Hurricane Energy Share Discussion Threads

[loglorry1] 28/5/2021 11:18

"You are like stuck record."

I'm a stuck record? You seem incapable of moving from

"CA can only save equity if they can show the Judge that, somehow, this restructuring is premature."

This is just plain wrong. Look at the tests that the Judge is applying carefully. Do you see a premature test? It's not there. The test is actually that they must show a credible plan where cash-flows repay bonds by July 2022. That's entirely different from arguing premature.

Here is an example of what might work.

We Crystal Amber will put in £50m in equity at 0.1p/share which when combined with cash flow forecasts provided by PWC and CPR show that by July 2022 the bonds will be repaid.

Of course they'd be nuts to do this and they don't have £50m and doesn't help current equity anyway.

Here is another example.

"We Crystal Amber will put in $180m in equity at 0.1p/share which when combined with cash flow forecasts and capex spend on P8, side-tracks etc. show that by July 2022 the bonds will be repaid."


Here is what won't work (which is what they've already said)

"We Crystal Amber don't understand the company forecasts and we think (esp. given rising oil price) that it will all be fine so let's hold off until July 2022".

[jacks13] 28/5/2021 10:33

They need more than time though. They will need cash and a convincing story to tell the market. One lesson we have learned is that the geology is not easy to interpret so confidence in success will always be low, unless and until the reservoir becomes better understood.

If for example, Spirit Energy were to become active again and undertook to proceed with their GWA prospects, and bring new investment with them, that would be a catalyst. But there are as yet no indications of that or similar happening. I won't be gambling on CA pulling a rabbit out of the hat but good luck to those that will.

[dunderheed] 28/5/2021 10:23

Ghhghh sorry for ot but are you still long phar and if so did you average down materially when it dropped to teens?

[ghhghh] 28/5/2021 10:07

JN

This is the only issue because equity is stuffed if CA don't deliver.

You appear to be saying that CA are grossly incompetent and therefore this purchase can be 100% dismissed as lunacy.

This is plainly daft. Based on their own expert advice, they clearly see/saw something of significant value.

But can they convince the Judge to give them time....

[glavey] 28/5/2021 09:50

I'm wondering how much would bondholders be likely to recover if the Co. is placed into administration. (I'm assuming that would be their plan by doing so.)

[d1nga] 28/5/2021 09:07

Why did CA cough up £1.4m at 2.5p a share only a month ago?


Became they're a pretty poor outfit.

They've raised over 108m since list and show a market cap of 88m

In one of the greatest bull runs....

Wtf would be stupid enough to put any faith in what crystal Amber do?

[ghhghh] 28/5/2021 08:59

Log

You are like stuck record.

CA can only save equity if they can show the Judge that, somehow, this restructuring is premature. Clearly an equity raise is a non starter.

There is only one issue worth thinking about

Why did CA cough up £1.4m at 2.5p a share only a month ago?

Why can't you keep an open mind until we find out if CA can back up this up with proof of realisable value?

[kim_clay] 28/5/2021 08:54

House Brokers valuations: Give me a break, it's not worth the paper it's smeared on. Ever seen a house broker with a sell? Or a target that's not multiples of the current price...

[back2basics1] 28/5/2021 08:46

10p+ is what Hannam and Partners had stated and still vey much stands with significant potential upsides here based on the various scenarios (new proactive management/BoD here being the number one priority at present), Hannam and Partners report was likely sponsored/inline with HUR BoD private estimates for the planned company giveaway to the yet unknown “ad hoc group” of bondholders!

[loglorry1] 28/5/2021 08:31

I don't expect private investors who paid 10p to vote for a scheme where they'll get back 0.1p especially when they can read a bunch of loons saying they're gonna get much more. They are going to do anything to keep their hope alive.

Sadly the writings on the wall. Unless they can raise £50m of new capital they are screwed. The judge will want to see new capital from equity to save their skins. Even if new capital does go in it will go in at 0.1p as those supplying it should get 95% of the new equity as they are saving the corp. They'd also be insane to put £50m as its just handing it to bondholders. To increase the work program they need $180m.

