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mcadder,
Wrt your message "Perhaps you should focus on the upcoming court hearing next week "
Please reference details of said court hearing.
RNSTranslator,
"You may want to sign up for the same courses as Senseman."
Whereas you, sir, might like to sign up for courses in how not to use multiple aliases on multiple BB's, and how to cover your tracks a bit better ! Remember, I know who you are, and who your cronies are, even if that got me into a bit of hassle here a couple of years ago.
I have no idea who 'senseman' nor 'British' are, who post here. We're not in personal contact, nor via any independant website.
However I personally absolutely support the stance they seem to be taking, if for no other reason than matters of principle.
The 'new' uncommunicative BoD of Hurricane are trying to push this Financial Restructing proposal through a High Court at lightning speed, just prior to a (yet to be announced) AGM, effectively reducing shareholder value to nothing. This, to my mind, is downright WRONG. Wouldn't matter if I were a shareholder or not, were such a story to attract my attention out of curiosity, I'd still find it wrong.
Some people have compared HUR with Sirius, the fertilizer-mine people. But I see no comparison, other than that some people have lost a lot of money on their investment in SXX. Because Sirius overreached themselves, and may continue to do so. And haven't yet transported a ton of produce through their tunnel-network, which has yet to be finished.
Hurricane Energy is a different kettle of fish, giant squids, shuttle-tankers, and so on.
The EPS (Early Production System) has been producing oil from the outset, despite various initial hiccups, and at a profit. Sold on by BP. (Those people who want to 'turn green', but who were responsible for the Macondo disaster.) And who remain partners with Shell in the huge Quad 204 West of Shetland, both of whom curiously 'coralled' the licences around those of Hurricane not long ago, despite Lancaster seemingly being now worthless.
I'd urge any concerned PI's to contact whoever, just to stir up the s*** and get the judge to sit up and take notice that this is not a simple one-hour 'company facing bankruptcy case'.
In fact, although I'm not a lawyer, I'm not aware of any precedent for a company going before a court before pleading that they may become bankrupt in 15 months' time., but that the BoD may continue drawing salary in the meantime.
Senseman saddo
Please stop talking about yourself like that it's clogging up the bb thread and I'm almost....almost starting to feel sorry for you for what must be a sad existence for you.
Perhaps you should focus on the upcoming court hearing next week after all, you are so convinced the whole episode with Hur is a scam. How's that going so far proving that? Not very well I imagine.
Tranny me boy - why don't you just ignore me then???? I repeat - why don't you just ignore me then???
The reason you don't ignore me is that I interfere with you 3 stooges control the forum mechanism.
Kisses x
Sorry Slacky, another failed post. Black is not white, and day not night. The constant loop is you. Your posts are ignored by forumites. I am happy to be your Achilles Heel for as long as you persist. Measured, intelligent, ethical posters refrain from posting their opinion of you knowing that if they did, you would immediately run crying to the forum moderator requesting they be banned. They know that, like most deviant egocentric narcissists, you are a coward used to dishing it out but unprepared to take it. You are not a man. You are a thing. A waste of oxygen. A wart on the *ss of humanity. Have a nice evening. KIsses x
Nope, no wailing and gnashing, just wondering how you can be bothered to continue your somewhat cringeworthy diatribe... nothing but the same childish words, no reasoned discussion. Perhaps you’re just not up to it , if in doubt just put your fingers in your ear(s) and go blah blah blah...
Are you a flat earther?
Perhaps you’ve met aliens from Uranus who told you all about the deep state which manifests itself as the HUR BoD.
I’ve had fun with a lot of deluded egotists on the boards, but I have to say you do take the biscuit...
Senseman your stuck on a constant loop. For your own sanity and for the sake of everyone else on here go get some psychiatric help. I'm worried about your health you sound like you're on the verge of a breakdown...
Oh dear oh dear. It's deja vu. Yet again, as soon as either Aduk or I refuse to kow-tow before the doctrinaire line that all hope is lost and why can't we learn to add up, the stooge being embarrassed calls on the other stooges for back-up. Pitiful. Today SlackymeBladder was the one shown to be a fool - now the deviant egocentric narcissist in chief Translator Transmitter Lord Haw Haw has waded in with his spadeful of drivel. Utterly predictable and transparent. Take heart Aduk me old mucker = imagine the wailing and gnashing of teeth we innocents are causing them...)
