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“Kerogen, Steven McTiernan et al of the Ex-HUR BoD cost Hurricane Energy serious amount of money, wether it’s the totally waisted/unnecessary $17M restructuring costs, or not buying any CBs when they were trading at huge discounts here……or/and basically wasting around one year doing absolutely nothing operationally or otherwise including any forward planning, apart from of course deliberately misleading HUR shareholders with their carefully orchestrated deceitful crooked acts, what a BoD we had here as our representatives! Thank goodness they’ve been forcefully booted out and long suffering HUR shareholders now finally seem to be in very good hands.”
Kerogen, Steven McTiernan et al of the Ex-HUR BoD cost Hurricane Energy serious amount of money, wether it’s the totally waisted/unnecessary $17M restructuring costs, or not buying any CBs when they were trading at huge discounts here……or/and basically wasting around one year doing absolutely nothing operationally or otherwise including any forward planning, apart from of course deliberately misleading HUR shareholders with their carefully orchestrated deceitful crooked acts, what a BoD we had here as our representatives! Thank goodness they’ve been forcefully booted out and long suffering HUR shareholders now finally seem to be in very good hands.
We all know it's Kerogen. Chinese businessmen operate accoridng to a different set of rules, usually political and in the service of Chinese Communist State. Morality, law and decency are mere inconveniences
Kerogen along with the Ex-HUR BoD’s Directors Insurance should pay Hurricane Energy back for their undeniable total Negligence along with complete lack of Duty of Care (if not their criminal acts!) in purposefully running the company down! If taken to Court, they could end up in serious trouble and hence may decide to settle out of Court, just one small clear example here is the $17M completely wasted by this do absolutely nothing but damage shareholder value now Old Board of Directors.
As likely majority CB holders here, Kerogen tried extremely hard using every method possible to get their hands on HUR on the very very very cheap but fortunately for shareholders, they miserably failed at the British Courts, now with HUR clearly at the start of the road to recovery (particularly from the old crooked incompetent BoD), anyone interested in HUR will now IMHO, undoubtedly have to pay decent double figures here as absolute minimum takeover premiums for chance of success, particularly with USD$ 85+ Brent already well in place!
jakeK - We minority shareholders are just minnows in the great game…..out of our hands….
Having been in HUR since 2005 I was always assured by a former BoD member that Kerogen were the major bondholders. I have no reason to think otherwise……..
Yes, Kerogen are way too quiet. I have always been suspicious of their intentions and believe they are part of the bond holder group who tried to steal the company (under untraceable links of course).Sad thing is that, if they reach a deal for CA's shareholding, we will be sold down the river for that price.
I have always had this suspicion that Kerogen, PRC, and HUR are linked - by PRC’s wish to have oversea fuel assets which will support the Belt and Road initiative.
CA’s motive ultimately is financial profit. CA may well have wind of this theory.
There is no other feasible reason - than that above - why Kerogen are still in HUR ? Kerogen is mainland Chinese money under a Western umbrella. Please draw your own conspiracy theories.. All IMO.
Today with the benefit of a lot of hindsight here, just found this Energy Voice article on Kerogen (timely in a way from earlier this year) interesting reading, in summary Kerogen are extremely keen on WoS region but suspiciously keep very silent when asked on Hurricane Energy:
“Cheng would not be drawn on the future of Kerogen’s 16% holding in Hurricane Energy, the beleaguered west of Shetland operator.
However, he said: “We’re committed to the UK, we have an office there, a lot of our investments are there.
“It has traditionally been a core part of our business and I think it will continue to be”.
Oil and gas, as he said, isn’t going anywhere, and Kerogen is keeping an eye out for opportunities within its own portfolio”
It has taken 1 month for HUR to recover from the 29 Sept moody Maris RNS which cratered the share down to 3.5p. We are now back to just above where we were then. What a wasted month SP-wise. The danger of moody RNSs vividly illustrated.
It has taken CA request for investigation, voluminous SH emails, and CA's optimistic RNS to get HUR back to where it was.
I await with interest the recent offload production & finance update (now overdue?) to see if Maris & Chaffe's wings have been clipped, or whether they are still prepared to play silly b*ggers
I still can't help but think and feel that a certain somebody at HUR when he sees the PoO rising and forecast to continue rising and the well still performing as it is at present, thinks bug*er and double bug*er.......!
