Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Antony Maris, Chief Executive Officer Designate of Hurricane, commented:
"Through hard work and dedication, the Hurricane team developed the Lancaster project safely, on time and on budget, and has now successfully operated the Lancaster EPS for 16 months. This capability is a core strength of the business, and I am delighted to be joining this accomplished operating team.
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.
Our near-term priority is further technical work to refine an activity plan for Lancaster, which we expect to be finalised by the end of this year and executed in 2021, with an overarching focus on capital discipline. We will be engaging with all our key stakeholders regarding our forward work programme and financing arrangements and updating the market on these efforts in due course."
" We will be engaging with all our key stakeholders regarding our forward work programme and financing arrangements"
I wonder if CA would agree with the above statement?
"Will they just sit back and lose the lot??"
They won't just sit back and may try to stop this but the new CIGA legislation surrounding financial restructuring plans which has been used by a few high profile companies since it became law provides pretty much no possibility of stopping the restructuring plan being presented at court and being considered by a judge.
And a couple of people even confirmed today that the takeover panel confirmed that Hur is not in their remit under the code.
The criteria under this legislation is that....
"In order to use a Plan, the company must be in financial difficulty, and the Plan must address that
financial difficulty."
And by the way senseman everything I have shared and discussed is the truth of the facts based on last week's RNS and my interpretation of the situation Hur finds itself in. Sorry if you don't like the truth and a dose of reality. Those in for a trade yesterday have moved on only to be replaced by other load of chancers and gamblers.
macadder. sorry, me old china, Hurr won't be 50 mill shy in July 2022 if the current attempted fails, not by a healthy margin. And as you well know, that is not the central issue here...the central issue is whether a scam is in the offing. See the wood for the trees...perspective, me old china, perspective. Any fool can argue minutia to a standstill...so do continue
mcadder,
"The criteria under this legislation is that....
"In order to use a Plan, the company must be in financial difficulty, and the Plan must address that
financial difficulty."
In what way is the company, with over 100 million in the bank, in 'financial difficulty' ?
Despite being in current dire financial straits, personally I'm still managing to pay my rent, electricity and other utility bills, and so on. So cannot declare myself bankrupt, based on forward projections.
However, this is what the HUR BoD seem to be trying to do.
Heck, I might get a big win in a poker tounament which mightr help turn things around for myself. But the current HUR BoD haven't even done anything proactive like 'continue playing'.
If the restructuring is judged OK, I hope the judge involved sleeps very badly afterwards.
senseman are you in denial or something? Feel free to check Hur's presentation on 30/04 following the RNS. This is on their presentation....
Scenario 1 - NFA case
Estimated free cash at July 2022: $142 million
Scenario 2 P8 well
Estimated free cash at July 2022: $78 million
Scenario 3 P8 well and water injection
Estimated free cash at July 2022: $69 million
3 scenario's neither of which would result in enough cash to pay the bondholders. Even in the NFA 'best' case they will be at least £38M short not including decommissioning costs and other costs.
Plus this....
"Furthermore, the Company has engaged PwC to support the understanding of a number of wind-down and subsequent insolvency cases
including the “Wind-down” Case, which is further detailed in the appendix
Under an immediate liquidation scenario (uncontrolled liquidation), the Company is estimated to incur liquidation costs of $18.3m,
resulting in a recovery to unsecured creditors of $65m as part of a final distribution in 2025"
“In what way is the company, with over 100 million in the bank, in 'financial difficulty' ? “
They owe 230mm and won’t have enough cash to pay it back that’s why...whichever route you take...which bit of this don’t you understand?
When you borrow money, the shareholders sit below the bondholders on the priority list in any cash return...
Which bit of this don’t you understand.
I think the problem / understanding is with still a 100 mill to find by middle of next year, knowing well 6 is going and I believe well 7 too, there is every reason to see the whole debt paid with plenty of change. That's the real mystery here
https://www.hurricaneenergy.com/download_file/force/606/222
Here you go I've even attached a link to Hur's presentation which can be found on their website released on 30th April. It's in black and white! Not only will there be no money left over after the debt is paid there will be a big shortfall hence the £50M write down of debt needed....
"it has become apparent through the Company’s financial planning that, in all reasonable circumstances, the Company is unlikely to be in a position to repay its Convertible Bond at its final maturity in July 2022"
And that is in all 3 scenarios they will be way short
"Furthermore, the Company has engaged PwC to support the understanding of a number of wind-down and subsequent insolvency cases
including the “Wind-down” Case"
Hence why they are engaging with PwC at this stage! I think that's pretty clear...
Trading, buying these shares is suicide or a very big gamble.
If this deal goes through shareholders will have enought left to buy a few pints to drown their sorrows GET OUT WHILE YOU STILL CAN.
If it goes through I hope the wells water out and stakeholders get stung for ripping off long suffering shareholders.
Sold out last Friday and still here? I don't think Trice is the problem, it's Kerogen and HUR board in a corrupt collaboration.
Maestros,
"If this deal goes through shareholders will have enought left to buy a few pints to drown their sorrows GET OUT WHILE YOU STILL CAN."
