Hurricane Energy Share Discussion Threads

[kooba] 30/6/2022 10:30

Thanks steve very useful interpretation on 8. If they could get both up and running through 2024 , the economics would be very strong. AM can accommodate far larger levels of production and much of the opex would be fixed so could be a very sweet year. Question would be whether there is then a 9 , 10 ....

[marmar80] 30/6/2022 10:20

Lads what about Halifax. Will this be further explored anytime?

[marmar80] 30/6/2022 09:28

Thanks. Hope not 11-12 but 15-20

[sheepshagger1] 30/6/2022 09:23

Yesterday AGM presentation is here: hTTps://www.hurricaneenergy.com/investors/general-meetings

[steve73] 30/6/2022 09:16

Does anyone know if yesterday's presentation will be made available for shareholders that were unable to attend the AGM? Secondly, looking at the votes cast, all the figures represent around only 45-46% of available shares... Lots of "can't-be-bothered" holders by the looks of things.. But certainly 10% of votes cast AGAINST Maris tells a story..!! I hope he takes the hint.

[mirabeau] 30/6/2022 08:22

https://www.energyvoice.com/oilandgas/north-sea/423408/cornerstone-ceo-seeing-a-lot-more-interest-in-firm-following-windfall-tax/

[kooba] 30/6/2022 07:28

Interesting and not unreasonable take..i thought 12p would do it but believe a figure nearer 15p would now be necessary.Lets see what draft EPL legislation brings tomorrow as it could signal increased m&a in the sector.

[mirabeau] 30/6/2022 07:28

From picsmasster on LSE who it seems was an AGM attendee : 'My take on the AGM was pretty much the same as Sense's. Atmospherics not good but the BOD (including the Chair and NEDs) will have been left under no illusion that PIs remain distinctly unhappy about a) the idiotic restructuring plan, b) poor communications from the company (albeit improving slightly) c) the lack of progress in developing a forward plan. There was no (no) acknowledgement from Maris or Chaffe that they got it wrong last year with the restructuring - but the body language of the former was poor. It was made clear that the absence of any contrition was a key issue of confidence (or lack of it) for PIs On a more positive note, and from speaking informally afterwards, I do think they working actively on a plan to develop P8 and/or to merge or acquire existing business. Decisions promised by end of Sept (after being pushed to define what was meant by end of the summer).The key will be how much risk CA let them take. I also think we will see the BoD with greater skin in the game within the next 2-3 months or so. The Clarence was a nice pub btw' The comment below confirms my belief that Bernstein now has a significant degree of control over the actions of Maris and indeed how Hurricane's future will be determined : ''The key will be how much risk CA let them take.''

[kooba] 30/6/2022 07:26

Would be disappointed if executives and new chair do not buy shares ..it appears they must be clean following AGM and presentation. However if talks are at a more advanced stage on a corporate transaction or offer then they would obviously be restricted.

[ltinvestor] 30/6/2022 07:25

Crystal ambers announcement this morning regarding a significant return of cash to shareholders by end of September indicates to me that they must have a buyer lined up for their stake in Hurricane…City chatter is around 11/12p.

[mirabeau] 30/6/2022 07:23

Maris knows what he needs to do. He isn't going to apologise for his actions vis a vis the cynically attempted theft using conv-bonds and some obscure aspect of Covid law so he should put his hand in his proverbial pocket and buy a wad of shares in the company of which he is the CEO. I have no doubt that Bernstein now asserts a degree of contrl over the actions of Maris. He doesn't need to attend the AGM

[kooba] 30/6/2022 07:16

28th June 2021The Sanction Hearing was convened on 21 June 2021 at 2:00 p.m. and concluded on 23 June 2021. Judgment was reserved and was handed down today, 28 June 2021.The Court has not sanctioned the Restructuring Plan. A copy of the sealed court order will be published on the..

[kooba] 30/6/2022 07:14

Over 10% against Maris ..quite an achievement in this day and age..a shot across the bows and could be why there is a more of an upbeat Hurricane Comms.What a difference a year makes....the future for Hurricane is looking very positive.

[kooba] 30/6/2022 06:47

Oh and still don't even have the votes reported to the market!

[kooba] 30/6/2022 06:47

Shareholders not on bb's and couldn't make the AGM probably have no idea that a detailed and upbeat presentation was made at the AGM..giving imo significant material updates on future planning and timescales.Key new informationDetail of opportunity well 8 with timescales to first oil with estimated NPV.Well 6 producing into 2024 previously end 2023 was extent of company estimate.Engaging with multiple parties on corporate transactions , oil and gas.All seems similar to there being an on going strategic review..which could lead to an offer for the company if you extrapolate it. None of this was in the public domain to my knowledge all of which could be interpreted as price sensitive.

