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“I honestly don’t think that anyone is paying attention to this corrupt and very deceitful HUR BoD’s now daily RNS releases. It used to be total radio silence from current HUR BoD before shareholders realised the extent of their unbelievable scam and subsequently started becoming proactive here, so for a board that wants to giveaway the company (to likely the Chinese/Kerogen or whoever the mysteriously unknown “ad hoc group” may be) without even consulting their shareholders (or offering them similar terms first, nor even attempting any fundraising efforts whatsoever) while Brent prices have more than doubled here since last September when this “giveaway scam” was likely cooked along with the very suspiciously divergent CPR that was strangely obtained without any more wells having been drilled on the discovery, makes the now daily news releases here very sad, extremely suspicious, and rather funny in this circus act with HUR BoD as incompetent, corrupt, and very deceitful clowns! DYOR.”
Ditto, and good post Tux; my votes are already in/registered with my broker AGAINST the 6 HUR BoD proposed AGM resolutions, and FOR the 7 CA proposed EGM resolutions, GLA.
(Alliance News) - Hurricane Energy PLC said the UK Oil & Gas Authority has approved its Lancaster Field development plan addendum, satisfying a key condition of its proposed financial restructuring.
The Surrey, England-based oil producer said the regulator provided initial consent for a three month period stretching Wednesday to September 15.
Approval, together with associated production, flare, and vent consents, allows for production at the Lancaster oil field with a flowing bottom hole pressure of up to 300 pounds per square inch below the bubble point pressure of the fluid, which is 1,605 pounds per square inch absolute at 1,240 metres true vertical depth in the well.
Approval is conditional on the company guaranteeing that no liberated gas is allowed to surface. Hurricane will give the regulator data to demonstrate it has complied with its terms.
Production, flare, and vent consents will be issued on a three-monthly basis.
"This approval, whilst not having any immediate impact on the reservoir performance of the Lancaster field, will assist with longer term reservoir management, enabling us to optimise the field's performance. Approval now, while we still have some months before we reach bubble point, will allow both us and the Oil & Gas Authority to establish base line performance and to test the three-month approval process," Chief Executive Antony Maris said.
The regulator's approval satisfies a key condition of Hurricane's financial restructuring, proposed in April following talks with its bondholders who own 69% of the company's USD230 million convertible bonds due in July 2022. Given the diminished expectations of the Lancaster field, Hurricane considered that it was unable to repay the bondholders and initiated financial restructuring of the debt on April 30.
At the company's general meeting last Friday, 92% of shareholders voted against resolution to approve the restructuring plan. However, the company noted that as the plan was approved at the bondholder meeting it will go ahead regardless of the shareholder resolution - as long as the High Court of Justice of England and Wales sanctions the restructuring. A hearing at the high court is currently scheduled for June 21.
Hurricane Energy shares were trading down 0.2% at 1.25 pence each in London on Thursday afternoon. The stock is down 50% so far in 2021.
By Scarlett Butler; firstname.lastname@example.org
Copyright 2021 Alliance News Limited. All Rights Reserved.
HUR’s extremely incompetent and amoral bod are now trapped and cornered by it’s long neglected suffering shareholders including CA, and taking their last corrupt breaths hoping for a last minute Chinese rescue boat!
No doubt here that the latest HUR CPR was a big bod scam, all stakeholders now need a new and truly independent CPR of HUR’s vast WoS acreage conducted ASAP in order to see “the significant value we see in our West of Shetland portfolio”. If CA along with other Shareholders/PI support get this right, as I now strongly believe they will, SP here will eventually work it’s way back up to double figures and make this one remarkable recovery story here on the back of an extremely incompetent, deceitful, and dishonourable board being pushed out.
Tux Very well put, and to think that this corrupt BOD have all of a sudden starting to communicate with the market via their meaningless RNS’s shows how desperate they must have become specially since the shareholders resoundingly rejected their scam With the POO over 74$ now this Company in the eyes of the world, the shareholders and even the judge is now perceived to be a very viable and profitable company which under a more honest and decent management will flourish and move to new highs This BOD know full well that their scam is well exposed their days at the helm are numbered and they can’t find a single credible reason to even think of such open and obvious scam The court will see this also and once the scam is rejected and binned we can move on to EGM on July 5 and vote for all 7 resolutions proposed by CA and get this useless deceitful dishonest bunch out where they will never be trusted to run another PLC company for good The power of people in getting justice must never be under estimated together we have come a long way and have by all accounts stoped these thieves stealing our company The FCA must now conduct a thorough investigation into the actions of these corrupt people and bring charges against them as it is now clear as the day light that this BOD is not fit to run any company and must be brought to justice GLA
Tux “…since last September when this “giveaway scam” was likely cooked along with the very suspiciously divergent CPR that was strangely obtained without any more wells having been drilled on the discovery…”
I strongly suspect that the “cooking” commenced before September.
I would speculate that the recipe was concocted after Dr T’s departure and the stool-pigeon and other required ingredients identified and purchased in July / August. The recipe script was probably handed to the main ingredient during the interview for a replacement CEO.
Tux Perhaps someone viewing the hearing can tot up the RNS's from 21 May 1st hearing date to 23 June last day of 2nd hearing (roughly a month) and those for 3 (or 6) months preceding. And speak, giving the figures to judge with fundamental comment that none in past month contained comment re improving POO, but all contained warning that unless Plan approved, Hur would be wound up, ie: huge number of RNSs, with zero fair balance
I honestly don’t think that anyone is paying attention to this corrupt and very deceitful HUR BoD’s now daily RNS releases. It used to be total radio silence from current HUR BoD before shareholders realised the extent of their unbelievable scam and subsequently started becoming proactive here, so for a board that wants to giveaway the company (to likely the Chinese/Kerogen or whoever the mysteriously unknown “ad hoc group” may be) without even consulting their shareholders (or offering them similar terms first, nor even attempting any fundraising efforts whatsoever) while Brent prices have more than doubled here since last September when this “giveaway scam” was likely cooked along with the very suspiciously divergent CPR that was strangely obtained without any more wells having been drilled on the discovery, makes the now daily news releases here very sad, extremely suspicious, and rather funny in this circus act with HUR BoD as incompetent, corrupt, and very deceitful clowns! DYOR.
"I think it is good RNS as it addresses the steps taken to reduce greenhouse emissions."
It does nothing of the sort. All it does is give the company OGA approval to 'pull' on the well a bit harder, creating a localised 'gas-cap', which (maybe, possibly) might help drive yet more oil towards the wellbore, short-term. The odd thing is that it's in complete contradiction to this madcap idea of drilling a water-injection well.
Please don't let this dubious BoD pull the wool over your eyes with so-called 'technical talk'. Their motives are now patently tranparent. They want to sell the company at ten cents on the dollar to their erstwhile buddies, and no doubt get a big back-hander for doing so.