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Fatsam82 -out of interest, does your moniker have anything to do with the best nightclub ever?
I give up. Good luck to each and everyone of you.
Latest RNS finance figures advised
$25.bpd = costs
Therefore at conservative 10,000 bpd at average $75.00 oil = every 50 days = $25million clear cash profit $50x 500,000 = 25million , current figure in bank after bond payment $82million plus last lift October = 107 million ,
end November +25million
mid Jan to end +25million = Bond payment , dependent on oil price at November and January offloads price could go higher .... even when production slows to 8.500 bpd would add another nine days between lifts average 60 days between lifts , 6 or 7 lifts a year , business dependent on oil price , important to use surplus $ to invest in next stage , sure bondholders might want to extend their bonds and receive some more interest payments. remember this from
Sep-20 , its still their hence why our directors spent 17 million trying to steal it.
Steven McTiernan, Chairman of Hurricane, commented:
“2020 is proving to be a hugely challenging year for Hurricane. We have had to contend with not only
a significant fall in oil prices and the effects of the COVID-19 pandemic, but also poorer than expected
reservoir performance from the Lancaster EPS.
The EPS was always intended as a long-term production test to establish the size and production
characteristics of this unique and pioneering basement play.
Basement reservoirs are subject to
profound technical risks, with difficult well conditions impacting the effectiveness of evaluation tools,
creating uncertainties which can only be resolved by observation of actual production performance.
It is nonetheless disappointing that the Technical Review has so far resulted in significant reductions
in reserves and resources.
On a more optimistic note, initial studies suggest water injection could
partially mitigate the reserves downgrade, and onlapping sandstones at Lancaster could represent
material upside potential
patience, peeps....patience
4 months ago the competent judge refused to rubberstamp the Scam Plan, and only declined to ajudge it attempted criminal fraud 'cos did not wish to allow HUR BoD & bondholders scope for Appeal (leave for which he refused)
since then:-
old NEDs out
2 CA NEDs in
huge bond buy back at (I forget)circa 80c in $?
PoO from circa 65 to circa 85?
gas price rockets - luvly jubbly PoO soars
cold winter forecast USA & Europe
vermin Maris & Chaffe wings clipped cos CA request investigation & 150+ SHs support emails - BoD agrees investigation
production & $ to account announced next few days - if RNS'd fairly will say HUR circa $50 mill (2 offloads) short of full bond cash, ie: full bond money in HUR account by end Jan. If not RNS'd fairly - still won't change full bond money in HUR account by end Jan
ESSENTIAL POINT - 4 months ago after judge ruled - who would have thought HUR in today's position? who would have not have given eye teeth for SHs to be in today's position????? to be able to remove bond debt end jan 6 months head of time?
ANSWER - not a single SH would have refused to have given eye's teeth to be in today's position!!!
so i repeat
patience, peeps.....patience
the Bod cannot plan new drills till it knows it can clear debt, and will not be abnle to raisec new debt until it has done so. In the meantime, the reservoir must perform. Only then can they plan 4 the future.
It's no good railing at the Bod. The problem here is the reservoir.
Plan...short term
Strategy....long term
Right now this company just needs to keep pumping oil and selling it at a good premium and btw nothing said here is likely to change strategy. CA is the key player on what HUR does next and they need to get past November so until that is settled just enjoy the ride.
We should soon receive correspondence from CA regarding their investigation into the matters raised by the shareholders (led by Senseman). As per my email back from David Craik dated the 1st of Oct, he said "We will convey our findings within a month."
Depending on what they convey, this might help the share price a little or at least lay another building block to rebuild where we once were.
It will take time, but I believe with CA 'back seat driving' things will start to look up.
Given today’s PoO and global state of affairs, not to mention HUR’s current fear driven massive undervaluation (primarily caused by the now Ex-HUR BoD), potential here is absolutely huge, wether it be in JV/Farmout possibilities with partners, new funding via the markets (something the old BoD completely ignored even with fast rising oil prices), along with variety of operational enhancements to utilise Hurricane’s vast prolific WoS acreage, bp is already enjoying the extremely high grade crude from Lancaster, how about Shell’s/Or others M&A interest here:
“ROYAL Dutch Shell chief executive Ben van Beurden has hammered home his view that the oil and gas giant has lots of ‘running room’ in the North Sea, with its activity likely to focus on the West of Shetland area.”
“Mr van Beurden underlined the fact the North Sea is one of the nine core regions that Shell will focus oil and gas investment on.”
“Eighty per cent of our capital and 80% of our exploration effort will be in these nine core areas,” he said.
https://www.heraldscotland.com/business_hq/19084342.oil-giant-plans-north-sea-developments-targeting-net-zero/
That is not a plan! That is sitting on your a-r-s-e!
You can even pay me £½ million a year to do that!
As I said, totally reliant on the PoO.
No different from many producers.
What are our prospects?
Don't shy away girls? Let's engage!
The plan....keep pumping at 9,0000 bopd, sell oil at $70-80 a barrel and pay off debts.
If HUR deliver on that for 6 months then the sp will re rate.
After that, yes a better set of management and another look at recoverable oil.
Exactly : what is the future vision for this company once bonds are repaid ? (Which they now will be with ease).
All trust in fractured reservoirs, and direction of the company, was lost when Dr Trice was fired. Yes, there were issues with Lancaster reservoir. Throwing the 'baby out with bathwater' was not the longer term solution.
Remember the names involved!
What this Company needs is a Plan, a future plan, that every type of Investor, city and retail, sees laid out the prospects of HUR. New wells to be drilled, gas sorted, FPSO on contract, bad egg directors (Chaffe and Maris) gone, and a growth justification that provides income and dividends. At the moment, the PoO is really the only thing keeping the company solvent. Until this happens, it will just be a penny share and correctly regarded as such. Where is the plan for the future?
It’s clear that AIM market trust levels in HUR have been seriously & understandably eroded by the previous BoD and disastrous news stories (which are still out there), the accuracy of which should now be challenged.
The sp needs more positive news. A great half yearly report on 14/10 and the excellent appointment of Philip Wolfe, yet the market pessimism in HUR still exists. I imagine many were burnt by this sp falling off a cliff since end of 2019. The ERCE report and the disappearance of vast west of Shetland reserves is a trick worthy of the finest illusionist. All the 2020/21 reports from the previous BoD should be challenged. A new CPR wouldn’t go amiss. Oh, and some positive RNS updates not released by Maris.