Hurricane Energy Share Discussion Threads

[loglorry1] 05/6/2021 08:31

I know a lot of the bulls think the PWC projections of a shortfall in cash to repay bonds is wrong.

Can any of you take the public numbers published by HUR/PWC on how they arrived at these numbers, and using current oil prices, show exactly why PWC is wrong?

To be credible you need to look at all the liabilities. The $140m for example was reduced by c$20m when an additional c$20m was put into restricted cash for decommissioning costs.

I accept the oil price is c$10 higher and at average 8.5kbpd over 2021/22 that's around $85k/day. That's c$33m to July 2022 (assuming constant production) which still leaves a big shortfall.

Setting all this aside there's still the default to repair. The company has admitted default. If they can't negotiate a deal with CBs they can be wound up via a pre-pack.

[luckyjoe999] 05/6/2021 06:00

Post from lse bb:

TopCat81
Fri 15:25
Posts: 302
Price: 1.125

“The board plan future activity on West of Shetland assets. But : only once share holders diluted out of the equation.”

Of course they do, and with the so far suspiciously mysterious “ad hoc group of bondholders”/Kerogen/Chinese, and/or whoever best fits their personal interests/agenda; this HUR BoD is unbelievably corrupt, incompetent, and deceitful but the huge bright side here is that now with shareholders votes (the very people BoD decided to completely ignore but the Court did not and forced BoD to give us voting rights!), they the so called “ HUR Board of Directors” will soon be history.

So here I ask again, “How is it possible that an independent assessment carried out in 2017 is able to produce in place volumes for Halifax amounting to 5,143 MMstb (best estimate), up to 9,043 MMstb as a High case, when only a few years later, without any more wells having been drilled on the discovery, its volumes essentially disappear from the radar?”

Personally, I know of many companies with lot worst debt and outlook than of HUR today (Brent at ~$72 and rising, ~$150M cash already in the bank and rising, and ~14 months still left to CB maturity!), and they all seem to be ticking fine with much better, honest, and hard working executive management in place and hence, incredibly higher market cap than that of HUR with it’s current invisible value destructive BoD, also in any of those companies, no one is even thinking of giving the company away for free!

[sloppyg] 04/6/2021 22:14

Jeez if you are retired, have too much time on your hands, have already lost a significant sum on HUR, have E&P experience and love telling the world about it, suffer from delusions of grandeur, exhibit narcissistic tendencies, no longer have a holding in HUR, exposed yourself naively to a single stock, enjoy repeating the same message ad infinitum, share your medical details for no apparent reason and are ultimately just a genuinely caring individual looking out for the interests of those less fortunate than yourself then please send your applications to ADVFN c/o HUR BB where we think your skillset would be of particular interest ........

[shanew48] 04/6/2021 20:48

On 14 January 2021, Hannam & Partners published research paid for by Hurricane. It estimated a "risked net asset value" of 10p a share, valuing the equity at £199 million. This assumed an average price for Brent crude oil of $60 a barrel, compared to a current price of approximately $71.

[loglorry1] 04/6/2021 19:19

"Champagne on ice for just after midday next Friday! it will be a well deserved victory for shareholders here and will also restore faith for all shareholders in general wherever they are invested!"

I wonder if that tipple will be quaffed if the judge then sanctions the plan regardless or if the bondholders take all the assets via a pre-pack rather than allow a CA board.

[loglorry1] 04/6/2021 19:12

There's loads of others too like XEL Xcite Energy.

Of course, the BoDs of these companies were always happy to draw huge salaries and spend tens or hundreds of millions of other peoples money on assets which were usually doomed from day one. If they did get lucky they'd be well rewarded with generous options packages. If not they walk away financially unscathed.

[tournesol] 04/6/2021 18:10

Shanew48

<<...I hope nobody is selling or refraining from buying predicated on your incessant deramping day after day! >>

Not sure who that is addressed to.

I think the share price was in the 20's when NGMS made his bearish call.

It was in the late teens when I saw the light and added my voice to the bear side.

If anybody sold or refrained from buying as a result of NGMS's or my comments, then they owe us a vote of thanks - they've avoided a loss of 95%.

Incidentally the investment geniuses at CA failed to make that call. Haven't heard them bragging about their superiority over armchair investors.

[tournesol] 04/6/2021 17:57

<<"HUR’s extremely prolific West of Shetland acreage/assets/licenses certainly have huge forward potential">>

Empty speculation with no basis in hard evidence.

[tournesol] 04/6/2021 17:55

Linz

<<...Do you REALLY believe the OWC is thousands of feet shallower than where it was originally claimed to have been observed…>&gt;


Yes, I do.


As Keynes famously said, "When the facts change, I change my mind. What do you do?"

[shanew48] 04/6/2021 17:19

I hope nobody is selling or refraining from buying predicated on your incessant deramping day after day!

