Hurricane Energy Share Discussion Threads

[kooba] 20/12/2021 08:21

Board seems to have picked up a virus...how very topical. Ignore is the vaccine.

[kooba] 20/12/2021 08:19

"Twenty two posts on Sunday, 20 by repetitive, known derampers and a few opportunist naked shorters (new) hoping for a payday in Santa week. Says it all really."Announcement well after hours so no new shorters on the "news" just sad individuals who get their jollies from trying to frighten pi's..sick puppies who have zero knowledge of value.Ignore the dross and dont be influenced by these saddo's...nothing with either of these announcements has an impact on the continued strong cash generation and the values one can look at.Personally think Lincoln was never a next work contender after the plugging of Lincoln crestal ..much more likely to move to commercialise another compartment in Lancaster to tie back.Be nice if the board focused on the future with some enthusiasm rather than focusing on the failures of the past.Secure the AM and lets have a congestive plan for the future.

[nicholasblake] 20/12/2021 08:18

As soon as one starts with production estimates which project an inability to repay Bonds such a review is going to be pushing water uphill. No surprise no clear breach of law. What is perplexing is why Board didn’t reassess when sharp oil price rise changed the calculus?

[bocase] 20/12/2021 08:17

SR Filtered!

I expect many intelligent posters have done the same so you will be talking to yourself SR

[drew lonmenob] 20/12/2021 08:15

you mean like yours on SYME

[sentiment riles] 20/12/2021 08:13

Watch this plunge when Gerby averaging down done today ...

[sentiment riles] 20/12/2021 08:12

Sub 1p by end of January .

Or sooner

Unless they can find more gerbils

"To believe "

Hardly

Must be burnt out by now

[linz22] 20/12/2021 08:12

A somewhat disappointing RNS for many shareholders this morning, but am in agreement that no real surprises as to the current board's rejection of any prospect of seeking further action due to the previous BoD's questionable behaviour.

After all, in a world corrupted where conspiracy, deceit and embezzlement has pretty much become the norm, why waste any more time and effort in pursual of an issue that nowadays might be considered just a legitimate business plan..?

However, "The NEDs have concluded that the Company's previous board discharged their fiduciary duties diligently and in good faith during this time..".

In what universe could that statement possibly be considered a factual observation..??


Edit: not to mention the 17 million squandered on the price of the 'plan'..!

[sentiment riles] 20/12/2021 08:11

Then it's true ....

[fatnacker] 20/12/2021 08:11

Crazy reaction

[kooba] 20/12/2021 08:10

"When SR arrives, that's it. Go home ?"Well thats what they say on the SYME board i gather.Plank.

[kooba] 20/12/2021 08:03

Good points well made.

[sentiment riles] 20/12/2021 08:02

When SR arrives, that's it. Go home 🥀

[wbodger] 20/12/2021 07:59

This smells as bad as the freezing out of CA in 2020.

The only actionable news in Friday's RNS was that they have not yet secured a partner to replace Spirit, and might not be able to. Not exactly haste-critical and if they do find a partner, or if they think it worthwhile to go ahead alone, they only have to sign a drilling contract by June. If they miss the deadline they can write off the asset when so advised. Why was it not in the Operational and Financial review RNS the previous day? Why that announcement at six thirty on the last Friday before Christmas week?

Twenty two posts on Sunday, 20 by repetitive, known derampers and a few opportunist naked shorters (new) hoping for a payday in Santa week. Says it all really.

[impvesta] 20/12/2021 07:54

"........the Company concluded that it was important to preserve cash"

So it spent millions on trying to give away all of the company's value to the bondholders!!!

So the judge was wrong even though subsequent events are proving him right?

I'd like to see a properly argued review! Not the few paragraphs of fudge that they have provided!!

[agnabeya] 20/12/2021 07:52

Review re rejected restructuring plan of mid-2021
HURRICANE ENERGY PLC
Released 07:00:07 20 December 2021

Hurricane Energy plc, the UK based oil and gas company, announces the completion of a review, led by the non-executive directors of the Company (the "NEDs"), of the events leading up to the restructuring plan (the "Plan") being rejected by the Court on 28 June 2021, including decisions made by the Company's previous board on its U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022 (the "Bonds") and the Plan.

The review, having been requested by some shareholders, was overseen by the NEDs and carried out by an independent solicitor assisted by leading counsel. The NEDs have concluded that the Company's previous board discharged their fiduciary duties diligently and in good faith during this time to address the fact that there was projected to be a significant shortfall upon maturity of the Bonds, and they received extensive advice from outside professionals on whom the Company's previous board could and did properly rely.

It has been suggested by some shareholders that an earlier tender offer for the Bonds would have been in the best interests of the Company. During the period of engagement with bondholders and other stakeholders, the Company concluded that it was important to preserve cash to keep open the possibility of investing in a remedial plan which would benefit all stakeholders. Once the Plan was rejected (in which it was concluded that no investment in remedial works would be possible without bondholder consent), the Company carried out a tender offer for the Bonds. As announced on 8 December 2021, 10 December 2021 and 15 December 2021, the Group has continued to carry out repurchases of the Bonds where opportunities to do so on attractive terms have arisen.

The NEDs have agreed that no further action is necessary and believe that time and resources should now be spent on maximising the future revenue and potential of the Company. Every effort is being made to repay the Bonds at maturity, to give due and proper consideration to the interests of other stakeholders and to increase value attributable to shareholders.


-ends-

[nigwit] 20/12/2021 07:46

Independent review finds no scam.

Private investors “the independent review was a scam too and CA were obviously in on it.”

I believe this is what is now known as an inversion of the truth.

Another day in Never, Never Land then.

[kooba] 20/12/2021 07:21

No surprises on that review either...i thought was a waste of time ..maybe technically clean , morally highly doubtful behaviour and engagement towards shareholders as the high court underlined. Unfortunately once the bondholders and the advisors sensed the boards weakness they strong armed to a totally unacceptable and judged unlawful restructuring wasting huge amounts of cash and management time for the company.Lets move on.Hurricane are the gift that keeps giving..Maybe new year may see some positively..remember last January..not sure how this stacks up to be honest. Brent was at $55 on 13th January 2021.This 14th January.Antony Maris, Chief Executive Officer of Hurricane, commented: "Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio. As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding, in order to maximise the potential value of our assets."

[monkeybusiness1] 20/12/2021 02:08

Never imagined that we’d have so many clueless clowns amongst all the unfortunate bitter ex HUR shareholders here who like ghosts, can neither move on nor due their seemingly extreme bitterness, ever see the company succeed, they may truly suffer here from H1 2022 onwards if they continue to hang around, lol!

[tradoil] 20/12/2021 00:43

Walter has company

[sentiment riles] 19/12/2021 22:25

Had your dead gerbil bounce

Now back to previous low, and bust

[sentiment riles] 19/12/2021 22:17

1p by end of Jan

[nigwit] 19/12/2021 22:13

Call me an idiot but I’m not going to bed tonight worrying about 08.00 tomorrow

[nigwit] 19/12/2021 22:11

The ignorance is among the new holders. They’re the true vultures trying to game the price on the back of the failed restructuring. The only possible value can come if the oil price stays up after the bonds have all been retired and only then if the lone well, which is dependent on a single vulnerable pump, keeps producing and if the company can find upfront money for Bluewater and all its other obligations and if the OGA don’t revoke.

If it hadn’t been for the surprise rise in PoO it would have been toast months ago.