Member Info for adoubleuk

SMann,

"If they wanted to make a real impact they would have instigated action long before a court hearing for the restructuring."

Why? (the 'long before' bit). You don't fire until the quarry is well within range.

LegalEagle1,

"SP here could well be a serious 2021 multibagger from current levels"

Nice post, but I get a bit worried when people start talking about 'multibaggers' and so on. Because there are two ways to look at this, maybe more.

One is simply trading, looking at a sreeen, SP movements, etc., 'playing the market' and so on. Something which personally I don't do, and doesn't interest me.

Another is actually considering what the company does or is doing, what the management is doing to progress the business (which should hopefully increase SP for investors) or maybe doing wrong. That's the side I come from and does interest me, though in things like O&G some technical knowledge helps, and also an understanding of how the O&G industry works. Because it doesn't work the same way as someone selling fashion clothing, for instance.

Here, and in a very bold and forthright statement, and with various legal hearings about to commence, a major shareholder has requested a major shake-up in management which has been evidently useless except in feathering their own nests, and intent on winding the company down (while keeping their nests feathered) to the detriment of shareholders, but to the benefit of anonymous bondholders of unknown nationality.

The major shareholder, other than the requesting the resignation of some directors is proposing two new members who are known and respected 'technical people', which obviously implies a change in direction and strategy. Toss out the bean-counters, bring in some people who don't mind getting their hands dirty.

Nevertheless. O&G is tricky, and nothing's guaranteed. So let's not expect miracles overnight, otherwise called 'multibaggers'. Or at least, not short-term. When one's been pushed off a cliff by some hooligan, it can take a while climbing back up, let alone finding one's wallet again, probably without any cash left inside.

Nevertheless, yesterday's 'blue day' was a nice sign...

RosieNas,

"Running scared"

Exactly the same impression I got. Issuing an incredibly lengthy and somewhat impenetrable document to try and cover some slimy tracks. What I did find interesting though is the timeline, and that tomorow's hearing is just the start to a whole procedure which may or may not ensue.

Mcbladder,

"Your welcome. Still going ahead I see...."

Yeah. Bad habit of mine. I like going forwards. Only use reverse gear when neccessary, and for short manoevers.

"The Company also confirms that an updated draft of the Explanatory Statement (including appendices) has been uploaded to the Company's website at www.hurricaneenergy.com. "

Just a while ago I 'urged everybody to access this'. And still do, if you're prepared to wade through a 651-page document (which is way longer than any CPR) and have the time to spare. Also, beware, if you may suffer from some sort of colour-blindness, because it's written in various text colours, and also includes all sorts of 'crossings-out' which haven't been edited out of the the text.

I've only managed about 50 pages so far, and am unsure whether to burst into tears or fall off my chair laughing. By issuing this document (probably written by a very young intern over a matter of months) the 'new BoD' have well and truly gone and shot themselves in the foot, but at the same time revealing that their 'restructuring plan' has been a long thought-of PLOT.

Heck, I can write fast and quickly, but that document is heavy. And there's no way that the judge at tomorrow's hearing is going to go through it, nor his staff, especially with the multiple colours and crossings-out.

I'm beginning to wonder if someone hasn't been putting something in the drinking-water at Lower Easham.

What a joke.

Meanwhile, best wishes to all on the Aoka Mizu, and please continue producing 10,500 bopd oil (or thereabouts) from well 6.

"The Company also confirms that an updated draft of the Explanatory Statement (including appendices) has been uploaded to the Company's website at www.hurricaneenergy.com. "

I urge everyone to access this. Talk about rabbits caught in the headlights ! Though personally, I don't like 'run-over-rabbit' pie. One that one's just shot or hit over the head tastes a lot better.

McBladder.

"The Convening Hearing is for the purposes of seeking an order making certain directions in relation to the Restructuring Plan including permission to convene a single meeting of Bondholders for the purpose of considering and, if thought fit, approving the Restructuring Plan."

Thank you for reminding everyone of that. It's important.

BANG ! Ow, that hurt ! Where has my foot gone ?

senseman,

"I am sure that such an email, received by each board member from several hundred shareholders will make clear the depth of feeling. And may induce the board to collectively understand that it is both more ethical and pragmatic to hold the EGM in a timely manner"

I agree with your idea in principle, but not, unfortunately, in practice. Remember, the BoD, despite their incompetence and possibly shady ways, still have a company to run. Almost certainly if they have any intelligence (and shady they may be, but stupid they are not) will have multiple email adresses, with filters established enabling only emails from certain people with whom they need to communicate to reach them, the rest going automatically into 'the bin'.

Communications with Hurricane have always been difficult, for some years. A very 'tight ship', and in some ways I personally rather like that. When I visited their offices in Lower Easham a few years ago I was very politely but essentially given 'the bum's rush' and shown the way out of the door (which I was lucky to have got through for starters). Of course it was a bit disappointing, but also I rather admired it, because it's the right way to run an oil business. They didn't want someone like me walking their corridors, looking at (and instantly memorising) well-schematics or other stuff written on whiteboards.

Learned some stuff talking to the barmaid in the pub next door, though !

No, PI's emailing members of the current BoD would now be a waste of time, I think. Those people must already be quite aware of the situation, and shareholder sentiment, and are quite possibly spending most of their time right now trying to cover their own tracks.

