Share Name Share Symbol Market Type Share ISIN Share Description
Hurricane Energy Plc LSE:HUR London Ordinary Share GB00B580MF54 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.09325 -12.36% 0.661 28,384,713 16:45:31
Bid Price Offer Price High Price Low Price Open Price
0.661 0.723 0.758 0.661 0.758
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 170.28 -1.81 2.97 0.2 13
Last Trade Time Trade Type Trade Size Trade Price Currency
16:45:31 UT 667 0.661 GBX

Hurricane Energy (HUR) Latest News (2)

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Hurricane Energy Daily Update: Hurricane Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker HUR. The last closing price for Hurricane Energy was 0.75p.
Hurricane Energy Plc has a 4 week average price of 0.66p and a 12 week average price of 0.66p.
The 1 year high share price is 12.70p while the 1 year low share price is currently 0.66p.
There are currently 1,991,871,556 shares in issue and the average daily traded volume is 16,294,452 shares. The market capitalisation of Hurricane Energy Plc is £13,166,270.99.
monkeybusiness1: For an executive team/bod that hates to work nor at all engage with it’s shareholders, three extremely repetitive and at this stage completely insignificant RNS’s by this incompetent corrupt HUR bod all within just 1 week which simply reeks of their desperation for shareholders to fold on their proposed scam; bod here, were incredibly somehow expecting shareholders to fold on their proposed scam and are strangely surprised by shareholder/CA etc. resistance and fightback. HUR with still ~15 months to go till CB maturity, and with present bullish Brent outlook along with company forward potential (on Exploration, Development, and Production) is NOT insolvent and hence, bod “proposed scam” will fall flat on its face, HUR share price will then subsequently fly on this news, and the incompetent crooked bod with zero operational plans in place (who didn’t even attempt to raise funding from institutions or shareholders) will immediately be replaced, it can’t get any better than that for shareholders, fight is on, and the odds here are now rapidly moving in shareholders favour, DYOR, and GLA.
tournesol: GHH ..I assume they will extend AM lease whatever… I think that's quite a brave assumption. AIUI the existing contract provides for a 3 year extension accompanied by punitive early termination penalties if Hur subsequently tries to escape from the contract before the 3 years is up. Is that something that Hur can prudently take on? Does it simply increase the risks for the co (and hence for the bondholders and to a lesser extent the shareholders). Imagine that problems arise with the ESP's or the water cut or any of the other myriad things that can possibly go wrong. If something like that happens, leaving Hur short of expected cashflow, how will they deal with the combination of an increased deficit AND an early termination penalty? Would that leave the CB holders worse off than if they simply called time without extending the AM? Alternatively could Hur expect to renegotiate a shorter extension for the AM with lighter early termination penalties? They would not seem to be in the strongest negotiating position as far as I can see. Remember that the original contract was secured on advantageous terms because there was an element of profit sharing - effectively a royalty payment per barrel. That arrangement has not been a success because the expected level of production has never been achieved. So the existing contract has proved much less profitable for the AM than was expected. Given that situation, do you think that Hur can now negotiate a much reduced extension term at a comparable price but without the termination penalties? I just can't see it. I think there is a real possibility that the AM contract will NOT be renewed - which means the EPS will have to be prematurely terminated. To my mind that hypothesis would account for the unseemly haste with which the BoD are now scrambling to lash together an end-of-life arrangement.
luckyjoe999: Post from lse bb today: FatSam82 Today 14:33 Posts: 88 Price: 0.819 “In the upcoming Court case, HUR BoD (who interestingly has not at all engaged nor even consulted it's shareholders), will seek approval for a proposal (IMHO, a disastrous scam!) that was likely rooted/initiated around last August timeframe with Brent prices less than half of today's circa $70 valuation, and purely based on proving company unable to re-negotiate/pay back it's bondholders by 24 July 2022. The variables here which the Courts will likely also review: 1- HUR Debt 2- HUR Cash already in the bank 3- HUR Production and Forward Potential 4- Brent Prices on Court Day 5- Brent Price Forecasts/Outlook till 24 July 2022 and possibly beyond (in case of any CB extension) 6- HUR Assets, Licenses, Acreage (not including here massive potential in company tax credits) The Courts will undoubtedly also seek to find out whether the HUR Executive Team/BoD have sufficiently looked at and subsequently attempted all possible routes/options/means for raising required company funding from the markets (even including from it's shareholders) and at same time, also sufficiently and strongly tried to re-negotiate with bondholders rather than just fold and commence extreme negative messaging even prior to any attempted bondholder negotiations?! Did HUR BoD discuss, Farmout potential, M&A possibilities, why not at least look at/review options as proposed by CA with still ~15 months left to CB maturity?! These are just samples here while many more potential questions remain, hence, please DYOR, and conclude accordingly, GLA.”
