Hurricane Energy Share Discussion Threads

[kooba] 11/8/2022 12:50

Hurricane below re three month consent basis fully approved ..previous rns's have alighted to there being no evidence of any incremental increase in gas escape. So fully compliant.Not sure on your point at all. Hurricane have been very efficient operator on well 6 and have been exceptionally good at decommissioning unwanted exploration sites in a very timely fashion. The relationship with the The Oil and Gas Authority (OGA) was renamed the North Sea Transition Authority, on 21 March 2022 was not good under Trice I'm not sure why you might think there is a poor relationship with new CEO?17 June 2021Hurricane Energy plc("Hurricane" or the "Company")Lancaster Field Development Plan Addendum ApprovalHurricane Energy plc, the UK based oil and gas company, is pleased to announce the approval of the Lancaster Field Development Plan Addendum (the "FDPA") by the UK's Oil and Gas Authority (the "OGA").The FDPA approval, together with associated production, flare, and vent consents, enables p roduction with the flowing bottom hole pressure up to 300 psi below the bubble point pressure of the fluid (1,605 psia at 1,240 metres TVDSS), subject to the Company ensuring that no incremental liberated gas is produced to surface.The initial consent is for a three-month period from 16 June 2021 to 15 September 2021. Production, flare, and vent consents will be issued on a three-monthly basis. The Company will regularly provide the OGA with data to demonstrate conformance with the consent conditions.In line with the FDPA, the Company will ensure that no incremental liberated gas is produced to surface and commits to choking back or shutting in any well which may produce incremental gas liberated due to below bubble point production.The approval of the Lancaster FDPA satisfies a key condition of the Company's proposed financial restructuring, as originally announced on 30 April 2021.Antony Maris, CEO of Hurricane, commented:"I would like to express my thanks to the OGA technical and management teams for the open-minded approach they brought to these discussions. This approval, whilst not having any immediate impact on the reservoir performance of the Lancaster field, will assist with longer term reservoir management, enabling us to optimise the field's performance. Approval now, while we still have some months before we reach bubble point, will allow both us and the OGA to establish base line performance and to test the three-month approval process."

[kooba] 11/8/2022 12:16

The incentive is quite key to production cost as represents more than the day rate over offload timetable.The key terms of the extension are: 1. The charter has been extended to cover the remaining economic life of the Lancaster field. 2. Either party can give six months' notice to terminate the charter. 3. The existing day rate and tariff for the vessel remains at $75,000 per day and 8% of revenue respectively.

[kooba] 11/8/2022 12:10

Steve what are you putting aside for EPL taxation. I reckon on a profit basis would be $11.5m.So on $60m net rev from BP.$13-14m costs , A&G , Bluewater day rate and Bluewater offload incentive.Leaves $46m clear profit.EPL at 25% leaves $34.5m clear cash.They seem to have boosted cash by far greater amount...hence my question around EPL provision.

[telbap] 11/8/2022 11:47

@brazilnut1.and now we see tour try's colours in full effect. Another one for the bin.

[sheepshagger1] 11/8/2022 11:42

Company is not a shambles at all.

A hugely profitable and cash generating business with no debt.

if you can't wait another couple of weeks for the "plan" kindly sod off

[brazilnut1] 11/8/2022 11:32

Sheepshagger. Mind your own business you fkn empty scrotum. Company is a shambles and you know it, no direction, no plan and dependant on a takeover. Thats what being underwater does to you. Ye I'm impatient, no fkn wonder.

[steve73] 11/8/2022 11:10

kooba ...594. My estimate of Free-cash at end of Jul, based on actual $/bbl, and the most recent $/day fixed costs, was around $7MM higher than their stated figure.
So either the daily fixed costs are now (approx 50%) higher than in May/Jun, or they have added to their restricted cash..
JMHO.

[kooba] 11/8/2022 10:47

Well he's back on ignore with me simply not worth the time, such ignoramuses are just attention seeking numpties best way to get them to disappear back into their own little worlds is ignore them.

[fandagle] 11/8/2022 10:45

Kooba! The whole Methane reduction program set at COP21 is not optional! Them who don’t comply or at least try and comply are being hammered by the regulator! HUR already have a shaky relationship with the regulator for a host of other disasters over the last four years! They don’t need to invest in FB! Take a diverse course, maybe buy a gas field or farm in with a partner for a drill? For instance EOG paid 7 million to I3E for a 25% share of Serenity! I just don’t see the minerals required with the current BOD

[wbodger] 11/8/2022 10:28

Or, as useless as a Vaccinophobe on a junior oil bulletin board ...

I'm tempted to fill up the BB with musings just to get him off the page.

[marmar80] 11/8/2022 10:11

One day the takeover rumour arrive and we will double from here. Patience needed.

[bill hunt] 11/8/2022 09:48

Re Crystal Amber. We're those monies not paid out in February and June.50p and 10p. Or is there another tranche in September?

[brazilnut1] 11/8/2022 09:35

Well this RNS has hardly lit the touchpaper has it ? Will take something major to happen from outside to get this moving up as seems internal inaction and indifference to SH is the order of the day. Still no plan. Put the money into an easy access savings account, might be better off.

[ltinvestor] 11/8/2022 09:01

CA are proposing a 60p dividend next month.Where is that money coming from?I can only think that their stake in Hur will/is being sold to another party, most probably an oil company.CA will not sell their 29% cheaply….

[kooba] 11/8/2022 08:14

But you have said the OGA has refused permission for well 8 ..what do you expect them to do exactly? That was their major organic investment plan and you are saying it can't proceed.Still waiting for evidence on that statement as i believe it to be materially untrue.

[fandagle] 11/8/2022 08:10

We need someone on the BOD with real Gusto! Imagination! Clear out the manequins and get some entrepreneurs in place, if you can’t make a decent O & G business in this climate it’s time to get off the bus Tatie Heed

[lfdkmp] 11/8/2022 07:50

.... over on lse someone with the handle "schlemiel" hypothesising on this point too.

[kooba] 11/8/2022 07:33

Ha, only opinion , it might be that the shareholder revolt has changed their view..suppose we will know next month! By then some clarity on the way forward too..there seems little point in sitting on $90m if you can get it to work..or attract m&a interest.

[lfdkmp] 11/8/2022 07:31

OK thanks. Won't get ahead of myself ;-)

[kooba] 11/8/2022 07:27

My understanding is that since the company had put out a forecast of cash at the end of July post redemption and final interest payment it was only right that they put that out once the figure was known. I understood from posts this was CA position. I would not presume that it can be interpreted that we will continue to get monthlies going forward.

[lfdkmp] 11/8/2022 07:22

Is it a surprise (pleasant) that we have had today's update, given that they had stated recently that post convertible redemption they would be reverting to "industry norm" of quarterly updates?

Has the communications from shareholders and CA viewpoint prompted a (quiet) return to status quo ante?

[kooba] 11/8/2022 07:12

Update better than expected. Laser spot on with offload size , price higher end of expectation at $111 pb.The cash balance at $89m is higher than forecast , but it is unclear what they are putting aside for EPL at the moment.

3.68p a share cash.