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another vote for ousting of the bod. I was willing to give them the benefit of the doubt until xmas. however when no plan was announced it was pretty obvious there was the real danger of missing the weather window that had been mentioned. they then missed this. now as we approach May We still await the "plan" and also funding.
there has been no interaction/interviews on/in any media that I have noticed. if they had wanted to destroy investor sentiment and SP they could not have done a better job. which begs the question what are they up to? clearly CA agree.
Topcat,
"we deserve much better than this joke of a board now in place."
I believe that their only aim is a sellout at ten cents on the dollar to their buddies in Shell and BP, and possibly to 'shelve' the entire thing. It's scandalous.
TopCat81 - Time for a vote of no confidence in the HUR BOD, starting with me!
It's a shame the Opinion Bar doesn't offer an 'In or Out' option along side Buy or Sell, my post would carry an 'out' Opinion.
Sorry for the duel post, I hit the wrong button (probably due to frustration / exasperation with HUR Management).
TopCat81 - Time for a vote of no confidence in the HUR BOD, starting with me!
It's a shame the Opinion Bar doesn't offer an 'In or Out' option to
Well said Top Cat.
Whilst share price is drifting downwards and money still needing to be accumulated for bond I don't think anyone will be paying more than 4-6p. This would be a fantastic return on current SP if it ever materialises. Otherwise it's hoping enough oil can be produced to pay off bond holders and raising of capital or further production for an appraisal well to be drilled 2023 in my view.
I am really starting to hate this share but have to much in to want to sell on the cheap, about time this Bod got kicked out of their money draining over inflated salaries that we pay them for looking after our investments. CROOKS
Shinfalls,
"Must admit, the mention of Harbour Energy lurking in the background doesn’t sound too far-fetched at all. "
Hmm. Yes. Worth looking at the CV's of Harbour's BoD. Many with 'past' and involvement with either Shell or BP, or both. I find it weird that out of the the 12-person BoD, seven are listed as 'non-executive directors'. Which leads me to suspect that they might be representing third parties, instead.
The way Brent prices are going along with H2 onwards outlook, I wouldn’t be surprised at all if HUR ends up having more than one determined bidder this year, and IMO, any successful offer here will have to be in double figures as minimum, DYOR.
Wouldn’t be surprised to see a T/O by Harbour Energy since Hur have begun vessel sharing with Solan, could there be more going on behind the scenes?
The significant CA big buys recently meant they don’t agree with bod cpr or their future assessments and plans for the company...obviously CA sees it very differently and confident of HUR long term value.
A coup in the bod is imminent and revamping of the outstanding issues and future plans must be coming...and all this must be a very positive developments to come..
What’s better than now with so much undervalued SP....to take advantage of..
Ignore the trolls and internet worriers which have no holding here ...
As always dyor
Holding strong here
GL
Pretty sure that a further CA holdings RNS will drop soon, along with a revenue statement from Hur.
Bond repurchase programme could well be announced, albeit sticking to the takeout option here.
"and I trust their investments strategy rather than listening to the drivels posted here by a few clueless posters...
Get a grip guys
HUR Risk/Rewards has improved dramatically with CA solid support..."
Sure thing. So what's your gain % like here?
Spot on - and in CA's own words as per their web site.
The Fund finds the conclusions of the technical committee persuasive but not conclusive. Fractured reservoirs commonly exhibit rapid initial pressure decline and we note at Lancaster that the rate of pressure decline has in fact slowed. Moreover, the zone now believed to contain residual oil below the oil water contact is very thick, whereas we would have expected an abrupt change in oil saturation at the free water level. Therefore, the Fund believes that significant volumes of oil may be present below the revised oil water contact at 1,330 metres.
Following the publication of the report the shares are trading at little more than option money and the Fund has increased its holding. Despite these uncertainties, the company has stressed there are currently no going concern issues and it has ruled out an equity raise at this time.
