Hurricane Energy Share Discussion Threads

[kooba] 25/5/2021 11:14

19 May 2021CRYSTAL AMBER FUND LIMITED("Crystal Amber Fund" or the "Fund")Crystal Amber Fund requisitions General Meeting of Hurricane Energy plc ("Hurricane")Proposal to remove five directors and appoint two new directorsThe requisition was delivered to the company the day before 18th May.Seems the company certainly had time to call it before the sanction hearing now 18th...they obviously have called a meeting of shareholders with less notice following court directive .They had said in court it was against their articles to call a GM by the 11th as an excuse..though an inaccurate one I believe since they can call a meeting on 14 days notice subject to statues. This restructuring meeting now called is less than 21days notice. Amazing what they can do when it suits.

[zen12] 25/5/2021 10:55

Anyone know when the GM called by CA?

[loglorry1] 25/5/2021 10:46

Fair enough GHH. I don't mean to come across as arrogant. I think chances of equity survival are almost non-existent but obviously we can't say with total certainty yet.

I don't see the point in wishy washy posts on BBs. Compared to some of the posts here mine look pretty sane I'd say.

You seem fixated on CA as if they are some sort of consummate professionals. Given the size of the sums involved here I don't think they matter very much. If $180m is required to develop the field how could they come up with anything like that?

[tournesol] 25/5/2021 10:38

Today's rns provides a crystal clear explanation of Hur's history and current situation. Reading the commentary of the Chairman and the CEO it almost felt like they were paraphrasing the posts made on this thread over the past 12-18 months by myself and others.

Anyone who thinks this is a conspiracy, a fraud, a gigantic collaboration between corrupt management, bent advisors and mafia like manipulators is simply delusional. They are experiencing the same kind of cognitive dysfunction that gave rise to Q-Anon.

Management basically sets out 2 options. One is insolvency which hands the depleted assets of the co to creditors, winds up the business and returns nothing to shareholders.

The other is a restructuring which allows the co to stagger on into an uncertain future in which it will try to re-invent itself and current shareholders get to keep 5% of the re-structured and re-invented co.

Whilst the second option might, at first glance, appear better than the first, it will simply prolong the agony and is unlikely ever to produce worthwhile results. Will a company as badly tarnished as Hur ever get its hands on decent assets or capital or resources or people again? I think not. What will happen is that management and staff will continue to collect remuneration for a bit longer, but as soon as they can find better opportunities elsewhere, they'll be off like a shot.

Better to bite the bullet and finish the whole thing off. Then those of us who are addicted to this soap opera can do something more useful with our time.

[kooba] 25/5/2021 10:33

Weird that bondholders want 95% of the equity then I guess?

[kooba] 25/5/2021 10:21

There is a rumour that I cannot verify that the relationship with Spirit has like the shareholder relationship be damaged by the interaction or lack of by the board. The fact Spirit has been up for sale for a prolonged period is also a negative factor in progressing anything in the JV ..no idea whether Spirit do their own equivalent CPR on the JV assets or rely on Hurricane? If they had had a well funded proactive partner might have been a different picture.

[loglorry1] 25/5/2021 10:14

@kaos3 would it require more than $2m spend? If so then bondholders say "no".

[kaos3] 25/5/2021 10:02

what I am missing is our JV partner Spirit and its "voice". There was commercial flow, equipment ordered cca 20 mil and then - NOTHING - but same TIMING as the rest of the BS start

just flowing that one would imho bring us over to the other side - for min costs compared to the other proposals

strange

Tie up and flow you stupid - it is all there waiting - even MA capacities were discussed on here to be ok with it

[kooba] 25/5/2021 09:50

"you didn't need to invest in a junior oil explorer. Anyone with any sense would tell you such investments hardly ever work out"You did ..why?

[1liam] 25/5/2021 09:34

Keep watching. Will go blue before close

[loglorry1] 25/5/2021 09:28

So you are basically saying that buying equity cheap enough at option value might give you explosive returns here if by some miracle the asset can be saved from creditors?

That's undeniable but is it helpful?

[bigberty99] 25/5/2021 09:28

What crazies are buying this

[kooba] 25/5/2021 09:11

Attention seeking , zero empathy , never gets anything wrong.https://www.helpguide.org/articles/mental-disorders/narcissistic-personality-disorder.htm

[laserdisc] 25/5/2021 09:09

greg a post on lemon fool @
preliminary stage

[ghhghh] 25/5/2021 09:05

Log

Again you are being blinkered

However it's black and white that covenants in the CBs disslow any extra capex to unlock this claimed upside.

Yes but so what! We all know the cash is CBs. P8 Option is a smoke screen

Further CA have had ample time to produce a coherent roadmap on how this could be unlocked. As yet its empty claims.

Read my first post today!!!

It's also black and white that all credible cash projections lead to a big shortfall.

Ditto

Why are CA not producing a NFA case at say $85 oil leads to significant residual value after bonds repaid?

Because that would be daft.

[gregpeck7] 25/5/2021 09:01

It is so bizarre where the board seem desperate to shaft shareholders. The board who should be on shareholders side. It is utterly bizarre. Deffo much more to this than meets the eye. Fca should be crawling all over this.

[dave999dave999] 25/5/2021 09:00

None of the above

you are just a bit smug no more no less

[nigwit] 25/5/2021 08:59

Just to be clear. Am I

A. a sadist ,or,

B paid by the Board of Directors ,or,

C All of the above?

[loglorry1] 25/5/2021 08:58

CA aren't oil people. They own c$5m of equity. The AR says $180m is required for further field development.

Equity arguments feel like 3 baldies arguing over a comb.

[bocase] 25/5/2021 08:58

"Why are CA not producing a NFA case at say $85 oil leads to significant residual value after bonds repaid?"

I am sure they are but keeping their cards close to their chest for now.

[philwalker36] 25/5/2021 08:55

Why would they? They don't owe anybody an explanation other than their own investors. They are aligned with other shares holders in that they do t want their equity values to disappear. They have no other loyalty or obligation to equity holders, the board or bond holders.Why wouldn't they keep their powder dry for as long as possible?Kind of worked last time.