Hurricane Energy Share Discussion Threads

[sji] 18/10/2021 06:05

Brent crossed $86 and rising ....

[bobsworth] 17/10/2021 12:18

Kooba many thanks for sharing your very balanced insight of what happened. Much appreciated and reassured.

[kooba] 17/10/2021 10:54

Agree much of that and I do understand CA are keeping the pressure on, so reckon the narrative change and more balance in communication would likely reflect that continued influence.As much as CA have nominated directors to the board CA themselves are not represented and are free to act and challenge when they feel necessary .Pretty sure the board as a whole are aware that should CA feel it necessary to propose a shareholder vote on any issue or leadership that they can very much rely other shareholders supporting them.Most constructive thing now is common goal of waving the bondholders goodbye and working on an ambitious business model to build the financial strength of the business through extending well 6 production and putting focused exploration ideas on the remaining portfolio up to stakeholders proposing how to maximise the value of the portfolio.

[senseman] 17/10/2021 10:09

kooba - excellent summary many will appreciate. pretty much my view also. Save for when the mood music changed jan 21 at some point the BoD knew their actions crossed the line into negligence - at which point if you continue it becomes criminal. as to whether they were on a promise - certain. re the investigation - CA took care to include that externals be brought in if deemed appropriate - so NEDs won't be tied up and out of their depth as oilers. so that worry should be negated. on a wider note, the wider and more important purpose will be to send a clear signal to maris & chaffe to stop the moody naughties 'cos you are being watched and our career prospects are henceforth better served getting behind the company. without investigation being CA requested, am certain the 6 monthly report would have been a downbeat disaster. stifel? - scum of the earth venal ethical cripples

[kooba] 16/10/2021 22:54

Apologies for bore fest..quiet evening in with a nice bottle of Portuguese red. Chin chin.

[kooba] 16/10/2021 22:53

As for internal investigation ..I welcome it but don’t see any real point..CA nominated directors are oil men not corporate governance guys..new NED Philip Wolfe has that experience but it is unclear to me who brought him in..executives or CA ? Has balance of power changed ?
However right now the company needs to focus on production , securing Bluewater extension and forming a business plan post redemption to take the business forward..hopefully everyone is focused on making amends and securing value for the shareholders!

[kooba] 16/10/2021 22:43

So that’s where we are..the good news is that after having a wholly negative communications policy for most of this year justifying their actions , there seems to be light in their latest interim report. They could hardly have turned round a few weeks after saying there was no equity value and say only joking there is really , but the oil price rise the bond buyback ( eventually and still being bullied by the AHC) with continued top of the range production and the pushed back bubble point are having to make them admit that the high court ..and CA were right and there is a potential full repayment on the cards and future opportunities to continue production and hopefully come up with a model to maximise remaining assets need to be addressed.
As to why the executives wanted to stay on after the restructuring debacle is a question I genuinely ponder..even if /when this is pulled round and the bondholders are sorted and all that’s left is the shareholders to answer to ..and you know what I’d be surprised if shareholders really want the ceo and cfo to be the ones taking this forward..but for the time being operationally they are keeping the production going so let it be.

[kooba] 16/10/2021 22:31

I believe as an Aim listed company they require a Nomad , now the Nomad is Stifel , they were the ones primarily behind the equity and bond raise ..so made some very good money. They would have been the main party who placed the bonds with their clients I guess?
The nomad is considered the first line of investor protection ..but it appears they were happy to go along with the now blocked restructuring ..but were they slightly conflicted with the relationship with bondholders..who knows.
Either way the idea was that once the restructuring was blocked the whole board should have left the building and I’m pretty sure CA who had resolutions to get rid of all the NEDs and I believe could also have voted the executives out too as they were up for shareholder vote and would have had shareholder support to oust them.
Seems that Stifel came to the executives rescue as they threatened to walk unless the executives were kept on. If the Nomad resigned the shares would have been suspended and could have lost their listing if they could not replace the Nomad in a shortish time period…my guess is that CA did not at that time want to risk that and the retention of the executives was agreed..my guess again is it was not necessarily CA wish but was probably the correct decision in the circumstances as it would have created more shareholder distress.

[kooba] 16/10/2021 22:18

21st August 2020
Appointment
Mr Antony Maris as an executive director of the Company and Chief Executive Officer ("CEO") designate.

Mr Maris was on the board before the AHC contacted the company so he and the finance director were both in office throughout the contact with AHC and the formation of the restructuring plan and shareholder communications ..or lack of them. From what CA testified to the court there was no engagement with shareholders until the eleventh hour ..they were blocked out of negotiations.

I believe the executives and the rest of the board for that matter thought there was a more balanced solution between stakeholders until the end of January. I guess that’s when they realised the AHC wanted everything ..and they went along with it. Messaging changed completely at that time.
But everyone stayed on the board to push it through whether they liked it or not….they were all driving the bus over shareholders!

[kooba] 16/10/2021 22:10

I think the truth of it was things did look dire when the oil price was hit with the pandemic , the bondholders formed the AHC and asked the company how they would repay back in Sept 2020..there was no clear route to repayment then .Rather than say it was too early to do a debt restructuring and consider a bond buyback sub 50c and likely under some personal warnings by the AHC legal council the board embarked on a consultation ( being told) how it was going to go by the AHC and came up with the restructuring giving away 95% of the equity in exchange for virtually no debt relief ( after interest rate and pic increases) they obviously worked out that would be unpalatable to equity so thought they had found a way to remove shareholder rights too to force it through.
By this time the situation had changed markedly for the better but this did not stop the board trying to force it through.
Thanks to CA and a few others they were stopped in their tracks with the restructuring being deemed unlawful effectively in High Court.
The board had folded very easily and threw their shareholders under the bus. What exactly the executives and the NEDs were promised if the deal went threw we will never know ..but it is likely arrangements were in place if the restructuring had gone through.
I think they genuinely thought the business insolvent but folded too easily considering the timescales and with the possibility of the creditors still being made good…as the high court found.
So nothing criminal in my view at all but throwing the shareholders under the bus so easily they shouldn’t serve on public boards again imho.