[nigwit] 04/6/2021 17:02

"Obviously expecting extra fuel in the share price Friday as our victory will receive a lot of media attention and rightfully so! then more national and worldwide media attention over next weekend should set us up for a transformed share price moving forward, not sure what fair value will be once our new BOD have officially taken over the reigns, have seen estimates ranging from 3p to 5p to 10p + that isn't too important initially, the most important thing right now is just getting back on track with our new BOD in charge, not long to wait now at least!"

----------

I hope no-one is buying on the basis of such delusional idiocy. There have been no winners so far and there are very unlikely to be any now.

It's a complete shambles of a business, obviously.

[linz22] 04/6/2021 16:36

No, Jacks, the 'analysis' was not made public. But the findings, that the signature of the produced water differed significantly from that from the aquifer - hence the assumption of its provenence as 'perched', was published.

So, it's not so much a question of whether the water's perched, that's always been a matter of opinion, it's about the resultant signature(s), ie. they're either different, or not.

If they are different, then why? (You provide a convincing explanation). If they're NOT different, then we were deliberately misled/deceived.

..in which case let's see some accountability.

[nigwit] 04/6/2021 16:28

"Do you REALLY believe the OWC is thousands of feet shallower than where it was originally claimed to have been observed, and that they drilled a km of horizontal drain in water..?"

Didn't the Halifax drill have a failed DST?

[shanew48] 04/6/2021 16:20

Champagne on ice for just after midday next Friday! it will be a well deserved victory for shareholders here and will also restore faith for all shareholders in general wherever they are invested!

Obviously expecting extra fuel in the share price Friday as our victory will receive a lot of media attention and rightfully so! then more national and worldwide media attention over next weekend should set us up for a transformed share price moving forward, not sure what fair value will be once our new BOD have officially taken over the reigns, have seen estimates ranging from 3p to 5p to 10p + that isn't too important initially, the most important thing right now is just getting back on track with our new BOD in charge, not long to wait now at least!

[jacks13] 04/6/2021 15:33

Linz & kaos - Dr Trice claimed that produced water was perched, not aquifer water. He claimed that the chemical signature was the distinguishing feature. He has never made the analysis public. Why not? He claimed it would water out, given time. It hasn't. Why not?

If you can provide convincing explanations I'll concede you may be on to something.

[tournesol] 04/6/2021 15:25

Linz

I would agree that the story about the signature of the perched water does not fit easily into the "honest mistake" narrative and I have already said so many times. I can only presume that Trice was so confident in his original thesis that he persuaded himself that the water was perched, scratched around for evidence to support that idea and failed to exercise enough scepticism.

[kaos3] 04/6/2021 15:01

linz - it all makes perfect sense - aliens and spiritual fight ;)

I love your name as it reminds me of
[...]
linzer kekse - link erased

[linz22] 04/6/2021 14:58

Fascinating, but there's no political will for oil exploration any more, not in the UK. Only for battery operated cars (curiously), transvestism, marxism and 'memes'.

It took about 25 years, a whole generation, since the forced closure of the profitable remnants of the UK coal industry for small-scale privateers to start up their own 'open cast' operations on parts of its left over carcass.

HUR's FB project WoS, including the whole Rhona Ridge explo area, it seems, is being set up for a fall (evidently). The question only remains, at whose behest? If the call to close out further fossil fuel exploration WoS has come from the very top, then it might be another generation until the possibilty of HC extraction from the Rhona Ridge is revisitted.

How's that for conspiratorial..?

[back2basics1] 04/6/2021 14:40

Interesting reading, markets are forward looking, and HUR’s extremely prolific West of Shetland acreage/assets/licenses certainly have huge forward potential and will speak for themselves overtime, especially post a new proactive, stakeholder positive, and actually functional BoD/Executive Team in place, let’s face it even a scarecrow will be a massive improvement on these incompetent deceitful clowns.

“West of Shetland oil and gas remains UK’s best bet for growth despite recent setbacks”:

“Despite being relatively under-explored and under-developed compared to the rest of the UK Continental Shelf (UKCS) it has yielded some huge, if hard-won, successes.”

[kaos3] 04/6/2021 14:33

conspiracy - Shell, Exxon,,, should and do hate oil and feel shame, drilling prohibitions, pipeline ban, CO2 business, too much strategic oil found in W Shetland... today all this makes sense as we can see in real life - a very potent and invisible power in the west at work. including NGOs, politicians, regulators, courts, media, state funds, banks.... ALL synchronized

OGA, independent CPR, own research stamped strategic reserves - to be gone with a stroke of a pen (including perched water chemical analysis), and 1 or 2 pores (fractures) of the FB basin pumping given as an evidence of how bad all is. Is it??

Vladimir - over to you
Bernie - I gave you a call - do not forget !!!