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" they were then wildly under-capitalised to fund all the projects in which they were about to invest."
Panther, it's one of the sad things about the onshore is that it seems to be so unattractive to anyone with serious money that people like Humber get their foot in the door. At least they don't seem to have ramped the s*** out of their investments like Lenigas and his ilk
Egdon seem to be able to raise cash relatively easily and they have two main investors - I'd bet they've been making plans about a possible default ever since they got into the Licence.
Thanks Mirasol. I too found Humber's website to be out of date and incomplete so, like you, I went to Companies House website and realised they were only a two man, actually father son, private outfit. Looking at their latest published annual accounts (Dec '18) they were then wildly under-capitalised to fund all the projects in which they were about to invest. So their default at Biscathorpe, which is probably of most interest to Egdon holders, was perhaps inevitable. Now they have sold their West Newton interest to Reabold they may be better funded, or they will be as soon as they receive the OGA's consent to the deal. Maybe this will mean they can hang on to Wressle, but they must be spending there too, and the invoices will be arriving by the month, I suppose. So that interest might soon be gone too, which will leave them with next to nothing. Not that I care much about Humber. It's Egdon I'm really interested in, and how the Humber default has affected them.
Sure on th CoE
Humber? haven't updated their website for nearly two years, no bio's or even names of the Directors. Companies House show they're a very small time outfit. Suspect they thought they could get into the onshore and make money (!!)
Right now I'd guess they'll sell , or be eased out, of any license where serious cash has to be invested. Would probably go for a carry to save face. Might be a good buy right now for someone with slightly deeper pockets
Hi there Mirasol. Shall we agree to give Justin Welby and the C of E a rest, though it was fun while it lasted? With regard to Wressle, I keep wondering if it's in safe hands with Humber after their West Newton sale. I'd have thought that Wressle, being relatively close to production, might be an attractive sale proposition if Humber are short of the readies.
expect the SP to slowly drift upwards as production at Wressle gets closer - which is more than I can say about the CoE
...and notwithstanding the Church of England's position I can't help noticing the SP has risen this week! And the 52 week high was only in January which I also find encouraging for some reason.