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Yes, Bring on the operational update with 29% watercut and production at 11.6k!
Ofcourse pure guesses!
Today's rns was very vague. Sounds like the stakeholders are in control.
I guess if there was any reduction in the 12000 bopd being pumped or any other bad news it would have been mentioned today! Possibly no news is good news on that front!
Bring on the operational update
Looks like a steal at 3p
Gla
Hedge 10k boepd for balance of 2021 at $60 tomorrow , then worry only about stable production and forget the rest .
As LTH my rationale is as follows :
Hurricane agree to poor CB terms for refinancing results in Dilution and zero return for Shareholders giving company to CB's .
Going ahead with a High risk drill and failing would financially end Hurricane . CB's paid off and shareholders get zero .
Continue to build free cash on Oil +$60 by December 2021 , CB's Debt of $230m covered at 11k boepd with water cut managed . Eventually wells watering out end 2021 .
Worst case with above , Shareholders own huge field with zero production but still in the Game .
Best case still producing 10k in 2022 , zero debt and cash generation pays for a confident intervention .
Bondholders have a great deal 7.5% pa with little risk . Mr M has put the stake in the ground basically stating if the deal is not good enough for ALL stakeholders Hurricane will continue to produce and look elsewhere for financial solutions .
Yes they are still in Negotiation but for a change an AIM CEO is batting for Shareholders in my opinion and not rolling over .
Why do i think CPR will be good TTT ? I believe the Flanks of Lancaster hold decent deposits and Hurricane ( Trice ) could not have been wrong on All the missing 3 billion barrels . Halifax especially after the old BBC article had 1.2B boe ALONE !.
Hi Goldenbadger1, LTH here and hopful for a strong future for the company. But what makes you so certain that "a positive Resource upgrade [is] on the way"? I hope that is the case but I am not certain of it.
Cheers,
Yo Buckles,
Surprised you're still invested! What's keeping you in?
taken*
Would be interesting to see FY20 balance sheet following today's RNS.
The current balance sheet (HY20), takes into account "the best estimates" considering if water injection was successful.
With diminishing reserves with production, I wouldn't be surprised to see negative net assets. That is.. if they have take away the additions to balance sheet from water injection.
What a load of nonsense, the RNS states in plain English that they are still discussing recapitalisation.
"Discussions on the Company's forward work programme, strategy, financing and balance sheet recapitalisation are ongoing."
With a positive Resource upgrade on the way and Cash in the Bank +$120m and growing .Very impressed Mr Maris did not capitulate to Bond holders and dilute shareholders . Maybe pressure from C.A . and new CEO finally taking ownership of Hurricane from his hopeless board .
Focus on production to pay off Bonds 2021 , focussed drill 2022 no problem . Hurricane will remove the Aim Vultures and Spirit may also get sold this year resulting in more options opening up .
Not unhappy with stated strategy and RNS deliberately vague to avoid cheap buy outs as narrative now confirms very High risk project. All to play for IMO .