You'd make a dam hopeless poker player. Personally, if I'm terribly behind and 'short stack', I'll fight like hell, not leave the table with just some short change, wondering what might have happened next. So long as one's taken the ( essential) precaution of ensuring one's got enough fuel in the tank to get home, it's better to arrive there flat broke and eat a bit of stale cheese from the fridge than buying a McDonalds on the road which one might not enjoy, feeling sick enough already.
mcadder..me old sausage - the problem you have is that the presentation document is a fairy tale....it's a con....a scam.
which begs the questions - are you are a fool taken in? or a deviant part of the scam?
RNS,me old china. you're at it again, making out black is white and night is day.
there will be no financial shortfall. - it's a fairy story
do you, slifty boy and mcadder loose bladder live together?
We're all losing our bladders here in laughter at you're denial of the cold hard facts senseman, you must have limitless money to burn!
So the presentation is fake, last Fridays RNS is fake and we're all making it up is basically what you're saying.
Perhaps you should ring Hurricane up tomorrow and tell them about the "fairy story" that's been put out there?
Then we'll wait for the HUGE RNS correction saying they got it wrong for the last 18 months and all is well. All because you rang them and told them that the whole thing is fiction!
I think a complete reality check is what is needed for tools like you senseman. Have you got any sense at all perhaps you should have called yourself nosense man lol
At last Slackbladder - the penny droppeth with you - it's a scam, a fairy tale, a big con. And you aren't laughing at all - because your poison if failing. Do keep it up..
So denseman, by all means YOU keep it up because based on what you've said I'm expecting this to open up at 5p this morning.
And if it doesn't just like I expect it won't then we'll know who's talking out of their backside won't we ;))
Because they found the oil water contact was actually more than 200m shallower that they thought it was (an unprecedented revision ) and so much of that oil was actually water...(unperched).. that’s why...
Captain Sensible: Your persistence has paid off, the penny has just dropped, this is how they perpetrated the biggest oil field steal in weeks, done by the OCG (Organised Criminal Governance), this is how they pulled it off:
1: The old Chairman DC Rob Arnott was quietly replaced by Steve "Why me?" Mc T after disagreeing with the CEO about the contact.
2: The perched water affair; CEO claims its still billions of barrels and that the water is perched and will soon go away, ( memo to Chair: he's become a liability) Steve quickly throws CEO under the bus and puts Bev "Laboutin" Smith in the CEO role, never done the CEO role before, but the pay's good, and she understands what needs to be done ;-).
3: Bev does a quick Kitchen Sink RNS and claims its all much much smaller, were all fckd- the share price falls
4: They bring in Tony "The fracture" Maris to support the downgrade and charge ERCE (Every Resource Catastrophe Explained) to confirm Steve, Bev. and Tonys claim that its all gone folks.. shareprice drops.
5: In case there were doubters they bring in PWC (Pay, We'll Confirm) to state that in all reasonable circumstances the firm is about to go T its Up because of the debt owed to a mysterious group called The Bondholders
6: The sting: They agree to give 95% of the company to The Bondholders and also agree to pay them another $180mm (The bondholders are a loose collaboration controlled by Chinese state entities, HK based Private equity and other folks including, it's alleged, Dr Evil) - price falls further.
7: Troublesome legal issue: The law states a judge must review the details and agree it is indeed its about to go belly up. They ensure the right Judge is put on the case, who's really a secret love child of two of the Directors.
8: Judge agrees and the Bondholders claim the company.
9: Suddenly they discover that the contact has mysteriously deepened by 200m and its unexpectedly worth billions.
10: They sell it to Big Oil Mega Corp for $5bn.
11: Finale; Shot of the former Directors on a secret Island in S E Asia quaffing champagne, laughing loudly and plotting their next scheme..."West Newton"
There's a BBC Drama series in this you know Captain....thanks for putting me straight.
There you go, Tranny me old china............you HAVE figured out it's a scam. Took you long enough. But should have kept your gob shut - they'll sack you now
Bladder boy ...don't be silly. Do try harder. or they'll sack you
rns - lol. very amusing.
as i have said i can accept the geology however the thing is the bod actions since september have been questionable...now it may well have been genuine incompetence or.....
but you are right in the history of business there has never been any underhand dealings ever...everything is always as it seems and perfectly truthful
captain nonsense
So convenient...send a series of bad rns, oil has vanished, build up end scenarios and then dilute to oblivion.
Dense boy no more effort required other than to get the message that this is finished.
The company themselves are doing a pretty good job and putting a lot of effort in I see. They've definitely been busy behind the scenes!
Not at 5p then denseboy?
Must be truth in my ramblings after all then ;))
Mcadder/Slift/RNS, why are you wasting your time here when you don't have shares? What do you want the shareholders to do and why? what is your benefit here.
It is clear that the current board wants us destroyed and many of us have sold what we can. I sold some at 2p and I was lucky I did that even at a loss. If this hits around 2, i may offload completely but at current SP, I loose all my money anyways so what do you want me to do?