[wbodger] 29/6/2022 22:37

Thanks. I didn't expect much from the presentation so didn't get round to it. It was an AGM, companies just usually hold votes on Resolutions and pass them on proxies. Nothing to see here, move along. (I had another AGM to follow. Fixture clash.)

[molatovkid] 29/6/2022 21:48

My hope is that any new projects are either already producing or in very prospective areas with other producing oilers operating. I do not want to see tens of millions committed to complete gambles.

[mirabeau] 29/6/2022 21:37

wbodger - It's from the company presentation mate... AGM attendees on LSE will be updating very soon on their experiences this is from Senseman, hope he doesn't mind me posting his thoughts - -- AGM lasted 11 - 12.45 'Presentation' lasted 20 mins. 2 of 10 questions were addressed - P8 (new well),and (to some extent) the 'Plan'. Rest were ignored. Attendance - lowish - but am told normal- the crowded town hall it was not Having introd each other beforehand, half a dozen PIs fired question list as separate questions at Chair Chair tried protect CEO & CFO from questions, tried wind up questions, failed. PIs returned with same questions and points. The Q & A was LONG,& UNCOMFORTABLE for BoD. No prisoners were taken NEDS nodding along sagely with many PI points. Main points gotten across (i) lack of BoD alignment with SH interests/skin in game - made in spades, acknowledged by Chair, and promise to actively address (ii) persistent poor mood music - espec persistent well 6 finished by Dec 23 (iii) lack of faith & confidence in CEO & CFO - Chair acknowledges point made Platform was NOT a happy platform - serious earwigging - a few more attendees and questioners would have been serious fun time. But seriously peed off message WAS sent & RECEIVED - no doubt at all. Meeting end - peeps split to speak with one BoD member apiece before they disappeared (were anxious - an upstairs BoD meeting?) 5 of us retired to nearby Clarence to compare notes - consensus - decent job done, espec main message Hats off to DYOR2, Picsmaister, Boo80, cashburner, el19(Paul who spoke at both court hearings) + 2-3 others who disappeared before I could catch forum names who fired questions and did not give up when fobbed off DYOR2, Pics, Boo, casburner and I were in pub. expect all to post thoughts when recovered and so minded, plus el19 Other unnamed attendees please post views when recovered and minded end

[wbodger] 29/6/2022 20:44

Thanks for #34382 Mirabeau, and others. Not sure what 34382, 4 and 5 are from, was something handed out at the meeting, or is it your notes? (It's not an RNS, is it. What am I missing? Anyway, appreciation also to marmar80 and others.) Reading this BB and also LSE where I'm not registered I was a little worried that Maris was too preoccupied with other opportunities. Reassured that if he can see £250 million profit on $100 oil for P8 he should get on with it. Subject to oil price, naturally, but that applies to alternative uses for investment cash. The only totally risk free use for excess cash is to pay a Special Dividend.

[kooba] 29/6/2022 20:35

Interesting article https://www.energyvoice.com/oilandgas/north-sea/422718/oil-companies-exploring-whether-windfall-tax-might-be-capable-of-challenge/Still think the volume and reaction to what I considered very upbeat from Hurricane on well 8 prospects and potential timing and the engagement on corporate quite disappointing ...but still the company didn't alert the wider market by linking back to presentation in an rns .result of AGM. Not even sure how the vote looked ..whether there was much of a protest vote against executives?They finally do something half right !!

[marmar80] 29/6/2022 17:02

July 24th is on Sunday so the bonds would need to be repaid by end of day Friday 22nd. That's 3.5 weeks from today. Monday 25th bonds repayment RNS and disclosed net position, no debts. Thst time we will be waiting to hear what's the plan. Also around this time next offload.

[fat frank] 29/6/2022 17:00

Disappointing market reaction to what is essentially good news. Well P8 would appear to be a certainty now and P6 probably producing into 2024. Maybe we’ll move upwards when they officially confirm P8 this summer

[kooba] 29/6/2022 15:11

The other important point on P8 from my understanding regarding the tax losses carrying forward.If we were just running P6 and it should cease production , then the tax losses could be in jeopardy in a subsequent merger situation..so value would be lost.My understanding ..please dyor..is if the company has committed to drill a new well it would show their intent to continue operations and production and that the losses would still be valuable in a merger situation.Big question to be answered very shortly i hope is around EPL and how this impacts Hurricane on future investment offset.Many including Sunak have talked of 91% offset however Hurricane refer only to partial offset which hardly sounds like a large majority like 91%..maybe their circumstances different.If it is largely off settable and protects the tax losses then it should be full steam ahead on P8 as i do not think it would put an attractive merger partner off ..in fact it makes Hurricane more valuable as first oil would be in 2023 if successful..likely extending life of well 6 ..which i note they now predict will flow economically "into" 2024. They're getting there!