jacks13: The two principal shareholders are, as we all know, Kerogen (16.0%) and Crystal Amber (14.3%). Kerogen, has issued just seven RNS notifications since 2016 compared to 34 since 2014 for Crystal Amber. Kerogen's record of (rns reported) dealings therefore tell a relatively simple story. Their initial purchase was a share placing in May 2016 for 293.9 million shares (29.9% of shares in issue) at a price, it was said, of 15 p/share. A significant stake that earned them a non-executive seat on the Board. They then took part in two further placings. Firstly in October 2016 and secondly in August 2017. These placings more than doubled the shares in issue but Kerogen’s holding increased as a result to 428.5 million shares (21.9%). They paid 34p in the first placing and 32p in the second. In May 2019 they exercised warrants they had been awarded back in 2016 which entitled them to 6.5 million shares, bringing their holding to 435.0 million shares . They paid 20 p/share. They immediately sold these for c45 p/share and a further 110.0 million shares for c46 p/share in June 2019. Their current interest is 318.5 million shares (16%) which have on balance cost them in the region of £35.6 million, or 11.2 p/share. Why would Kerogen seemingly have abandoned their sizeable investment, leaving it at the mercy of an uncaring Board? They’ve given up a directorship that, had they retained it, would have continued to have given them a voice at the table. The very thing that by contrast Crystal Amber is clamouring for. Why did Kerogen resign its seat at the table within two weeks of the kitchen sink rns? Its all well and good to upbraid shareholders, saying they should know better. This particular ‘game’ is not being played out to the accepted script; the script everyone expects. Yes Hurricane may well be doomed on any reckoning, but unlike in the normal ‘game’ shareholders here are well and truly being excluded. So why is Kerogen, a heavy-weight (to the tune of £36 million) supporter of Hurricane and a serious player, apparently allowing itself to be treated with something like disdain? The board may have concluded they have more to fear from the bondholders than they do from the shareholders. The direction of travel since the new ceo arrived has been, putting it mildly, to play down the prospects for the business. This has effectively barred the route to any further equity capital. An unlikely prospect anyway given the performance of the EPS. But in extremis, which is now where shareholders find themselves, an equity backed funding would be welcomed with open arms. Although getting it underwritten would be problematic. This situation appears to most people to ba a disingenuous use of the Act; using emergency legislation to circumvent the accepted processes. If legislation is being misused then this is not ‘grown-up̵7; behaviour on the part of the Board. Why should we assume that “ ...the BoD doesn't like it”? And on a final point, it isn’t the Board that “ ...has to suck it up”.
leoneobull: Has NGMS been purchasing today? Remarkable to see the share price now with 0.1p promised as the dilution share price Congratulations to the HUR BID who have successfully under-promised and under-delivered....
porrohmahnn: If CA were the main buyer on Friday, they could have increased their shareholding to just short of 30%. This in an important threshhold that, because of takeover rules, they will not exceed without launching a formal takeover bid. The share price has dropped off sharply since then which tends to confirm my suspicion that it was CA buying on Friday. If I'm right, there will need to be an RNS tomorrow recording their increased shareholding and another is likely to follow on Thursday based on the huge number of shares that changed hands today. That will reveal who else was buying, unless it was just day traders and shorters having a field day. I wonder whether bondholders were buying up shares today in order to protect against a potential bid by CA? If CA mount a takeover bid, the costs would be minimal based on the current share price, although they would need to come up with a viable plan for the future. This might be nothing more than liquidation unless they can come up with a viable plan to continue the business as a going concern. Whichever way this goes, I can't see a good outcome for long term shareholders. I still believe there are considerable amounts of hydrocarbons in Hurricane's licence areas but the company doesn't have enough cash to determine / realise that potential or the ability to raise it in the current climate. I can't help thinking that the UK Government's insistence that Lincoln be plugged and abandoned in such an unprecedented short timescale and mandating that scarce cash be allocated to deep sub-vertical exploratory wells rather than further producers precipitated Hurricane's downfall by reducing free cash to levels that became unsustainable when the wells didn't produce as expected.
