Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Rocketeer
You are in a world of your own, this news is disappointing and stretches the time of uncertainty.
We know hurricane isn't in a good place but way forward would help.
Theyve basically told we don't dont what we are going to do atm.
Get out quick and stop being naive, if I can get above 2.5p I'm gone.
Either way we know what that will do to the share price!
RNS is neither good or bad, but it's still positive news, nothing has changed too much! Strange that there has been no comment on the recent rise in oil prices etc... I feel that the RNS was just a small update to suggest that things haven't been finalised. Big things still to come! IMO GLA
What it might mean is that the BOD now accumulates enough cash to repay the convertible. The worst cash for shareholders would be if they spent the money on drilling, couldn't then repay the bonds, shareholders get diluted out of existence, the drill is a success, and the bondholders reap the reward.
Ouch.
Nothing new from BODs.
You must have read. different RNS to me. That just looks like a whole heap of nothingness and as someone who is severly underwater in HUR (as many are) I was hoping for something positive. That really isnt it...
I would predict a drop in sp at market open simply because any news that is not deemed good = bad. In fact the RNS is neither imo, the company intends to drill and extract more oil just not this summer.
Providing the oil keeps flowing at 12,000 bopd all well and good if you can excuse the pun but the market may not see it that way.
This rns means they will solve the problem
Well that is a crap RNS then isn't it.
Basically, taken then three months to say "hhhhmmmm we still don't know what we are doing".
No mention of the removal of the dilution threat.
No mention of the updated financials.
2p then.?
Positive news!!!
2 March 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Update on Stakeholder Engagement and Lancaster Activity Programme
Hurricane Energy plc, the UK based oil and gas company, provides an update on the previously announced stakeholder engagement process and the timing of further activity on the Lancaster field.
Stakeholder Engagement1
The Company has previously announced that it is engaging with its stakeholders on a proposed development plan and associated funding for the Lancaster field. The Company confirms that these stakeholders include an ad hoc group of convertible noteholders. Discussions on the Company's forward work programme, strategy, financing and balance sheet recapitalisation are ongoing.
Lancaster Activity Update
On 18 December 2020, Hurricane outlined contemplated next steps in the Lancaster development programme, which included a second production well in 2021 by side-tracking from the existing 205/21a-7z well into the central area of the field.
This proposed side-track is more complex in nature than previous wells on Lancaster due to the incorporation of an intelligent completion and the challenges of delivering the well trajectory from the side-track location. As a result, the Company has concluded that it will not be possible to drill this well during the 2021 summer weather window without unacceptable operational and cost risk.
While no firm decisions have been made, the Company is now considering various options including:
i. drilling the side-track in 2022 following further planning activity during 2021;
ii. drilling the side-track together with the previously contemplated water injection well as a combined programme in 2022; or
iii. drilling the side-track in 2022 and the water injection well in 2023.
All options for potential further development activity are subject to factors which are or may be outside the Company's control which include field performance, prevailing oil prices and support from relevant stakeholders and counterparties.
-ends-