CA wrote as did because HUR (Maris) did not put progress info into public domain as should have.
Most CEO's would have shouted HUR progress from rooftop - Maris has not
CA defence when Maris inevitably phones CA to whinge will be - 'We did it because you did not, Now please start reporting positively as you should.'
One hopes Maris now picks up the baton and runs with it
"If and when this goes past 5.5 today my guess is a rns will be dropped by BOD to hold this down."
Na, can't see that myself. There's been news via CA, HUR will need to drop an RNS that say's their major shareholder is talking bull**** and I can't see them doing that.
FWIW, 'We' did get one a while back in the Trice era killing a rise. SP was rising vertical sharpish and HUR put out an RNS stating there was no reason they knew for the rise. Killed it stone dead but that was 2-3 years ago.
That’s another top up from me. HUR definitely looking a lot less risky now.
If and when this goes past 5.5 today my guess is a rns will be dropped by BOD to hold this down. Constant buys in region of 150000 200000 and 300000 were printed yesterday and today same is happening. Will be interesting to see how this pans out today.
Tomorrow will be interesting to see a rise into the 5-6p.
Well you speculated 5-6p, and in out of hours trading it's over 5p.
Wonder how many profit takers will pull it down ?
Games being played here. Share price static rise is being held back so CA can load up at a cheap price. Tomorrow will be interesting to see a rise into the 5-6p.
Does appear to that CA are gearing up for something, whether that be an offer once bonds are paid or for a buy into some of the wos acreage. With Brent near $90 and looking to hit $100 before the year is out, I’d expect some mergers or takeovers on the horizon across the sector. Potential buyers will want to see some encouraging progress on additional wells or a sidetrack imho. It’s exciting nonetheless
"Imagine what market capitalisation Tax Credits alone give the now clearly way undervalued Hurricane Energy here with $86+ Brent already in place, finally good times ahead for HUR shareholders."
A good point and one of many factors here like HUR's still vastly unexplored/undeveloped (while potentially extremely prolific) WoS acreage which with fast rising PoO is becoming increasingly attractive by the day, huge positive re-rate of HUR market cap is now inevitable and only a matter of time IMHO.
“The Fund also notes the potential for shareholders to benefit from Hurricane's taxation position. At 31 December 2020, Hurricane had ring-fenced trading losses of $468.7 million and supplementary charge losses and investment allowances of $707.8 million. In addition, capital allowance pools of $383.5 million were available to be used against ring-fenced trading profits. The Fund has asked Hurricane to assess the financial implications of these tax losses and allowances in the event of a corporate transaction. The Fund believes that the quantum may be very substantial.”
Imagine what market capitalisation Tax Credits alone give the now clearly way undervalued Hurricane Energy here with $86+ Brent already in place, finally good times ahead for HUR shareholders.
RB will obviously act in the best interest of CA shareholders, I don't expect he gives us much thought and why should he?
But luckily for us he is aligned with our view that the company was being adversely manipulated and thereby the share price dragged down to "pittance" levels.
I would personally thank RB for his efforts to date, a very large part of my pension is caught up in this which would be gone if not for RB's input, but not forgetting our fight back to a lesser extent. I just need to share price to triple from here and you'll catch me smiling again.
buying bonds back at 55c average would have halved the debt (i know all could not have been bought)
would have been the same mid Covid as selling our brent for silly money 70-80-90 dollars - ie. as if Covid wasn't occurring
that is how negligent it was not buying them back sooner
and we didn't do it 'cos would have peed off bondholders - it's truly mind blowingly kafka-esque
and bondholders then tried steal company on basis we wouldn't have full 230mill by July 22
$111 million peed against wall
with last offload cash still to be announced we are circa 70 mill shy of bond money - so say 50 mill shy when cash announced
meaning if old BoD had bought two thirds of bonds back at circa 55c & scam not tried, as of today bonds would have been fully paid and hur circa 60 mill free cash in bank + half next tanker load sitting in AM - and drilling, sidetracking or tieing back for more brent and more cash
or put another way even with no drilling - circa 170-180 mill free cash by July 22.
A big major will buy Hur, just to take the tax losses
Time to Fill your boots ..
It can’t get better..
As always dyor
Holding truckloads ..