Since investing in Hurricane, the Fund has realised profits of £43 million.
“ Crystal Amber Fund Ltd (CRS) is an AIM-listed activist fund investing predominantly in small and mid-cap UK equities where it identifies opportunities to enhance long-term shareholder value through active engagement with companies. The Fund was founded in 2008, with Richard Bernstein as Investment Adviser. ”
Obviously CA saw long term value in HUR to buy millions of shares by increasing its holdings by 25%...and I trust their investments strategy rather than listening to the drivels posted here by a few clueless posters...
Get a grip guys
HUR Risk/Rewards has improved dramatically with CA solid support...
GL holders
RNS Translator
Thanks for such a considered reply. Lots to think about.
100 million pounds not dollars
Enough to clear all outstanding bonds at present
Today if needed
I’m talking pounds not dollars
Hey fromage..
Your aboot $50 million short with your cash in bank ..
but who’s counting ...
Bond payment is due in 14 months ( June 2022)
Cash in bank roughly 100 million pounds
Current rev 200 million a year
So what makes you think their is a problem paying the bond or refinancing obviously Crystal amber have the same feeling or no something we don’t hence why they bought 40 million shares last Friday
Awaiting further updates on holdings
"Based on your analysis and conclusions why would CA purchase additional shares ? If the company options are so limited and handcuffed by bond holders why should they take the financial risk ?"
Its a fair question and without full sight of the bondholder agreement, which I presume CA haven't had, one can really only speculate what their real intentions are.
1: They already had the ability to call and EGM and propose removal of the board - so probably not that.
2: As an activist fund, they have to be seen to be active otherwise their credibility is questioned by their investors,
- over 10% and they have the ability to effectively make a takeover difficult by being able to keep their shares from becoming acquired by a bidder
- over 25% they can block special resolutions, thats the key level to cause grief.
What else can they do to look like they're doing something rather than sitting on the sidelines complaining, buy more shares to show "you mean business" and indirectly support the market price.
3: They actually believe that there is a deeper contact and that the Board and recent CPR is simply wrong.
4: There was block of shares overhanging the market and they took them out to protect the price.
5: There may be a holding level which gives them the right to a seat on the board, often this is 15 or 20%, this would make them privy to whats going on and access to the agreements and advice, although they will become insiders and unable to trade, will be able to make better decisions about the approach to take, rather than currently being blind to the facts (they know nothing more than the shareholders or they wouldn't be able to buy shares)
My guess is 5 perhaps with a bit of 2.
It seems clear to me though that they would want to play hardball with the bondholders as they (Bondholders) have the ability to wipe out shareholders (hence the explicit and repeated warnings).
Trouble is, as a listed entity the Board having damaged their reputations will be keen not to dig a further hole for themselves by taking action that precipitates a total shareholder wipe out.
At the moment their only chance to redeem any value for shareholders is to get rid of the bondholders, take stock and raise cash to drill another well (the CPR spells out the reserves that such a programme might deliver) that means not precipitating anything that gives the Bondholders the right or excuse to step in and demand payment before they can.
If they went off and started drilling a new well, then the clear risks are that they're unable to pay the bondholders next year as theres not enough cashflow to do that having spent much of it drilling (putting aside the loss of revenue while drilling). It may well be successful but unless they can guarantee to have enough cash to repay, hold funds for decom and have an auditable going concern clearance the bondholders will just step in and take the lot.. wiping out the shareholders.
Looks like we are finally making the last call at these depressed levels. I have topped up yet again. I want a seat on the board at this rate.
RNS Translator
Based on your analysis and conclusions why would CA purchase additional shares ? If the company options are so limited and handcuffed by bond holders why should they take the financial risk ?a
RNS Translator
Based on your analysis and conclusions why would CA purchase additional shares ? If the company options are so limited and handcuffed by bond holders why should they take the financial risk ?
Ah they maybe unkind to little old Ladies but CA have skin in the game and a lot of it.