We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Please read this link details of the Restructuring plans...was posted by adoubleuk last night ..
https://www.sec.gov/Archives/edgar/data/1859547/000121390021023963/ea140089ex99-1_hurricane.htm
The bod have obviously misrepresented Hurricane options scenarios by lies and to preserve their positions and salaries by bond holders...
They based Hurricane financial future on old oil prices in the first half of 2020 where oil price was under $35 pb then on average instead of the last six months oil price of above $65pb and expected to go higher in the next few months by many oil analysts...
We will have more than enough cash in july 2022 to pay the bond holders or we will be in a much stronger position to negotiate with them with huge cash pile by then...
Those bod need to be investigated for deceit and fraud by collusion with the bond holders to steal the company from the shareholders...as simple as that.
Then when you read the restructuring plans details and the reassurance and guarantees given to bond holders they will better off after the restructuring plans! ...how can that be when they tell the shareholders Hurricane is broke and can’t progress for long,!!
Absolutely scandalous if this restructuring plans passes the higher court.....
CA will have a field day with those crooked bod..
Slift,
"That document is available for everyone to read on Hurricane's website anyway, along with a detailed document on the proposed restructuring. Basically, nothing new from the RNS and presentation provided by HUR to shareholders."
Oh yes it is. Essentially addressed to bondholders, giving notice to those people that the BoD has a specific plan to 'wind down the company'. This is the sort of information that such explicit plans should be shared with shareholders (PI or institutional) should be provided with in such terms, as well. And upon which such shareholders should be allowed to vote.
Adrianuk,
"Thanks adoubleuk, really helpful. Did you email the link to Crystal Amber?"
No. If I've received the link, just from a friend, I'm sure that CA will already be aware of it.
Thank you adoubleuk..
It is clear that the bod are corrupt,liars and self serve bastards ...
The higher court judge will dismiss this easily and CA can easily defend Hurricane viability and progress to pay the bond holders...
1. It’s based on low oil price in the first half of 2020 (oil price then below $35pb) but now it is near $70pb and expected to be much higher.
2. The water cut was deteriorating and that is not true recently as the RNS says its stable at the current production.
3. Stating the bond holders and employees will not be worse of after restructuring...so the bod guarantees that their positions and pay are not affected after restructuring!
4. The May 2020 well shutdown was due to interference between the two wells and this is now apparently resolved or stable at least.
Ah..very encouraging....I will now become extremely strong holder..and will never sell a single share. Cannot wait for fireworks show soon...
Bod are bunch of thieves and liars...
Thanks adoubleuk, really helpful. Did you email the link to Crystal Amber?
That document is available for everyone to read on Hurricane's website anyway, along with a detailed document on the proposed restructuring.
Basically, nothing new from the RNS and presentation provided by HUR to shareholders.
adoubleuk - Thanks for that. Paragraph 8.4 - 8.7 pretty much spells it out....
8.4 by implementing the Restructuring Plan, the outcome for the Plan Company, its business, and its operations and employees is likely to be better than in the event of the relevant alternative.
8.5 Consequently, the Plan Company considers, on the basis of professional advice it has received, that the implementation of the Restructuring Plan is in the best interests of the Plan Company’s stakeholders taken as a whole (including the Bondholders).
8.6 The Group has engaged PricewaterhouseCoopers LLP (the Restructuring Firm) to prepare an outcome report for the Plan Company and the Group to establish the potential recoveries by the Group’s stakeholders in the alternative scenario where the Restructuring Plan is not implemented (the Outcome Report). The Outcome Report (which will be provided to Bondholders on a non-reliance basis) will be appended to the Explanatory Statement, which will be circulated to Bondholders promptly following the Convening Hearing. The Outcome Report indicates that shareholders would not make any recovery in the relevant alternative scenario. For further consideration of the relevant alternative and related impacts, please see paragraph 12 (Consequences if the Restructuring Plan is not sanctioned or the Restructuring is not implemented) below.
8.7 Without the Restructuring, production at the P6 Well would conclude in May 2022. If the Restructuring is implemented in accordance with the Restructuring Plan, this will facilitate production at the P6 Well being continued for an extended period (anticipated to be until February 2024), subject as provided in paragraph 8.8 below. Unless there is further investment, the Lancaster Area would, at the end of that extended period, then likely be decommissioned, a process which is estimated to take three to four months. Following decommissioning, the remainder of the Plan Company's business would be wound down and all third party Claims would be settled. Based on financial forecasts, utilising the Plan Company's technical cases and financial model, which take into account a number of market variables as well as ordinary course matters, the Plan Company considers that, by enabling a longer period of production of the Lancaster Area, the Restructuring would likely result in a higher level of return for Bondholders than in the event of the relevant alternative.
> An announcement was made on 22 May 2020 that one well had been shut due to excessive water cut.
That is an outright lie...
Company claimed (at time) shut down was due to interference between the wells!
I have been sent a 'link' by a person who I trust completely. And I very much hope that she will forgive me for passing it onto everyone here, wich may be an indiscretion, but it seems to me of significant importance to all shareholders.
Read it in depth, make up your own minds...
https://www.sec.gov/Archives/edgar/data/1859547/000121390021023963/ea140089ex99-1_hurricane.htm