Harbour Energy Share Discussion Threads

[deanroberthunt] 03/9/2018 15:12

NEW HIGHS SOON.

[emilio] 03/9/2018 14:43

Starving you full time idiot

[marvin9] 03/9/2018 14:11

Whats going on?

TLW flying and PMO being manipulated back down?


FSA?

CEO?

Lizzy Lips?

[oldbronze] 03/9/2018 13:28

keep an eye on UKOG!!

[s34icknote] 03/9/2018 12:47

130p soon !!!This will break soon.Catcher upgrade and dent falling .Oil moving towards 80 dollars Sicknote

[binarypilot] 03/9/2018 07:39

Keep posting Marvin.

Love your posts.

and I'm a holder.


:)

[oilretire] 02/9/2018 16:51

PMO appointed and entrusted experienced contract companies to deliver Solan. Those companies carry most of the blame......

The reasons we ended up with 100% of the asset shares some of the blame......

Subsurface always carries a risk right up to (and after) you complete the production well. That risk shares some of the blame...... Was it's sods law or misinterpreted data for the well location?

Solan poor performance certainly isn't all down to TD.

[markymar] 02/9/2018 13:45

Thanks for that Steve,I thought bond holders were paid twice a year hence came up with figure of 5%

[adg] 02/9/2018 11:42

One point though - did Durrant not take his role AFTER Solan was past the point of no return?
If so then surely he shouldn’t be wholly blamed for its failure?

[cumnor] 02/9/2018 08:03

Good summary of what went on Steve. Concentrate on shareholders and the business, pay down debt, hopefully a divi-should be quite substantial once debt inroads made if the don't blow it again but hopefully they will have learned their lesson. Debt is the killer-they have survived unlike many others in a similar predicament during the financial crisis and poo retrace from 2015.

[nav_mike] 02/9/2018 07:59

Lets face it, if Solan hadn't turned out to be such a disaster, things would be improving at an even greater rate

Ive pencilled in 175p for year end, more if oil goes above $80. Given how close we were to extinction, I think that would be a very acceptable transformation

[steve73] 02/9/2018 02:49

marky.... The convertible bonds were paying just 2.5% pa, so even the full issue was only costing us $6.25MM per year.

But having been converted they have now diluted us by over 50% from our pre-refinancing share count, and the resultant shares converted are now worth around $300MM. When originally issued they would have resulted in around just 7% dilution.

But they had us over a barrel, since without their agreement to re-price the conversion, the refinancing would have never been completed, and we'd have been toast... or totally in the hands of the debt holders.

This whole exercise clearly demonstrates the risks of taking on too much debt in what has always been a cyclical industry.... but of course without the debt, we could never grow. Premier is the oldest of the UK "independents" (over 60 years IIRC), and has, until recently, never taken on such a large growth target, and with it the high necessary debt.

I accept that debt has been relatively cheap in the past decade, with base-rates only just above zero, although our debts have been around 5-6% (which is typical of the "real-world"). But when interest rates are low, they will only ever move in one direction, and this would risked our entire survival. We need to reign-in our ambitions of trying to become a "major", and understand that even a small independent oil company can make good returns for it's shareholders - providing we're not shackled by excessive debt.

Perhaps this is where any criticism towards Tony should be aimed, although he seems to have learned his lessons, and the more recent projects are seemingly making more use of "alternative funding arrangements".

[oilretire] 01/9/2018 21:46

Thanks Steve

[marvin9] 01/9/2018 18:25

We would never have been put through the pain with Bond holders if Jabba had not took 2 years to arrange this disaster of a finance deal for the benefit of his finance mates...…. Soon to be done again ARF ARF ARF!

Resign before its to late.

[markymar] 01/9/2018 13:47

So if no more bond holders that's a saving of £12,266,200 a year at 5%

[steve73] 01/9/2018 08:32

Note the paragraph about non-responders... shares will be sold as soon as practicable after the (6th Sept) cut-off date... So I assume there'll be a few sold on Friday the 7th...

[steve73] 01/9/2018 08:01

See here... via the link for the 2.5% CB's in the header.

[oilretire] 01/9/2018 05:03

Ah, ok, I knew a date had been mentioned here but I can't recall by who or why they had that date in mind because as you say it's not in an RNS....

[steve73] 01/9/2018 03:01

oily, no idea. I recall someone on here saying the new shares would be listed on 6th Sept, although I don't personally recall reading that in an RNS.

If true I'd expect all Marge's mates to be done by then, although judging by yesterdays moves (with OP dropping), it looks pretty much "played out" already.

[oilretire] 01/9/2018 02:19

Steve, what was the date you had in mind as to when the impact, if any, of the mandatory conversion of the convertible bonds would be 'worked through' the system?