.

I will try to answer any questions.

[mreasygoing] 17/5/2017 17:27

Tony isn't fat, just portly.

[oilretire] 17/5/2017 17:20

I beginning to think it's personal with you Marv? You really do hate him with a vengeance.

Did he shag your husband/wife/boyfriend/girlfriend??

;-)

[asa8] 17/5/2017 16:44

absolute disgrace this is how can he keep his job would love to give him a good hiding if I met him the company should be investigated by the fraud squad this company sums up the stock market

[begorrah88] 17/5/2017 16:37

There are an awful lot of hedge funds etc that are very pleased he is there

[manics] 17/5/2017 16:34

Heheheheh.

Re-elect Tony Durrant
Votes for: 143,043,672
99.37%

-he ain't losing any sleep, don't you worry about that.

[timothyjones2010] 17/5/2017 16:05

I would of expected the share price to be around mid 65 today with POO at 52.50 - at this rate if we are going to get a 59

[bakedbean57] 17/5/2017 15:21

Tony better not be having a glass of wine or a whiskey on his expense account after today because he certainly doesn't deserve a drink never mind a pay rise from the Shareholders.

[begorrah88] 17/5/2017 14:45

Stripped it back to 59p bid

Last 2 days we've had a late pm sell off

It appears this is now another staple of PMO trading