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Golden
haven't a clue, too much to answer
can't see any of it happening
agree won't peel many more bhs away, but any helps, and never believe they are united team
bhs ain't gonna fork out decent money for what they wanted before for pennies
rb ain't gonna invite reputational damage by selling to bhs
the money in escrow - i wondered also, don't know, would assume can only release after bhs paid. for someone else to answer
it's all about risk reward - my view not worth wasting millions for certainty you seek (which isn't certainty as doesn't cover against well issues)
my view - barring act of god hur already safe from bhs - mind already moved to cost saving and own cash in bank priority -
Sense Just a Quick point on CB Holders the 666 % left and yes its that number 66.6% .
These are Hard Core and working together to wrestle Hurricane away from Shareholders . They were close enough to appoint a Representative to put forward their position to the Old BOD so they have that singular vision and i don't believe they will be peeled off .
I also Don't believe we will pick up anymore Discounted CB's in the Market , we either pay them 100% off or by an unlikely Default, they Grab the Company for $30m .
To play Devils Advocate .
What would happen , should ADHCBH offer Crystal Amber a premium for CA's 25% and thereafter take Hurricane Private ?
Would CA sell to Deliver to Saba capital an exit Strategy ?
All these risks exist for Shareholders while the CB's are outstanding , a 10p offer to CA i believe would be accepted .
On a more Positive note it was very interesting to note the $48m held in the accounts against the AM contract . While this was stated as a non cash reserve could it be released and added to cash at 15th October to clear the CB's ? Any Bean counters out there ?
Koo its a Lair for GB , as the Set is in Hock after this Share price collapse .
Impatiently Waiting .
mariog
are you sniffing glue?
they have just declined to sell them at 78c
"...Espec as cash positive commercial production currently forecast to last till early 2024. Hurr could , doing nothing, be sitting on $200mill cash pile by then,"
FWIW
https://storage.googleapis.com/crystalamber-com.appspot.com/_downloads/monthly-net-asset-value-2021-08-05.pdf
States "...Based on historic margins, this would deliver operating cash flows of in excess of $250 million. "
Nicely highlighted fandg2. HUR is clearly way too oversold and undervalued at the moment but markets often do that but in the end do always adjust overtime, and now with a new proactive Board of Directors in place along with $75 Brent (forecasted to go lot higher from Q4), HUR market capitalisation will massively and positively re-rate north from these extreme lowball levels as we move forward, DYOR.
Keep talking the SP up.... one day, you'll be all alone....talking to yourself......
"...Espec as cash positive commercial production currently forecast to last till early 2024. Hurr could , doing nothing, be sitting on $200mill cash pile by then,"
FWIW
https://storage.googleapis.com/crystalamber-com.appspot.com/_downloads/monthly-net-asset-value-2021-08-05.pdf
States "...Based on historic margins, this would deliver operating cash flows of in excess of $250 million. "
I am sure that the holder of 30-40m bonds will be waiting weeks to offload all the bonds in the open market at the current price. Selling bigger amounts requires a discount.
and you want futilely waste HUR cash on legal fees etc?
and have small 4 man HUR BoD waste working days on drivel?
mariog
don't be silly
would be ignored
they ain't scared
the village idiot knows, barring act of god, bond repayment certain
they have always known this - hence 'The Plan'
they can sell at circa 80c on $ on open market
senseman sometimes despairs..)
HUR should announce new buy in offer at 70% value and see the bond prices matching it down. Sorry folks you had your chance at 78%, now new offer cannot be as good. Only lower offer can scare them.
Anyone who got some sense In oil industry... If rig no6 gets broken ,can company use then rig no 7 as replacement?
In marathon running terms it's called 'hurrying slowly' - going as fast as one can without blowing up
As things stand HUR cash may cross bond sum threshold in Jan
Current priorities are more bond buyback to try save further $2 - $4 mill, BW deal, & tight rein on costs
As bond repayment threshold crossed, focus turns to building HUR own cash pile, geology, deciding whether and on what spending cash pile, and partnership deals. No point building $60 mill+ cash pile by July 22 and blowing it on garbage. Espec as cash positive commercial production currently forecast to last till early 2024. Hurr could , doing nothing, be sitting on $200mill cash pile by then, plus assets. Geology and forward plan need careful thought
Hur need to find risks for bondholders and scare them to death..then they can sell it for 30% off...
Its a same way they did to shareholders..
Lets play some games...
