Hurricane Energy Share Discussion Threads

[senseman] 19/9/2021 09:49

franky - most of both forums praying with you. reckon you're soon gonna have many pennies profit to spend. last couple of months oil price (+ bond buy) a godsend putting HUR within i reckon 60 mill shouting distance of full bond money if oil in AM taken into account

[steve73] 19/9/2021 02:41

OK - thanks Wb..

[mirabeau] 19/9/2021 00:28

FF - Yes, good luck fella. Hope it comes good

[fat frank] 18/9/2021 20:59

mirabeau: I originally held over 2.5m shares but sold a large portion at a hefty loss back in March. Much against my Brokers advice I bought back in at just below 2p (wish I'd waited longer as it was sub 1p at one stage!!). I now hold 1.5m shares with a weighted average of 5.6p. Wish me luck....

[wbodger] 18/9/2021 20:15

Re Steve73, that speculation about whether ADUK was actually Trice had me fooled briefly, but I think he was a respected engineer who lived (perhaps near Monte Carlo) in France, and a number of posters had met him there. I seem to remember he posted that he had published papers on oil drilling.

[wbodger] 18/9/2021 19:57

Just to make a reference the post on LSE where MissDosh reported the sad news about ADoubleUK (AndyKay) passing last Wednesday: Adoubleuk Fri 00:29 I'm truly shocked and saddened to pass on the terrible news that Andy passed away last Wednesday. RIP my dear friend. I don't often read LSE but there are six pages of posts since MissDosh's post, with many tributes. An ex-oil man who lived his retirement in France. He was mentioned in the evidence at the Court hearing. A doughty fighter.

[mirabeau] 18/9/2021 16:59

Fat Frank Sorry to hear about your losses. Have you been buying at these levels or are you still scarred by your HUR losses to date?

[mirabeau] 18/9/2021 16:56

S73 Yes, apparently so. Very sad as he was a superb poster with great insight

[fat frank] 18/9/2021 15:39

kooba: I can't argue with your honest appraisal but I remain bitter about the whole episode of the previous Board - I think that there are still more skeletons in the cupboard. I wholly agree with your comments on costs; the whole industry is focussed on cost control at the moment and there was/is certainly some excess fat to be trimmed off at HUR. One high point for me is that HUR certainly seem to have negotiated a very good deal for Lincoln abandonment and made significant savings - a sign of better control over the operation??????

[kooba] 18/9/2021 14:47

Well he knew a restructuring was coming and maybe had an idea of the quantum... the board wanted the restructuring to go through that would have wiped shareholder value. If he had been anything but downbeat and the restructuring had gone through as many expected he would have had even greater criticism I'm sure. The fact CA challenged the restructuring and won was not even contemplated by the board they thought it a slam dunk. As i said he had to tow the board line..couldn't win either way.As well as maximising the revenues from production i am hoping that the central cost of the business are also being looked at ..there is no scope to have an excess cost base and need to trim costs according to company's financial position. There was quite an extensive payroll for a one well production company i thought?

[fandagle] 18/9/2021 13:58

Very sad to hear this news about ADUK, not always right, but always had an opinion.

[steve73] 18/9/2021 13:21

Mir - so has AdUK just stopped posting, or has someone said that something has happened to him (not that you can really believe ANYTHING you read on these boards...) But if true that he's passed away (AdUK), then 'tis sad indeed. I've not been following this board too closely since I no longer hold, and haven't looked in at the LSE board for over a year.

[fat frank] 18/9/2021 12:55

kooba; I too had conversations with Corbett back in March after the 'bust up' with CA but I found him misleading and unhelpful. Looking back with hindsight some of what he told me in his roundabout way was clearly wrong and he never expressed any positivity for the future of HUR. I personally think he had been told to discourage shareholders. After our final conversation, during which he was very dismissive of any potential Bond buy back initiative, I emailed the following to him; 'Following our recent unproductive conversation I have decided today that, although I will remain invested in HUR, I will be reducing my holding substantially and accept the huge losses that that will entail.' He didn't bother to respond. Now that there is more openness and honesty from the current BoD as to the actual future possibilities for HUR crystallising my losses at that time was probably not the best course of action. Time will tell

[mirabeau] 18/9/2021 12:51

S73 But if that is the case then his sad passing would surely be noted on Google etc etc?