I don't see how any submission by CA would be taken as credible. They don't have access to decline data etc. If they contradict the CPR the court will assume they are making up a rose tinted story to save their skins. The only way out might be by assuming a higher oil price and adjusting the CPR accordingly to argue full debt repayment. Can't see it working tho. Who's to say oil prices might not be lower?

[luckyjoe999] 28/5/2021 08:09

Post taken from lse bb:

isas
Posts: 2,350
Price: 1.11
No Opinion
CA Tr1Thu 16:21

CA have a Tr1 out, looks like Saba capital increasing their holding in CA- interesting

[nigwit] 28/5/2021 07:48

That’s a non-sequitur.

Kerogen always said that everything would be fine so long as Hurricane executed. They didn’t so it isn’t fine. The only way for Kerogen to hope to recover any value is to vote for the proposals, which is what everyone should do in my opinion. Otherwise you’re like suicide bombers demanding a bigger explosive.

Only you won’t be meeting any virgins in heaven.

[ppceh] 28/5/2021 07:25

JN

‘ Hence, as a matter of fact, the largest shareholder (Kerogen) knows that equity is toast and that there's no point fighting the restructure.’

How is it a fact? It appears likely but is not a fact unless you know something the rest of us don’t?

Kerogen are likely to vote but we don’t know which way. And it is bleeding obvious that no shareholder will support a fund raising when the debt gap is so high. Hence not supporting a fund raise does not automatically mean that Kerogen view equity as having no medium term value? Shareholders may well be toast but please try to be balanced. You come across as blood crazy!

[onlylongterm9] 28/5/2021 05:11

HUR Shareholders, please do double check to ensure that your voting intentions here have been correctly registered by your broker, GLA.

HUR Shareholders, please kindly and urgently:

1. Contact your broker and register to Vote AGAINST HUR BoD’s proposed restructuring plans ASAP (if that is indeed your intention), and by doing so, remind this HUR BoD that turkey’s don’t vote for Christmas!

2. Continue sending shareholder suggested emails to Judge, FCA ....as per previously recommended templates or as/if you see fit of course Thank you all HUR shareholders, let’s ensure that we’re no longer ignored by our overpaid BoD representatives!

HUR Shareholders - Let’s All Keep Focus on our upcoming Vote Against the BoD Proposed Restructuring Plans, don’t let anyone take your eyes off the ball/prize, please register your Against Vote with your broker today. And needless to say, take the sudden and interesting significant increase in de-ramp activity here as a great sign, otherwise, why the worry, all HUR shareholders clearly know where HUR stands with this incompetent, deceitful, and incredibly arrogant BoD, so best shareholder action now is to ensure that we immediately register to vote against this circus that the HUR BoD clowns call "proposed restructuring plan", DYOR.

[steve73] 28/5/2021 01:57

Current m-cap is c. $30MM. Debt outstanding (above and beyond current free cash) is c. $100 MM.

Would the current shareholders be prepared to go for a 3 for 1 Rights Issue at the current share price to get rid of the BH's..?

If not it would need more like a 5 for 1 at a discount to raise the same funds.

...and that would still leave the co. with zero cash to enhance production, but at least they'd be free of the leeches.

If current shareholders are not willing to put their hands deep into their pockets, then I don't see how they can expect anyone else to...

[tournesol] 27/5/2021 22:36

Could one of the people shouting about fraud and malfeasance by the board and others, please clarify what exactly they would suggest the co does? Imagine that the restructuring is blocked and imagine that Hur does not immediately enter liquidation. What would you and your shouty friends like to happen next?

[back2basics1] 27/5/2021 22:18

laserdisc, Unfortunately I believe that this level of news definitely requires RNS updates and subsequent changes on the Hurricane Energy website (although HUR website is generally useless like it’s BoD), however, rest assured that with an upcoming emphatic shareholder Vote Against HUR BoD’s proposed restructuring plan, shareholders wish here will turn into reality very very quickly, and HUR BoD will be toast, so please ensure that we all vote ASAP against HUR restructuring plans and turn this wish into absolute reality, good times ahead, GLA.

[wildbill55] 27/5/2021 19:55

directors have left the company david craik of ca now on board

[the kingpin] 27/5/2021 19:41

How the hell this closed up in Auction? I was waiting for 0.2p; instead, it closed 1.2p.