The best people to post to now are the judiciary, and maybe FCA, who may reply. OGA is a longshot, because they'll be covering their tracks, as well.

Atb.

senseman,

"The email subject heading should be - REQUEST FOR IMMEDIATE EGM"

Personally I'm not too sure about that. Instead, I'd rather like to see an RNS from the company advising a date for the AGM. And when they're going to publish their end-of-year financial report, to be approved (or otherwise) by shareholders present (or represented) at such a meeting.

I am 100% sure that the financials will not show the company to be currently insolvent.

Angusscot,

"What price will this finish at today, up or down from here?"

Probably either one or the other . Or maybe (though currently unlikely) it might finish at the same price. Let's wait and see. Hey ! Yesterday, late afternoon, going to a cafe (just reopened), I had my hat-brim 'hit' by the rearview mirror of one of the (electric, so almost silent) shuttle-buses that run around my town. Which annoyed me, but on examining my hat, no harm done. So re-adjusting my hat, continued on to my destination watering-hole, where I met a lot of people I haven't seen for ages, and a great time was had.

If that rearview mirror had actually hit my head, it would have probably hurt, though.

The incident was no doubt been picked up by the streetside CCTV. I could have asked for that footage to be used as evidence, had I lodged a complaint.

SP price at the end of today is utterly irrelevent, except maybe for the day-traders. End of tomorrow may be more interesting.

"AK so if the OWC isn't at the well depth, then it's coning yes?"

An utterly stupid statement / question from NGR, displaying his ignorance again. He knows as much about oilwell and reservoirs as I do about open-heart surgery. OK, regarding the latter, I'm aware that it involves opening up someone's chest cavity, doing some stuff with scalpels, then sewing things up again and hoping the patient doesn't die of post-operative shock. But none of the details, and it's certainly nothing I could do myself.

'Coning' of OWC in the context of a horizontal well ? A 'rising' of the OWC ? Really, you've got to laugh.

CaptSwag,

"With different forward plans and or drills maybe the geology will even change. "

Rare for me to disagree with one of your posts, but 'the geology' will NOT change. Ever. Or at least not for a few millions, even billions of years. However petrophysical analysis of Lancaster and the Rona Ridge reservoirs may alter forward-looking projections of oil in place and its commercial exploitability. But that's something completely different, and currently under debate.

mcadder,

"The oil is no longer there thanks to a much shallower OWC and now only 7M barrels recoverable."

Thank you for that information. I must assume you're a 'competent person' able to make such statements. Please tell us your qualifications in that regard.

Cebo,

Good to see you posting again. Hope you are well. As you've probably seen, I'm 'back in', well aware of potential risk, but what the heck. Only live once.

Just for info, for those seriously interested.

Although (I believe) the hearing will be held 'virtually', or at least with a limited 'socially distanced' number of people actually present, it should be considered as an 'open court hearing' where in more 'normal' times anyone could attend as an 'observer', so long as they had good reason to do so.

I hope to be doing so 'virtually' by weblink.

I'm obliged (by the court) not to divulge such a link here, but with all the adresses 'British' has provided, it's not too difficult to 'gain admission' so long as you're polite. I don't think there's a dress-code for it (given that it'll be 'watch only') which is a good thing, because nobody would really want to see me before midday on a Frdiday morning !

Act fast, and dyor.

OK, I'm just a roughneck with a computer, not a share-trader. There are things in that domain I don't understand. But something odd seems to be going on. The SP has been up as much as 98% today, currently hovering around 60%. But usually, with such fluctuations, a 'price monitoring' notice is issued, even if it only applies for five minutes. But it hasn't happened, which surprises me.

What's happening ? Can someone explain ? Or is it an indicator that the price isn't actually being 'monitored' right now ? If so, why not ?

Sour,

"Writing to the judge, etc, etc. Delusion at its finest, on this bb."

No it isn't. In fact I received three replies from the relevent offices, yesterday, very promptly, polite, and informative. However I am obliged not to post the contents here on a 'public forum'. No doubt anyone writing to the right addresses will receive similar responses and know how to act on the information received.

Enjoy your cup of tea, now.

Sour,

"Nah - pointless writing to Nicola Sturgeon. . . It’s nothing to do with independence."

Maybe not to Ms Sturgeon herself. But I've just received an email from an investigative journalist from a major Scottish newspaper, asking a few questions, and to which I have replied. I have no idea what 'slant' his article will have when published. But in some respects and in journalistic terms, it's almost irrelevent. The important thing is that questions are being raised, and new ones being asked.

I doubt that the First Minister has the time (nor inclination) to read all emails sent to her office. But I'm sure she reads the papers. And also, sheer volume of emails on a particular subject will get her to sit up and take a bit of notice, if only to find out what the hulabaloo is about.

Remember, that's what this is all about. 'Petitioning' people, left right and centre. And the only way that works is through sheer volume of numbers.

Sour Kraut,

"Doing my best to help others"

Yeah, right. Some people don't need your 'help'. Why don't you run off and have a nice cup of tea, instead ?

"Nope don’t support CA or anyone concerning this dog. It’s on its way to the grave, IMO"

You've got a very apposite pseudonym !