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Thinking, sentient beings knew with 1st indications of vaccines working circa Jan 21 that Covid was beaten, market would rebound and PoO soar. That is why PoO soared from Dec 20/Jan 21 onwards. History taught us it would.
Old BoD weren't thinking, sentient beings. Were deviants. Thought- we can still get away with it!
PoO soaring again now due to dwindling supply stocks and fear of supply crunch
Never had a job on the HUR board you conspiracy believing clown.
Okay, Genghis forgive my memory, was start Feb. Trust u go focus on speed error which does not negate substantive point.
Your view is that old BoD can legitimize their actions.
Rubbish - the judge saw through it
Most shareholders saw through it 2021 Q1
All it will take is one email showing naughty collusion for a slam dunk
You are a history rewriting doomsayer
Ng is upset cos he lost his job on the hur board lol helmet
no mug will fund taking HUR to court, certainly nor Burford.....they like to win.
"" Brent was back at $60 early Jan 21 when vaccines kicked in and even village idiot knew was going higher as Covid beaten"
Not so. Jan 21 Brent was just above $50 and the market was nervous. Nobody knew if Covid was beaten, and nobody knew where Poo would go. Nobody does now, either. Poo is not high bcos demand has recovered. It is high bcos OPEC+ are nervous of demand, have shown unusual restraint and kept c. 5m bd off the market.
HT
CA and RB have played it clever so far with our Company and made money trading in the past. They have the inside track with HUR with their Non-Ex's calling on the inside. CA's continued purchasing of shares can only be viewed positively and I wonder what their plan is, they certainly have a greater insight in HUR's data, ops and management than anyone on this BB. I would imagine there is something coming to fruition shortly that will enhance the SP, CA are exposed to a disproportionate risk in their portfolio, so therefore they must be confindent of a significant rise and in the not too distant future I would suggest.
^ for sure : crystal amber did great job in court. For that I take my hat off. That sadly doesn't give us any clues about the geology going forward though.
I'm not sure about that HT, they've (CA) done alright for us so far ...
By the way - I personally don't trust, or rate, Crystal Amber.
One only needs to look at their own share price for judgement of their quality as investors.
I wouldnt invest simply because they are ploughing more money in.
@Genghis15 is correct.
IN SUMMARY : Future success now depends entirely on reservoir performance.
The problem investors have is that the previous board chucked so many smoke bombs that it is impossible to know what / whom to believe. One thing is certain : Lancaster didn't perform as predicted by Robert Trice. That doesn't necessarily mean it is a failure - but the water contact certainly appears to be higher and problematic. Certainly the higher oil price means bonds will now be paid off in time (and the future of Hurricane looks much more certain as result). What we don't know is if production at Lancaster will end sometime mid 2022. Or perhaps the well will keep on producing at 10K bopd (with 30% watercut?) for several years after that? That is the *BIG* question....
Certainly the post-Trice board didn't cover themselves in glory. They should be investigated as the attempt to give the company away to bondholders were an absolute disgrace. Ultimately the Tiernan / Corbett era deliberately trashed investor trust (so the ashes could be given away for free?). F--k them all : I hope they rot in hell. They never acted in wider share holder interest. However, simply removing them doesn't mean the problem of under-performing / uncertain reservoir is fixed.
Genghis
Wrong again
1. HUR had considerable cash in bank to buy back bonds when at huge discount - a 'no-brainer' - if bought at 30c in $, then 60 mill buys 200 mill bonds, and at 40c 80 mill buys 200 mill. HUR had cash in bank to buy back most of bonds!!!! BoD didn't effect the 'no-brainer' 'cos 'would have upset bondholders'
2. Brent was back at $60 early Jan 21 when vaccines kicked in and even village idiot knew was going higher as Covid beaten and market recovered, and bonds would be paid back with ease! Court Hearing was end June 2021! BoD should pulled plug in Jan 21 on Scam Plan. Why didn't eye? Cos it was a SCAM!
So don't rewrite history- as I said, you write tosh!!
Post from ADVFN today:
sloppyg26 Oct '21 - 10:22 - 30654 of 30671
“RFTL's can be offset against future NON-RF tax profits. There are various Group relief mechanisms in place and depends on the nature of the business acquiring the assets and if indeed they acquire the entire share capital of HUR etc
This is why they are conducting a review. My instincts are it will prove to be an extremely valuable asset......those B/Hs were not stupid.”
Cookie
Yes, the tax loss is intruiging. CA say "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."
I'm not expert in oil industry tax loss rules, but suspect they are quite complex with much ring fencing, hypothecation, and restriction to avoid as far as possible too much loss to Treasury. Hard to know what they could be worth, it will depend on the circumstances of any company that looks at HUr just how much use they are.
But one would think there muxt be some value there to someone.
Fair points Genghis15 I am more interested in over a billion losses and allowances that HUR have,
if allowed to transfer worth up to 190 million (19% tax) to a profit making company in same field as HUR.
Genghis
"So its a casino cxhare, gents ; place your bets."
This is true of very many shares on AIM, particularly for outsiders, and indisputable for this share.
However, for you and a handful of other sceptics over the past year or two, this has been a one-way bet to zero; and that we should sell immediately to recover the few bob we had left.
In my case, and I'm not a big investor/gambler here, that would represent a loss of just over £4.5K.
So, even when you make sense as today, I'm entitled to be sceptical of what you're really at!
senseman
Thanks for putting me straight. Has it occurred to you that at the time the Bod made their plans HUR had no prospect of accumulating anywhere near the cash necessary to pay the bonds ; that's why they were trading at such a discount. And that is ultimately their fireproof defence against any legal action.
u write tosh, genghis
nowt stopped BoD buying bonds back cheaply - not doing so was failure of fiduciary duty - how much did it cost HUR ??????
and 200 - 250 mill cash in bank by 2024 and well 6 ends, with 2 bill shares = 10p a share
so it aint a coin toss - mega money or diddly squat
i repeat, u write tosh
and don't be so arrogant thinking peeps are so stupid they can't see things in perspective and understand it's a CA RNS, with all that entails
Much comment here seems, again, to be missing the point.
This is a RB RNS aimed at his own CA shareholders, so he's bigging up the blame on HUR. Fine, but don't take the threat of litigation seriously ; what saved HUR was Poo, enabling the court challenge to succeedbcos the increased revenuesmade bond repayment a possibility. The former BoD may look monkeys now, but they will have been well aware of their legal and fduiary duties ; if a court action is ever launched, which I doubt, ti's Cos will be very, very, small, and i suspect RB knows it.
The significant part of the RNS is "The Fund notes that Hurricane is evaluating options to bolster production from the Lancaster field, as well as pathways towards development of the substantial Lincoln discovery asset. The Fund believes that in addition to the existing P6 well, substantial quantities of oil can be recovered from the Hurricane portfolio." Now, CA will have its own geos, so they disagree with HUR's.
Now, I don't know who's right ; I'm not a geo, and I don't have the data. But I am concsious that so far, the rservoir is behaving in line with the new HUR model, so i see no reason to think them wrong.
But there is no certainty ; if CA are right, this could multibag if not, it's a dead duck. That is not an investment proposition ; it's a coin toss.
So its a casino cxhare, gents ; place your bets.