Peeps
For numerous reasons, it would be unwise to waste millions forward selling 3 tanker loads to pay bonds off now
A waste of time, effort, big money
In rising market zero risk BP would nail HUR to ground in deal - wise to burn up to $10mill?
in just over 2 weeks next offload HUR will effectively be only circa $45 mill shy of bond money
Patience, you b*ggers
Good post Badger. but surely you live in a sett -?
golden
and if the p6 well hits temporary problems and we cannot deliver 3 tankerloads on time?
we would then have to buy oil to meet the contract
''Finally Hurricane great possibilities , underlined in the way that the ADHCBH and BOD were quite prepared to fight in Court (with our resources ) for this supposedly worthless Entity ''
Absoluely spot on. For a so called bankrupt entity the previous board and the bondholders sure fought hard and dirty to take control of it from its true owners, the shareholders.that alone shows what value still lies deep within Hurricane...greasy,lying wnakres
Well having considered all the discussions regarding the Way forward , will throw the following into the mix .
Fact : Back in 2019 many Shareholders were urging Durant at Premier Oil to put Hedging in place until Tolmount gas came on line , this would have proven a saviour to PMO .
Durant knew better of course , did not Hedge and lost the company . Many Shareholders including myself suffering Huge losses . Durant is still a multi Millionaire i assume .
Fact : From September 2020 we along with CA have been urging the old BOD to buy back the CB's at a 50% + Discount , these requests were also ignored by Mc Tiernan resulting in Hurricane escaping a Hostile takeover by a Hairs breadth .
The aforementioned having cost Hurricane + $20m at least is a lost opportunity and a $17m legal cost .
Again we have possibilities .
Quite rightly people say , we are tied into a BP contract so 'no can do' . Some of these same people who also stated we would never be able to buy CB'S back and cancel them .
So ....... after a successful 34% CB buy back .
Now is the Time to make BP an offer that is a win - win . Knowing that we are a Flea on the Giant posterior of that Mammoth company , $75m from 1.5mboe of production upfront would hardly impact . Maybe we would lose out $5m or so on the upside , we would however gain Certainty , which is Desperately required looking at the Share price . With the removal of all CB's our Debt issue is solved and we can move on .
As with the CB's if you don't make an offer you are left wondering . The worst thing they can say is 'No' . Hurricane may be pleasantly surprised .
We live in uncertain times , will there be another variant of Covid 19 , a financial collapse or ?
The fact is we just don't know .
By getting rid of the remaining CB's now , we Shareholders will again own the company and have more control , that is Critical .
Finally Hurricane great possibilities , underlined in the way that the ADHCBH and BOD were quite prepared to fight in Court (with our resources ) for this supposedly worthless Entity .
Hurricane with Settlement , can focus on finding the (hidden) riches in WOS and Developing the Extraction Plan . All Stakeholders thereafter should Benefit .
Off to the Lair .
jakeK
I agree, why would BP or the BOD wish to change the contract unless BP sees the value of oil rising dramatically and the BOD see the price falling dramatically, in either case a forward buy is bad for one party.
RG27
I remember exactly that also. I can't see BP agreeing to any variation.
fandg2 pointed out that he throught that Hurricane doesn't have the option to forward sell.
I also have a recollection that BP has a contract with a confirmed price based on their discretion of first five or last five days of the month average price.
Does anyone have any info on that or is my recollection wrong?
"Happy to be corrected but don't think we can forwards sell our oil. From memory all the oil is already purchased by BP, think the price is already pre set (against the PoO of the day) on the day its offloaded to the visiting tanker. That is unless a new contract has been signed that I've missed."
I thought that the contract for sale was based on the average of the first five days of the month or the last five days of the month at the discretion of the buyer (BP)
Does anyone know if that has changed?
Agree. In my simple logic, if the sp tanked based on risk from the bonds issue et al, we must slowly move north again as the uplifts occur and the risk recedes. This is surely the time to sell Granny, the silver, and cash in all the broken biscuits in your portfolio and get into HUR sub 4p
If we assume that all the damage caused to the company since Trice departed has been deliberate and planned then the new board need only reverse those decisions, repair the damage and build upon as best as is fiscally possible. It is not as though the damage caused is external to the business and beyond management control, all is within the control of the new management. The company's destiny is now in the right and proper hands whereas that wasn't the case after Trice departed
I concur. Today with new HUR BoD firmly in place/action, and particularly from these extreme lowball valuations, upside potential here in HUR by far outweighs any downside risks, DYOR, and GLA.