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friday was 26th. won't be $79
doesn't much matter
hur has big cushion
and current POO & SP overreaction - likely a big bear squeeze on the way as sellers rush to buy back at higher price - hur presents great risk-reward ratio
The price per barrel should be based on the previous five days trading, and it was only Friday where it dipped substantially. I think the average price should be somewhere in the region of $79
so no-one on here can accurately say what the EXACT price would be - but we'll find out soon enough................
soemone posted this on ADFN
from the AIM admission document: 'The price which BP pays Hurricane for the oil it buys under the BP Contract is dependant upon the price at which BP sells such oil to third parties including a profit sharing factor for Hurricane, based on such sale price. As such, BP’s payment to Hurricane is calculated by taking (i) the average of all the high and low quotations on Platts Crude Oil Marketwire for Dated Brent during the first five days of the Bill of Lading month (subject to BP’s election to adopt such average from a period at the end of a month); plus (ii) the differential to Dated Brent in BP’s on-sale price to third party offtakers FOB at the delivery point (or, if delivery terms are not FOB at the delivery point, then the differential is netted back to BP at a level that reasonably reflects a FOB delivery point differential to Dated Brent using the actual figures); less (iii) a marketing fee. The marketing fee consists of a fixed fee element (US$0.30 per barrel up to 15 million barrels marketed and US$0.15 per barrel where over 15 million barrels are marketed) and the above mentioned profit share element (calculated as 25 percent of the difference between the on-sale differential and an agreed benchmark value based on the oil’s expected market value).' Https://www.hurricaneenergy.com/investors/aim-rule-26
"under the sales and marketing agreement Hurricane has in place with BP, the sale of Lancaster crude is priced at the average of either the first or last five days of the month of lifting (at the buyer’s option)"
So BP can choose to average the last 5 days of November or the first 5 days of November
senseman
Is that the month first or last five days average price or they can pick a least daily price of the five days??
Brent $73
Huge bad luck and timing - yesterday's over 10% oil drop will knock circa $5 million off the value of the offload - due to BP being able to choose first oil price 5 days of month or last 5 days of month as purchase price.
C'est la vie - let's hope rebound is fast and strong. Thankfully epic past few months have provided safety cushion
Alter wind has just left Aberdeen on route to lancaster.
Another £20 million in the bank by next week.
8 more weeks and enough free cash to cover bonds.
Whats not to like.