Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Well done Sense. Another great job by you. I think we are all in praise of your efforts.
Thank you Senseman. Your efforts and report is really appreciated. ??
Having survived on 3-4 hrs sleep last few nights, I am about to lie down in a dark room for a few hours and won't be posting anything until exhaustion leaves me and some juice returns. Sorry, it's that or cry. A short precis is:-
AGM lasted 11 - 12.45
'Presentation' lasted 20 mins. 2 of 10 questions were addressed - P8 (new well),and (to some extent) the 'Plan'. Rest were ignored.
Attendance - lowish - but am told normal- the crowded town hall it was not
Having introd each other beforehand, half a dozen PIs fired question list as separate questions at Chair
Chair tried protect CEO & CFO from questions, tried wind up questions, failed. PIs returned with same questions and points. The Q & A was LONG,& UNCOMFORTABLE for BoD. No prisoners were taken
NEDS nodding along sagely with many PI points.
Main points gotten across
(i) lack of BoD alignment with SH interests/skin in game - made in spades, acknowledged by Chair, and promise to actively address
(ii) persistent poor mood music - espec persistent well 6 finished by Dec 23
(iii) lack of faith & confidence in CEO & CFO - Chair acknowledges point made
Platform was NOT a happy platform - serious earwigging - a few more attendees and questioners would have been serious fun time. But seriously peed off message WAS sent & RECEIVED - no doubt at all.
Meeting end - peeps split to speak with one BoD member apiece before they disappeared (were anxious - an upstairs BoD meeting?)
5 of us retired to nearby Clarence to compare notes - consensus - decent job done, espec main message
Hats off to DYOR2, Picsmaister, Boo80, cashburner, el19(Paul who spoke at both court hearings) + 2-3 others who disappeared before I could catch forum names who fired questions and did not give up when fobbed off
DYOR2, Pics, Boo, casburner and I were in pub. expect all to post thoughts when recovered and so minded, plus el19
Other unnamed attendees please post views when recovered and minded
"It doesn't make sense, man, to be drunk. It's Wednesday day time. Where are they!"
That list of 10 questions has grown and they are still in Q&A
Or they are getting AM and the BoD sloshed to get some extra info out of them. Wouldn't put this past senseman
Perfect day to have a few jars of the old amber nectar :)
Good luck to them of they are getting squiffy, deserve to fro rallying the troops
Not really share price affecting if all down the pub. I wish was but have bloody Covid !!!!!
It doesn't make sense, man, to be drunk. It's Wednesday day time. Where are they!
Think your find they have been relaxing and chewing it over with a few pints…after I’m sure was a frustrating meeting…
I'm also slightly wondering how inebriated Senseman is... was expecting an update from him pretty quickly....
Unless they all had to sign an NDA and can't say anything until the markets close.....
ROFL
perhaps Kerogen assassinated any dissenting shareholders
If PVR get their licence renewed could Barryroe development offer an opportunity to hook up with HUR?
It is currently stirring speculation with some big share movements over last few days.
oops my bad
That's what I'm surprised about and waiting for littlened. Maybe it was so distressing being with Maris they are in the pub getting hammered now.
Why no reports from our attendees at AGM ? Have they been cancelled ?
I quite like the presentation brief and no fancy waffle - doesn't say much apart from:-
- P8 looks like a good bet and a decision will be reached in roughly the next 2 months (under the current circumstances I doubt there would be much resistance from the regulator so I expect this will go ahead unless outstanding M&A opportunity presents itself)
- there are a companies out there with good assets but not enough cash to complete development, and we may well do a deal with one (or more) of these that will quickly be accretive to shareholder value
Looks like the next 3 months will be very interesting (and hopefully rewarding) for those that choose to buy or hold.
I didn't expect much but this company just doesn't care. No self held shares, no interest but to pick up cheques each month. How after this long do they not have 1 or 2 plans, laid out with clarity. Same old here
Thats last years results presentation +Q&A not the AGM
Webcast online with Q&A https://www.hurricaneenergy.com/investors/presentations approx 17 mins in
Looks like that website AGM presentation was cobbled together in a rush ! to pacify private shareholders.
Padded out without saying alot.
Hope the live AGM was better. Hope Maris & Chaffe were made to squirm.
Wonder how the Voting went ?
Wonder if Kerogen showed ?
I agree @DiveCentre - maybe the actual AGM is different, but from our initial questions:
- No apologies from the board
- Nothing about the state of the P6 lower ESP
- Although they state "many opportunities" they list only well 8 and some vague mentions of M&As (Which are a lazy way to spend the free cash in my opinion - I imagine O&G companies are going to be at a cost premium - unless I have read this wrong and they're intending to sell the company?)
- No mention of any dividend
I was hoping at least the well 6 question would be answered...
oil over 115 now...
you see nothing else positive there at all?
The one and only positive is that a decision on drilling P8 will be made this summer.
I think this is the closest we have been to answering what is the plan....
Potential for additional producer on Lancaster, with first oil in 2023
• Opportunity for further development on Lancaster if successful
• At current oil prices could be funded from balance sheet cash
• Would limit alternative diversification strategies (e.g., M&A) in the near term, but could be combined depending on opportunity
• Need to consider the impact of the Energy Profits Levy
Organic Growth
• Provides diversification
• Considering both gas and oil opportunities, mainly focussed on the UKCS
• Currently engaged with multiple potential targets, detailed evaluations are ongoing
• See potential in near term developments where it is possible to recycle cashflow into future growth
• Focus is on value delivery, ESG commitment and regional growth
the contents of the presentation are of far more importance
HUR is incredibly undervalued