[steve73] 18/9/2021 12:45

Mir, IIRC there was some speculation (pretty strong after the SHTF) that AdUK was none other than RT.

[mirabeau] 18/9/2021 12:13

kooba Interesting, cheers fella

[marmar80] 18/9/2021 12:07

It is always CEO and CFO who manage the ship. Others must accept their rules or leave the job. It doesn't mean that others must agree with the boss. Kind of like everywhere.

[kooba] 18/9/2021 12:02

I had many constructive conversations with Phil Corbett and found that he always returned communications when time allowed. He was not a board member but had to follow the board line as he was representing their views.He came to the company at an extremely difficult time as there was never any good news but he stuck at it for quite a while. I personally wish him well and have no beef with him. CEO and CFO on the other hand need to get on the front foot and do their utmost to restore confidence and shareholder value and work towards a sustainable future for the company with the assets held. In the very short term agreeing an extension with Bluewater is paramount.

[kooba] 18/9/2021 11:55

I believe kerogen has kept their heads down they had a technical man on the board during Dr Trices reign so were very much on the inside when the story unravelled , their man resigned after Trice fell on his sword. They were not bondholders as many presumed.They were consulted just ahead of the restructuring proposals and from memory said they were not prepared at that time to put more money into the company but would not support the restructuring. Since they are equity holders only and one presumes since they still hold they see the prospect of recovery that they would be aligned to CA and therefore other shareholders in the company working through the bond repayment , retain the FPSO and make a plan for the future. My understanding from post Trice era is that they still believe there could be substantial recoverable oil in the licences so one might presume they would look supporting a limited drill campaign on high priority targets. One should hope that the data already held and the experience with Lancaster production that such targets would be suitably derisked.

[mirabeau] 18/9/2021 11:12

'Having consulted with its largest shareholders' 'Having consulted with its largest shareholders' (note, plural) Hurricane's two largest shareholders are : Crystal Amber Fund Limited* 500,120,240 25.11% Kerogen Investments No. 18 Limited 318,531,211 15.99% And note - 'Having consulted with its *largest shareholders*, the Company and the new non-executive directors, unanimously resolved on 29 June 2021, that in the event that the resolutions proposing the re-election of Antony Maris and Richard Chaffe as directors of the Company are not approved at today's AGM, the Company would immediately re-appoint them as directors of the Company, in order to ensure that the Company is able to maintain its ability to safely and effectively operate as a listed business' - My reading of the above is that both Crystal Amber and Kerogen have agreed to work together and that our initial assumption that both entities have differing or competing objectives maybe off the mark. Imho, Kerogen's got its wish with agreement from Bernstein that both Maris and Chaffe should remain while Crystal's interests should be represented at board level by Wright and Craik. So will the next results be a compromise and that Kerogen will agree to restructure or some other accommodation be made to ensure that Hurricane can move forward, prosper and deliver for all stakeholders? That would be the sensible way forward Just my speculation, warblings and witterings. At times like this we need people like AdUK to add clarity, experience and insight to correct or corroborate...RIP

[fat frank] 18/9/2021 09:38

Leoneobull: If by 'PR bloke' you mean Philip Corbett, Head of Investor Relations then Yes - he now lives under a stone at Jadestone Energy. I will not be investing there.....

[leoneobull] 18/9/2021 07:47

Have they got rid of the CEO and PR bloke yet? I'm happy for holders but the BOD repeatedly put out your shares are worthless type RNS forcing me to crystallize a huge loss. That was criminal behaviour in my view.

[rahosi] 17/9/2021 14:23

Today's RNS - The repurchased bonds were cancelled on 16 September 2021.

[wbodger] 17/9/2021 13:09

If they bought the CVBs last week into Treasury there may be nothing stopping them continuing to as long as it is at market price. Anything higher just puts money into bondholders pockets.