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i think trice must shoulder some of the blame from december 2019 until his departure if the new CPR is correct. however after that the buck stops with the new bod. they are especially responsible for the seemingly inaction since September 2020 when they had made it perfectly clear that a forward plan was needed for the continued future of HUR
i suspect many people feared a massive dilution 80-100%. I doubt many expected the company to be given away without any apparent alternative sought.
british - the court hearing is going to be via video link i think - so you will presumably need to be invited with a link?
Well said.
"I hold Trice responsible for a lot of our mess"
I blame shareholders for not being able to read English that was written in RNS'....
"I hold Trice responsible for a lot of our mess"
A lot?? He got the whole concept wrong, ran roughshod over everyone who disagreed with him, put in place the financing that is currently the death knell of he company over the body of his then FD and then he baled out.
How about 199% of the blame?
Mcadder, The doom and gloom is clear by the current board. But the current board is the issue. This article written sometime back is proving to be so correct.
https://www.energyvoice.com/oilandgas/north-sea/244376/ceo-exit-a-big-blow-for-hurricane/
I hold Trice responsible for a lot of our mess but Anthony Maris since his inception in August 2020 has worked to kill the company. His leadership has proven to be disastrous.
People are free to sell their shares if they want to but some will sell at a 99% loss, some at 90%. Doom and Gloom is clear from the current board unless CA is able to get a solution or we get news(TR1) on recent share purchases. Or just or we get attention of someone.
I hope you agree Anthony Maris has been more than incompetent or as someone referred dangerously competent.
I received a call from Takeover panel and the guy who sounded low but was very genuine said this is not in their code. I tried to reach the Sun editorial helpdesk but no luck yet. I have written to High court of justice trying to figure out where our case is listed and whether the judge will accept views from shareholders.
sorry istock is the truth and a little reality check a bit too much for you?
mcadder... give a break and get a life!!! you have no position in this share but dumping ur sheet 24/7 here.... feel sry for your mummy the way you waste your little life...geezz... shameless
"Hopefully they have found a way to have the Restructuring Plan Consideration by the High Court on the 21st. May cancelled or opposed"
Well they may have difficulty in intervening looking into the new CIGA legislation...
"Under the CIGA, the court is given the power to disapply certain shareholder rights to implement a Restructuring Plan, including in particular shareholders' rights of pre-emption and the requirement to seek shareholder authority to allot and issue further shares. Prior to the CIGA, such rights had often given shareholders a right of consent over equity issued as part of a debt for equity swap. It now appears possible to remove that consent right through the court as part of a Restructuring Plan. This may well change the dynamics of negotiations between shareholders and lenders in some complex debt restructurings."
And even if they did manage to oppose or stop it the company have warned that if it's not passed this may happen....
Failure to Implement the Restructuring
"In the event that the Restructuring Plan is not approved by the Bondholders at the plan meeting, or if it is approved by Bondholders but not sanctioned by the court the Restructuring Plan will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company."
Half-year Results 2020 & Technical Update
Fri, 11th Sep 2020 07:00
Following the uncertainty of recent months, as the significance of the EPS reservoir performance has become clearer, we must now focus on extracting value from Lancaster and our other discoveries, while optimising the use of our significant installed infrastructure West of Shetland. In particular, the Technical Review has identified upside within sandstone reservoirs on the flanks of the Lancaster field, with the potential for volumes of recoverable oil which are significant in a UKCS context. Furthermore, together with Spirit, we are working towards consideration of a viable development plan for the Lincoln field.
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What has been achieved since then?. Looks to have been downhill all the way from here.
Since Dr.Trice leftt here has been little connection with shareholders, targets have made and not met, no forward works plan and little information given to shareholders on operational matters.
The manner and content of Hur’s announcement on the Halifax field I found appalling. No worthwhile justification of their conclusions. Did not address previous estimates and reports of wrong mud being used in drilling the well. Shareholders deserve better than this.
What should happen now for the good of shareholders?
My Views,
[1] Connect with Crystal Amber [CA] when they see it is appropriate.
[2] Hopefully they have found a way to have the Restructuring Plan Consideration by the High Court on the 21st. May cancelled or opposed.
[3] Remove the present Board of Directors and replaced by a dynamic team.
[4] With new management in place arrange a farm out or strategic partnership. Maybe CA have done some work on this.
[5] If (4) works out and the means become available drill the side track from well 7 in 2021.This could be done outside the conventional weather window. Drilling has been done before like this. Could this be cheaper?
[6] Negotiate with the Bond Holders to rollover the maturity date for a year in return for an increase in their interest rates.
There is plenty of interest in the West of Shetlands oil fields. Big players have taken leases around Hurs. Shell have said it is an area of interest to them. Hur have said that we have interesting Sandstone plays. These could attract a strategic partner. There at least 2 geologists who worked on Hur,s leases and wrote papers on them. They do not work there now,
Could their expertise be available?
The thought that Hur’s oil fields maybe a combined FB/Sandstone play appeals.
All as I see it.
Ron