Hurricane Energy Share Discussion Threads

[kooba] 15/12/2021 07:37

As they run to the end of the financial year they can bank a huge return on the holding over the year ..probably doubled from where they were. Some might have even written the holdings off. Sure their risk reward analysis may come into it and even an outside chance of production issue makes cashing in make sense..but that does not mean a high risk.There is also some pressure i imagine to not be the last man (he she indeterminate no offence intended !) standing if there was an issue and others had taken the money and run and they are left holding the baby.I do not see that this demonstrates genuine concern at imminent failure..and since the board are inside on production and the bondholders clearly are not got to figure the board are more aware of risk profile.

[steve73] 15/12/2021 07:27

IMO it's bit worrying that so many of the BH's are prepared to take a c. 10% haircut to "cash-out" now rather than waiting another 6 months.

I'm sure they can't see an alternative investment that would pay anywhere close to that, which leads me to conclude that some of the BH's think the bonds will default - (meaning the shareholders would get nothing..??)

Of course, from HUR's viewpoint, it does make perfect sense to repay as much as possible (whilst they are able), since every little saving helps.

[kooba] 15/12/2021 07:26

Makes good sense why sit on the money earning no interest..saving on redemption cost and interest fees some of 9% ..annualised effective 15% return to redemption.Shows too that they remain confident of repaying outstanding with some margin imo.Dip in oil disappointing but this keeps things on track and i see a decent rebound in Brent early next year.

[lfdkmp] 15/12/2021 07:17

Another $28.7 million convertible bond repurchase. Looks like the new HUR is in a hurry.

A mere $79.8 million to go. What was all the fuss about earlier this year? :-)

[ngms27] 14/12/2021 13:40

I've already accepted the position, sorry.

[canetois] 14/12/2021 12:05

I nominate kooba to replace Chaffe when we give him the Grand Ordre de la Botte.

[kooba] 14/12/2021 09:15

Operation and financial update before the end of the week , may miss the offload proceeds in Nov not sure exactly when they come through but in the bank now I’m sure. Next offload mid end Jan hopefully. Fingers crossed on track to wave the bondholders goodbye. In terms of the restricted cash they also should have $18m odd freed up as the existing contract runs down. This is on top of the existing free cash position.

From interims

At 30 June 2021, this amount was $18.7 million (31 December 2020: $26.6 million), resulting in a release of $7.9 million into unrestricted funds during the period.

This imo means the company will have sufficient to pay bondholders and put surety up to continue production.

Current contract ends very beginning of June redemption end July..that is clearly at least one offload achievable pre redemption which would be enough to cover surety and leave the company continuing to produce strong cash flows.

The company should move now to secure the extension of the contract on mutually agreeable terms it not only ensures the company can maximise its existing recoverable reserves but actually likely ensures the company has more than enough funding to repay bondholders and have a working capital float to move forward as a producer and hopefully an attractive vehicle to build a larger production portfolio.

[ottoman1453] 14/12/2021 08:10

Purchase of 23,395 HUR at 8.07 a.m. listed in red as a sale!

[fandagle] 13/12/2021 16:53

Looking better here, the OGA will ensure the FPSO remains on station until at least June 2023/24, hopefully that will allow another drill campaign, who knows this could be here for 5 years at least.....

[bocase] 13/12/2021 16:44

A bit of buying just before the close and a good closing auction.

Normally a good sign

[cashisking76] 13/12/2021 11:30

The Herald:
“Shetland firm benefits from oil price rise and cost savings”

[onlylongterm9] 10/12/2021 15:27

Congratulations to HUR shareholders, the way things are now progressing here, HUR share price will undoubtedly be back in double figures (where I believe it should currently be) in Q1 next year.

[kooba] 10/12/2021 15:17

On the same page :)

[monkeybusiness1] 10/12/2021 15:06

kooba, again, I fully agree! My point here is that as you’ve stated, both CEO & CFO now clearly understand that they can be kicked out by CA (along with other angry shareholders) for misbehaving, and so they behave, hence at time of the old corrupt BoD with Steven McTiernan as Chairman, they did same by doing exactly as they’re told with Zero initiatives, and do not deserve the titles of CEO & CFO nor certainly any relating pay (let alone their current fat salaries), all IMHO.

[kooba] 10/12/2021 14:30

“acting on direct instructions from the old board of Directors”..they were part of the old board of directors they were the ones negotiating the restructuring proposal that was then approved by the full board..they ignored shareholders and did everything they could to push it through without any approval from shareholders. They were not only following orders !
Agree new executives needed to take this forward , they are still only in place at the behest of CA who could get them turfed out in a GM at any time..CA were convinced to save them at GM for continuity by the company’s brokers.
I think the slightly more positive messenging and a hopefully more proactive approach in looking at enhancing shareholder value is because they know it!

[cashisking76] 10/12/2021 13:56

Eventually, and unless they perform some sort of amazing miracles here, HUR CEO and CFO need to be changed in due course, evidence today is now crystal clear.

[monkeybusiness1] 10/12/2021 13:51

That is absolutely correct, HUR CEO & CFO were at the time acting on direct instructions from the old board of Directors here, particularly that of the now Ex-HUR Chairman, unbelievably crooked Steven McTiernan, again with no will of their own, same CEO & CFO are now thankfully acting on instructions from the new incredibly improved and proactive HUR board of Directors (with presumably some guidance from CA), hence, Hurricane Energy’s future currently looks so much brighter today!

[kooba] 10/12/2021 13:28

One does have to remember that the executives , the CEO and CFO were fully on side with the restructuring and although they now have new NED's overseeing them they are the ones running the day to day...not exactly an all new Board.Am sure CA are watching them all very closely!

[kooba] 10/12/2021 13:24

Eiger cha.

[luckyjoe999] 10/12/2021 12:32

Post from lse bb today:

TopCat81
Posts: 420
Price: 3.90
No Opinion
Today 08:31

RE: Positive RNS

Another Fantastic Update/RNS, wow, what a difference with the new BoD here, and to me it all proves without any doubt how corrupt, deceitful, and completely incompetent the previous useless bunch/Ex-BoD were and behaved!
GLA

[nicholasblake] 10/12/2021 07:59

Free cash when it includes liabilities which only crystallise in a cessation of production is a misleading figure.

[ngms27] 10/12/2021 07:56

sji, yes it does look like the worm is turning slowly. Hope it meets no blackbirds.

[kooba] 10/12/2021 07:55

$57m about right after repurchases ..but we do have an offload already in the bag to add in ..might get that figure with operational and financial update next week. It’s been difficult predicting the net cash inflow and we have had volatility in oil price. Hoping that takes us at least back into the $70s.
A further offload before the end of Jan should really narrow the remaining outstanding..though may be some more bondholders heading for the door with AHC crumbling.

[sji] 10/12/2021 07:52

Since October, there was another offload (c. $25m net to HUR)