[bobsworth] 16/10/2021 19:46

LuckyJoe999 I hear what you say and agree that what the Ex-BOD did was underhand & totally not in shareholders interest. Thanks to Crystal Amber the Chairman and his non execs have since left.

What I cannot work out was their motive. How were they to gain by seeing the bond holders right? Was there some hidden agreement with the bond holders that would see them right?

As for the current CEO Maris who replaced Trice he was in place when the Ex-BOD came up with this so called "giveaway scam"!!! Why does he still labour on more on the Companies the negatives that the positives going forward!!! So if he was around then, why didn't he resign or forced to go as well? Why did Amber Crystal not strongly protest of his continuing presence too?

Or did they?

So many un answered questions!

Fingers crossed an investigation is triggered very soon, by the non executives that Amber Crystal brought in, and this matter is finally resolved to the total benefit of the company and its share holders.

[luckyjoe999] 16/10/2021 15:10

Post from lse bb today:

TopCat81
Today 12:01
Posts: 384
Price: 4.672

Certainly hope that the extremely crooked and totally incompetent Ex-HUR BoD do have sufficient “Director̵7;s Insurance” to cover them, otherwise, they’ll have to cover from their own fat wallets or end up in jail where they likely belong!

As crystal clear here that HUR’s now Ex-BoD tried EVERY underhanded tactics that they could think off to deliberately completely destroy shareholder value and no doubt that the last HUR CPR was also part of this unbelievably massive Ex-BoD “giveaway scam”, all stakeholders now need a new and truly independent CPR of HUR’s vast and potentially very prolific WoS acreage conducted in order to see “the significant value we see in our West of Shetland portfolio”.

After all, “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?”; West of Shetland is the region’s most prolific area and that is precisely why ALL of HUR’s surrounding acreage has been snapped up (and predominantly by the big boys) but strangely, HUR’s vast WoS acreage was about to be given away for free!

Additionally, again worth noting that personally I know of many companies with lot lot lot worst debt and outlook than of HUR today, and they all seem to be ticking fine with much better executive management/BoD in place and hence, incredibly better market cap than that of HUR, also, no one was ever even thinking of giving the company away for free, after all, debt is an integral part of being an E&P company, what a bunch of greedy thankfully gone Ex-BoD crooks, now it can only get much better from here, and $85 Brent will also significantly help in that direction, please DYOR.

[cyrilsneer1] 16/10/2021 14:17

I wish Maris would just shut his mouth. Clear as day he has an agenda.It's not all rainbows, according to chief executive Antony Maris. "The challenge of funding investment in our assets remains," he said. With oil at over $80 a barrel (bbl) and likely to stay at higher levels than last year into 2022, that problem may be solved as well. However, the company has to work out how to hang onto the Aoka Mizu floating production storage and offloading (FPSO) ship beyond June and the regulator wants more decommissioning liabilities, which seems justifiable given the company's shakiness this year.

[monkeybusiness1] 16/10/2021 05:23

Hurricane Energy was clearly saved from the scam of the century by The British Courts, and shareholders activism including that of CA along with RB, incredibly higher (and likely still fast rising) Oil prices where only the cherry on top here thereafter, HUR’s very much artificially suppressed share price will be back in double figures lot sooner than some may currently expect.

[jam2day] 15/10/2021 21:51

Lazy journalism - So they lucked in with oil price riseSo conversely lucked out when oil prices fell to 20$ a barrel Meaningless dross same applies toAll oil&gas companies

[mirabeau] 15/10/2021 20:39

'Hurricane Energy saved by energy prices'



----

What are these 'still hurdles ahead' the IC make reference to?


Can anyone get access to this?

[kooba] 15/10/2021 16:59

Prefer a steady climb with some volume than a one day ramp fest..the gains hold better. If the company can nail a decent agreement with Bluewater to extend production for at least 12 months then think it would promote the next leg up.Really hoping the board are working actively on a next steps after repayment of debt plan to "enhance the significant value we see in our West of Shetland portfolio"..go on then what's the plan guys?

[cyrilsneer1] 15/10/2021 16:48

Creeping slowly up, MMs are doing a Stirling job keeping this under the radar.

[officerdigby] 15/10/2021 16:00

Further AEX still needs the placement to cover other liabilities.

[pensioner2] 15/10/2021 15:34

That AEX settlement hardly looks nailed down to me. They could easily raise new disputes within the 30 day time for payment and the history looks acrimonious. Not something to bank on until the cash is cleared funds imo. But maybe the model for assessing AEX is a bit more "flexible" than the one used for HUR. :-)

[kooba] 15/10/2021 14:47

Well you can only go on public information on finances given by the company a few weeks ago..this was not public until this afternoon…if you had been buying aware of this then i would stfu if i was you. If you weren’t then your statement this morning on fully funded was still garbage.
Congratulations all the same looks like it limps on.

[ngms27] 15/10/2021 14:29

kooba,

I suggest you look at AEX's little RNS from today around funding :)

[bobsworth] 15/10/2021 12:41

Surprised this is not higher as Brent nudges $85 /barrel.

[kooba] 15/10/2021 12:40

Nice article rather a change on their last piece with the we're all doomed front and centre from the production guidance.Much more balanced messaging by the company gets much more balanced media coverage. Well done board and executives.