hiddendepths: It is certainly strange to say that the shares are massively overvalued at 0.75p but it seems abundantly clear that is the case! There still seem to be a few diehards who believe that shareholders will end up with over 50% of the shares after the bond conversion. The RNS was not ambiguous at all. I read it once and understood it immediately. Current shareholders will own only 5% between them. Crystal Amber may be spitting blood but I expect they'll be shafted along with everyone else. Some may remember that they were shafted once before, ahead of the dreadfully mishandled equity/bond raise. That was bad enough but this is far worse! The £50m freed by the bondholders represents a final throw of the dice for Hurricane. Unfortunately for current shareholders even if the roll comes in, they will not be the ones to benefit. It is hard to imagine an outcome where the shares will get back to the 2.5p level. I think it is very likely that there will be a consolidation of the shares - if I were advising the company I would suggest 1 for 100 to achieve a decent looking share price. It should also be borne in mind that most bond holders are allergic to equity! They are derivatives and fixed income specialists by and large. If they are forced to take some equity on board they will dump it as quickly as they possibly can, pretty much regardless of the price. I worked close to derivatives teams in the past and I can assure you this is what they do, or at least did back then. I agree with the suggestion some made earlier that Hurricane is likely to keep its listing for a while to allow the bondholders the chance to sell - and then go private, never to see the light of day again. The sooner the better, as far as I'm concerned. This company leaves a very nasty taste in the mouth!
adypauluk: Despite your views on Hurricane Energy, lots of people have lost life savings and there are questions that need to be answered. I wrote a letter to HUR`s chairman Steven McTiernan to try and find answers. Dear Steven, It has come to my attention looking at the facts, that Hurricane Energy board, could be involved in an AIM Scam. Firstly, I would like to ask you, why your company has ignored all communication with Amber Crystal, the company`s second largest shareholder? Why did you also ignore Crystal Ambers ask for adding a new board member? Furthermore, Crystal Amber said it suggested in October that Hurricane should buy in some of its loan notes at below 50% of par value. It said Hurricane’s chairman previously remarked that such purchases would be a “commercial no brainer”. It also very looks suspicious, you are planning to give bondholders 95% of the company and leave shareholders holding just 5% for the sake of 50m. Bearing in mind the bonds repayment date is not for 15 months, and you have a major shareholder who wants to take the company forward. In my opinion, it is clear you have sold out HUR shareholders for your own personal gain. I have never known a company which ignores major shareholders, unless there is a corrupt agenda at play. 2017 CPR was an estimated 2.6b barrels, Under 12m barrels in 2021. Please explain? I suspect foul play, and an immediate investigation needs to be provided. Furthermore, I spoke with someone from HUR by phone in January, who told me things would be different if Hurricane Energy`s share price was in the $60 a barrel range. I believe there is enough information and doubt to warrant a full internal investigation, especially since the boards reshuffle, where I suspect constant negative news is part of a planned agenda. I ask you to please explain yourself and answer my questions in full.
mirabeau: With thanks to Oilman Jim - 02 May 2021 'Hurricane Energy (London HUR US OTC HRCXF) announced its proposed financial restructuring. As I said in the blog a few weeks ago when the share price was at 2.7p, the shareholders are done for. In return for releasing $50 million of the principal amount outstanding under the convertibles, bondholders will receive ordinary shares comprising 95% of the fully diluted pro forma equity of the company. That values the existing equity at just $2.63 million, which is £1.9 million, less than 0.1p per share. I’ve actually been warning about Hurricane Energy all the way from the low 30s down. It was more or less clear what was going to happen here and no special skill was required to know. All you needed to have done was to read in full - and understand the consequences of - the contents of HUR’s RNS announcements. For those who got hurt, perhaps to protect yourselves in future, it’s worth remembering who was touting Hurricane Energy over the past year or so and recall that their “research” in fact was entirely false.'
comedy: comedy30 Apr '21 - 17:02 - 25531 of 25552 Edit 0 1 0 RE: implications of today 's RNS30 Apr 2021 16:37 HI British this para A $50 million release of the principal amount outstanding under the Convertible Bonds in exchange for the issue of ordinary shares in the Company (the "Exchange Shares") comprising 95% of the fully diluted pro forma equity of the Company immediately following the Restructuring. I read as meaning" a number of new shares equal to 95% of the number in issue currently " The wording in the RNS is clumsy but the market reaction of a 50% share price fall means that the market agrees with my interpretation. HUR have 1.99 bill share in issue now that number should rise to 1.99+( 1.99x0.95)=1.99+1.89 thus 3.88 bill after completion of the exercise. copied question is it 3.88 bill or 38.8 bill shares???? still find 38.8bill impossible otherwise share price should have cratered to 0.1p today??? the market is very good at staying in ball park, don't think we would be out by factor of 10 today. plus 171 mill buys to 170mill sells...i did do the same calculation ie original holders left with 5% and 95% in new hands hence multiply x20= 38.8bill shares but share price would have collapsed to 0.1p which it hasn't.
Hurricane Energy share price data is direct from the London Stock Exchange
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