Hurricane Energy Share Discussion Threads

[ppceh] 07/4/2021 08:32

Ngms

The RNS states

ERCE's estimates of Reserves for the Lancaster field assume production only
from the 205/21a-6 well (the "P6 well") and reflect its natural decline.
Hurricane's future development plan requires the field to be produced below
the bubble point of the oil. Hurricane has submitted an amendment to the
Lancaster field development plan ("FDPA") to the UK upstream regulator, the
Oil and Gas Authority ("OGA"), to allow for production below bubble point.
Hurricane is in constructive discussions with the OGA to obtain the FDPA to
permit ongoing reservoir management on this basis, subject to quarterly review
of operating procedures to ensure gas liberated in the reservoir is not
produced. Hurricane has a reasonable expectation that an approved FDPA is
likely to be forthcoming.

They do not say that close to bubble point but that CPR assumes bubble point production. Hence they need OGA consent. Obviously no current production update is a concern but if there has been a material drop, HUR should have informed the market. Especially since Bondholders and potential new equity must be in the loop. Interesting that share price holding up, I assumed the shorters would be piling in.

[terminator101] 07/4/2021 08:24

Even a dead cat bounces. At least when this gets wiped out the HUR Board will be able to get jobs on SAGE, they need a load more pessimists on the committee.

[jotoha2] 07/4/2021 08:23

Slippery , dodgy , something does not smell right with this BOD , come on CA get to the bottom of this mess and replace the imposters.

[leoneobull] 07/4/2021 08:23

Seriously, I've always suspected CA in close cahoots with Trice. Get rid of most of BOD, bring him back. What happened to "we continue to see lots of value in our West of Shetlands acreage"???

[leoneobull] 07/4/2021 08:21

I'd imagine some shorters may close out from boredom?

[sirrux] 07/4/2021 08:20

At this stage decades ago Apple brought back Steve Jobs, now who could be summoned here???

[bocase] 07/4/2021 08:16

Why am I left with the feeling that there has been a deliberate attempt to conceal any good news. Why is it in their interests to ignore the potential assets. Why no update on current production. Is it in their interests to depress the share price? We know they have no skin in the game but what is their game?

[ngms27] 07/4/2021 08:15

Paul,Given the production achieved on ESP it's likely any development of Lincoln will require at least one more producer and a water injector. Let's say $150m capex

[leoneobull] 07/4/2021 08:14

Because the final results are due soon and they do quarterly production updates separately..

[ngms27] 07/4/2021 08:13

It just goes to show that it's impossible to turn water into oil but it's possible to turn oil into water.The really interesting take from today is that they are nearing bubble point and currently have no license to produce below this point.Remember the throw the sink out RNS suggested bubble point possible H2 2021.What they haven't said is how they will avoid producing gas below bubble point. Perhaps Steve73 can advise?The other point being that Steve73 also said that the ESPs won't function well below bubble point as gas affects there operation.Why didn't they take the opportunity to update on the current production? Could they be shut in due to bubble point? I don't think they are, but something doesn't feel right.

[sirrux] 07/4/2021 08:12

Well that's the BOD saying come sack us if you don't like it. Let's see how CA respond.

[m5] 07/4/2021 08:09

You have to say its like death by a thousand cuts. We all knew it was was a long shot and the risks involved, like me many have written it off a long time, but the BOD are not doing us any favours IMHO but I am sure they will be happy to keep drawing their wage for as long as they can.

[cobra kai] 07/4/2021 07:47

what does all these malarky means? can someone tell me in a layperson terms?

Is do or die moment for shareholders? Are we going to get our faces karate today by MMS?

Do or Die
Cobra Kai

Strike First
Strike Hard
No Mercy

[jotoha2] 07/4/2021 07:44

Potato head has been brought in as the fall guy , just so negative , surprised they did not say they were pleased with their statement, what a bunch of wasters , where is the vision and fight from this bunch of cowboys.

[pro_s2009] 07/4/2021 07:41

The CPR is the CPR... No hiding now.

[kaos3] 07/4/2021 07:36

to me POO is irrelevant - as it is a variable and used as it comes - OIP is the BIG problem imho

[sji] 07/4/2021 07:36

Leonebull - that's what I am asking? Do the BOD have the equity holders' interest in their mind? Doubt it!

[leoneobull] 07/4/2021 07:35

Let's hope CA get rid of this utterly hopeless BOD

[leoneobull] 07/4/2021 07:33

It just repeats what was in the December and January RNS. However, why is the modeling done on 52 usd when current Btent is 63 and 70 expected by summer?

[sji] 07/4/2021 07:32

At this point, we should all back CA and try oust the BOD. IMO, they are NOT working in the equity holder best interest! So, when they say, we are engaging with ALL interested stakeholders means only the bondholders? Is that all they did in the last 6 months? Well lazy to say the least?

[pro_s2009] 07/4/2021 07:31

Update on Stakeholder Engagement

The Company continues to engage with an ad hoc group of its convertible noteholders over the Company's forward work programme, strategy, financing and balance sheet recapitalisation. It should be noted that there is a risk of significant dilution to existing shareholders from a possible restructuring and/or partial equitisation of the convertible bonds and of potentially limited or no value being returned to shareholders.

If no agreement can be reached with the Company's stakeholders on additional development activity at Lancaster, the field could continue to produce from the P6 well before reaching its economic limit, the timing of which would depend on oil prices, actual production levels delivered and the level of cost savings achievable. The field may then be decommissioned, with potentially limited or no value returned to shareholders.

[pro_s2009] 07/4/2021 07:19

As I said all along... Massive dilution to equity and potentially equity wiped out completely....

Wipeout....

[kaos3] 07/4/2021 07:18

and implicit a big f... you to CA

this will be good entertainment going forward