Hurricane Energy Share Discussion Threads

[greyingsurfer] 16/8/2017 12:04

Thanks, Mario and Twixy, that's what I thought was the case. Nothing directly to do with cash.

Peter

[twixy] 16/8/2017 12:03

greying surfer - If you type ' companies house hurricane GWA ltd' into the browser, it will take you to the business in the companies house website - click on people - e.g. Alistair Stobie and it will bring up the 6 other companies he is involved in - the new ones referenced above in my original post.

[wessexmario] 16/8/2017 11:59

greyingsurfer,
You can drill down to each company from here:

[Filing History][Statement of Capital...] gives you the figures.

jacks13 is correct, those values are share nominal face values, nothing to do with the real assets behind those shares or the value/cost of buying them (which except for Hurricane Energy PLC, all are private companies so you can't).

[adoubleuk] 16/8/2017 11:16

Davidblack,

"The only one that has enough money for a drill hole is Whirlwind and it's unlikely that Dr Trice would just do one hole?"

Whirlwind has already been drilled, and the well suspended for eventual re-entry and re-test or potential sidetrack. Likewise Halifax, though more wells will need to be drilled in the intervening distance from Lancaster to prove up the postulated 'connection'.

Whirlwind remains an odd sort of 'ignored stepson' in the overall picture, but I feel it's an asset that Hurricane might well be prepared to use as a bargaining chip regarding farmout negotiations... Though I wouldn't like to speculate too much on that.

[jacks13] 16/8/2017 11:16

These are not cash movements. This is just the nominal 'shareholders equity' makeup of each subsidiary.

[greyingsurfer] 16/8/2017 11:11

Are you sure these are cash allocations, not simply assignments of book value - which for e&ps are normally mostly made up of what has been spent on the relevant assets/licence blocks etc.

Is there a link to the source?

[mrwaite] 16/8/2017 11:10

Is this another case where the II's have been told rather more than the PI's? I really don't understand why the board haven't set out more about the subsids in an RNS. Two emails sent recently have failed to elicit any response. Not the best communicators.

[twixy] 16/8/2017 11:01

Cheers DB - interesting times indeed!

[davidblack] 16/8/2017 10:50

Here is a small observation they have transferred £44.6m to companies that have no interest in the FSPO so not all the funds were ringfenced or maybe they had £44.6m in their bank account before they did the raise.

The only one that has enough money for a drill hole is Whirlwind and it's unlikely that Dr Trice would just do one hole?

[davidblack] 16/8/2017 10:39

That looks like giving them actual assets so as to then qualify for financial or regulatory requirements assuming it's for shares issued to PLC.

If it was just about financing them liquidity wise it would be by inter company loans which is the easy way of getting your money back.

This is far more interesting plus the cash weighting tells another story.

The fact that Whirlwind was allowed much more than GWA would suggest they are up to something interesting there?

A strategy may be that first oil will demonstrate the JV value of Lancaster with GWA then waiting its turn as it hooks up to the FSPO.

That would leave the smaller assets as carrying no commercial value on the balance sheet or rather pending being moved up with more drilling. Clearly Whirlwind looks like in this scenario being the first to be upgraded?

Interesting times?

[rackers1] 16/8/2017 09:56

Gary unfortunately is a little bit simple. We need to go easy on him.

[twixy] 16/8/2017 09:32

Hurricane incorporated the following companies earlier this year and allocated shares and funds to each of them on the 20th June, presumably utilising the proceeds of the placing:

Hurricane GWA LTD - USD 13MM
Hurricane GLA LTD - USD 117MM
Hurricane Whirlwind LTD - USD 29MM
Hurricane Holdings LTD - USD 130MM
Hurricane Typhoon Tempest LTD - USD 1.8MM
Hurricane Strathmore LTD - USD 0.8MM

Anyone have a theory as to why this has been done; could it be indicative of the planned activity on each of the licenses?

[gibso6767] 15/8/2017 23:01

DB yes true , hopefully more time to buy before FOIL / Monetisation priced in

[davidblack] 15/8/2017 22:35

First oil is due 30th of June 2019.

Everyday earlier than that is a bonus.

[timw3] 15/8/2017 22:20

Heads Up on MATD

MATD HUGE news today, Fallen from 32p when Bergen deal was announced and now NO MORE DILUTION till Mid Oct.. .MASSIVE upside with 2 Billion barrel prize Drilling next month!

Back to 30p levels soon.

[gibso6767] 15/8/2017 19:06

Re FOIl just wondering re lack of EPS / FPSO updates that perhaps the market may revalue us at every juncture: milestone passed , but then if FOIL don't go hand in hand there could be a massive downwards shareprice correction ie if Autumn 2018 is possibly on the cards then its postponed to Spring 2019 ie 6 months later with no revenue etc .

[ngms27] 15/8/2017 17:23

Early 2019 realistically.

[davidblack] 15/8/2017 13:45

Agreed GS just asking the question really. If you remember very early on there was a late 2018 oil production estimate which became 2019. I am just wondering if the change was because of facts on the ground or just being cautious on times.

Hopefully the later.

My guess is the share price will appreciate materially once its clear to analysts that oil production is 9 months away. So the question then becomes is that 1st of September 2018 or maybe spring 2018?

Most recently Tullow benefited from this prior to their huge placing.

[bloodhound] 15/8/2017 12:14

A tad frustrating we can't move on up from 30p given we're now fully funded for the EPS.

bh

[greyingsurfer] 15/8/2017 12:12

That gives it half a chance of a 2018 hook up?

I'd guess that depends ...

On - refit on time, ground works, underwater connections etc on time and problem free etc.

We'll just have to wait and see.

[davidblack] 15/8/2017 10:16

Six months in Dubai for the refit so sailing say mid April and it should arrive mid June WOS?

That gives it half a chance of a 2018 hook up? Or am I being painfully simplistic?

[steve73] 15/8/2017 10:00

DB, I'd estimated previously (post ..6048) it would take 55-60day to Dubai - but that was at 5knt.

It now looks as if it's tugging at just over 7knt, so perhaps just under 40 days.

Also there'll probably be a crew change at Malta, so they may loose a day or two there on top.

My best guess would be around 22 Sept to Dubai.

[davidblack] 15/8/2017 09:29

No not a dog in a bad way, but it did catch a bad case of flies of late. Hoping a trip to the vet will put it back in good health?

Hurricane has been a perfect example of a high flying stock that geologically could do no wrong with the drill who arrogantly assumed that would translate into corporate finance. AS finance skills clearly are not in the same league as Trice's rock skills!

I am sure time and a bit of reflection plus a few new serious professional directors will get us to where the project should be.

[talkman2] 15/8/2017 09:26

This has been a dog of an investment for a majority of shareholders . Can't even trade at the placing price . Pathetic .

[davidblack] 15/8/2017 09:10

Telbap I think Dr Trice is fairly ego driven in the way he engages with the media. The Hurricane BOD's in my opinion are currently in shock at how poorly their "Successful Funding" was taken by their existing shareholders and have become very defensive news wise.

That will change when they start getting progress on the engineering side with I guess the first peep out of them in September when the ship starts to be refitted.

Once that has happened we will see Dr Trice back to distributing news through his soft patsy Malcy. A place where he is nice and safe from any real questioning.

So a quiet month but come October we should start to hear updates. Anyway what is there to say, a boat is going to Dubai and will be there for six months.