Aduk
You may want to sign up for the same courses as Senseman.
The reason why the bigger oil cos don’t have going concern issues:
1: they have lots of fields so do not have a single asset failure risk
2: They all look 18 months ahead to ensure they are solvent at an oil price less than the current market price (stress test)
3: They have BoDs who know what they are doing.
They don’t tell the auditors that we have one well that’s declining and reliant on an esp. and so could fail at anytime, cutting off all economic production. And We need $90 a barrel to pay our debts when due.
As I said not rocket science ...
"By the yardstick the BoD seek to apply. half the explorers and small oilers would be insolvent"
RNS, Captain Saddo senseboy is completely out of his depth. What a stupid stupid naive comment for him to make. He's drowning amongst sharks here. Drowning just like the company is drowning in debt. Don't worry about me senseboy I'm a very strong swimmer on a tidal river whereas you'd get into difficulty in a paddling pool with armbands on.
senseman,
"By the yardstick the BoD seek to apply. half the explorers and small oilers would be insolvent."
No, disagree. 95% or more of them, including the 'majors'.
Sense man
You should take a few lessons in basic governance, company law and accounting. Most small oilers dont have several 100s of millions of debt to service. Once you have debt and cash flow then there’s always a greater auditor interest in going concern as well as ensuring you don’t breach debt covenants. Most small cap oilers don’t have debt and so the Board can simply say that they have a reasonable expectation to be able to raise funds (or reduce expenditure) as needed, obviously the Nomad/auditor will need to be convinced.
It comes back to the same old question and your same old refusal to answer , exactly how should they or how can they get round the “going concern” issue.
Rosie
By the yardstick the BoD seek to apply. half the explorers and small oilers would be insolvent.
More unanswered questions ,and options were available by the bod but they did not do earlier!! Why?
“Crystal Amber said it asked Hurricane’s management why they were “not keen” to develop Lincoln Crestal, despite the well having been tested at a “sustained commercial rate”.
As of today, it hadn’t received an explanation, or a response to a request to nominate a director to Hurricane’s board.
Furthermore, Crystal Amber said it suggested in October that Hurricane should buy in some of its loan notes at below 50% of par value.
It said Hurricane’s chairman previously remarked that such purchases would be a “commercial no brainer”.
But Crystal Amber said no update on bond purchases or capital allocation had been provided.”
https://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/304351/activist-investor-relationship-hurricane-deteriorated-dramatically/
Incompetent and corrupt to the cores sitting at the top of our company...
DC..
I think the plans seeds were planted just before AM was appointed and they needed a CEO who goes along with the plans to handover the company to bond holders and the timing then with wells problems and cpr degradation of assets with low oil price...all perfectly acceptable play scenario and plausible to execute but they needed time to secure their jobs with the Bondholders agreement to organise it all but the time wasn’t on their side as oil prices rocketed and the whole plans became far less plausible though by now their relationship with the big shareholders and us has been destroyed so they were left with no option but to try their luck with the plan that can save them from their bad luck and deceitful plans.
The current oil production 11600 bpd and oil price is above $68 pb with big profits generating company and over a $100 m cash in the bank ,adding to all this the other unexplored assets to grow ...
The court judge will certainly be bemused.....to why there are no other options available to find in the next 14 months!
IMO the BoD restructuring plan is doomed ...and the current sp is reflecting this even with the threat of insolvency . The market doesn’t believe them or their threats...
Wouldn't it be wonderful if the court or an injunction killed the del and the BoD got it's come-uppance. Be like minnows Bangladesh beating the Aussies in a one day 50 over match a few years ago when Bang were 200-1.....)
Hasiba
A valid comment and something I have been thinking on. Clearly the market is not taking court approval as a forgone conclusion. Will be interesting to see the Company's response when it gets the thumbs down. Maris will be toast. Will he resign or leave it to the AGM to get voted out.
Is kept well above of the proposed restructuring plans by the market...speaks volumes of what they believe of the restructuring plans outcomes. They’re hedging their bets on its failure and don’t want to be caught short when the sp spikes..
The BoD seems to have played their last cards and soon will be booted out in disgrace with no jobs to go for....