Member Info for adoubleuk

Adrianuk,

Thanks for the Denton's link.

I've just written to them, and for once don't mind copying here. Under the header 'Hurricane Energy Hearing 21 May'

"Dear Sir / Madam.

I write to you in regard to the above hearing, as a shareholder in the above-mentioned company. I do not have the actual 'case number', but believe that you are advising upon it. And it involves a considerable 'Financial Restructuring', involving certain 'bondholder creditors' aquiring control of the company, at least 13 months before such bonds become due, to the detriment of the investments made by shareholders, both Institutional and Retail, to the extent of maybe 95%.

I am an individual 'retail' private shareholder, so of course am not in a position to speak for others on their behalf. However I'm aware of a serious undercurrent of serious discontent about the proposed 'restructuring', a proposition made by the Company with no consultation with shareholders whatsoever.

I suspect that an adjournment of the hearing is out of the question, although feel it would be the least politeness that the 'case number' be published in the public domain.

Also, quite obviously, I cannot and would not wish to be thought of as influencing the deliberations of a judge. However, as advisors to he or she, I would request that no matter what the initial outcome of the hearing may appear to be, you advise that a final deliberation may be postponed until the company's annual AGM in June, where shareholders may have their say and vote, as well.

Yours Faithfully, (etc.)"

Albie,

"There is still a proposed work program ahead but with Bond Holders in charge!"

I beg to disagree with you, from a technical point of view.

There is NO viable 'proposed work program'.

Applecrumble,

"At end of the day, the board may or may not get it's evil way, but after a long time standing for your rights makes me feel better."

To quote Bob Marley !

Yup, I feel exactly the same way. And getting old and cynical, and showing a sort of 35% 'paper loss', since buying back in, really don't care so much about the money, so much as the basic principles. And the only reason I bought back in was to have 'skin in the game' and thus be able to correspond about it in a truthful way. Unlike those who post here but admit to holding no shares here at all.

Applecrumble,

"Good job Adrian. If the judge postpones it then FCA will get time to investigate."

This is tricky. I'm NOT a qualified lawyer, so what I write may or may not be true. Really, I'm unsure. But have been having quite a lot of fun trying to get myself up to speed on this.

Because this is not a criminal trial (not yet, at least !) It is a 'hearing', regarding the validity of certain corporate financial affairs.

So slowly, just this evening, I'm coming to the opinion that one way or another, that adjournment of the hearing may not be the best approach on the part of we shareholders, and maybe impossible. But instead, that the judge be petitioned to defer any judgement until a true AGM can be called. Wherein said shareholders can have their say and vote, so that he or she can base their judgement on the initial 'case' bearing the views expressed as additional 'evidence'.

Just intuitive thinking. But maybe a further way to approach the thing.

hasiba, Adrian, onthebeach, British, et al,

"I have sent the same to N Sturgeon and will send now to the chancery too.."

Never in a month of Sundays did I think I would eversend an email to the office of Nicola Sturgeon ! But have just done so, but a brief message. However, she's a little hellraiser who likes a fight, so she might pass the thing over to one or two of her staff, delegated to look into this whole scandal asap.

I wrote to the Chancery last night.

Keep any potentially useful email addresses coming. And for those busy setting up a 'class action case', I wish you 'bon courage' and keep up the good work.

Nigwit,

"OGA is the government. "

No it is not. It's a QUANGO.

Applecrumble,

"OGA is the authority and should bring justice if the board is perpetrating a oil scam."

I'm sorry, (and this might sound dramatic) but OGA is a non-governmental organisation, and I believe they are complicit in this scam themselves.

A few years ago, they gave Hurricane an 'out of round' allocation of all the acreage north of Lancaster, all the way up Rona Ridge, up to and including Halifax. A decision which came as a complete surprise, and out of the blue.

But now, a complete turnaround. Especially the non-tie-in of Lincoln. At the same time as the company reliquishing the northern territory, but during a recent round, Shell and BP buying up everything surrounding.

One doesn't have to wear a Sherlock Holmes hat to find certain parts of such a story very suspicious indeed.

Especially when BP is selling to market roughly 400.000 barrels of oil every four or five weeks or so, uplifted from Hurricane's Lancaster field.

Oh dear. NGR.

"If you guys are really determined to get some meaningful coverage and exposure with the media, then try Malcolm Graham-Wood.........."

Malcy is a walking talking busted flush. Nobody takes any notice of him any more.

senseman,

"In an ideal world Nicola Sturgeon would pick up the phone to FCA and request they attend and request adjournment"

We don't live in an ideal world, and I am absolutely not a 'fan' of Mrs Bigfish. But the idea sure sounds like fun. She loves any occasion to rattle Whitehall's cage. Might even drop an email to her office tonight.

Alavib,

"It’s our company we own it and they are being paid fat salaries to serve our interest not their own as the case is currently "

I truly appreciate your efforts and posts, believe me. They are laudable, and your posts to FCA and elsewhere (and receiving the replies you've had) very interesting, and worth follow-up, keeping on the pressure.

But (some may be amazed to see me writing this here), I can't agree with your statement that 'the company belongs to us', we, the shareholders. Because that's all we are, shareholders. The company does not 'belong to us'. However, neither does it belong to bondholders, despite their position as creditors. And certainly not right now, about 13 months before their bonds become 'due'.

This is the most extraordinary thing about this scandalous proposal by the BoD. To sell their shareholders down the river, to the benefit of some anonymous 'ad-hoc committee' of bondholders, who are no doubt still receiving monetary interest on the bonds they hold.

"No I’m pointing out the loose footholds."

What makes you think people either need or appreciate your 'help' ?

"From your point of view I’m undermining something that’s already on a very precarious and dangerous footing."

Which sounds a bit like pulling out a rock from under the foot of someone doing a freeclimb on El Capitan in Yosemite. Not a very nice thing to do. Despite your platitudes about 'helping people', what you're doing is quite the opposite.

Slift,

""Back to our imaginary petrol-producing well. You know how long it would take for that to fill your tank ? About one second."
Lol.. "imaginary".
Now if you look hop back into the real world and look at it as a crude producing well, and actually give consideration to the crude refining process.."

You completly missed my point, or maybe did so deliberately. I know that the idea of Lancaster producing pure, refined petrol is an absurd, imaginary idea. But it was just to illustrate what 11,000 bbl / day is actually like, because some people here seem to think that well 6 is producing at some kind of 'trickle'.

RNSnigwit,

" or do you think the OGA are part of the scam too?"

Yes, of course I do. Why P&A Lincoln ?

Nigwit,

"Eh!? Have you not read the bits about the reservoir and the water and stuff?"

Yes, of course. And I don't believe it, because it has not been compiled by a 'competent person', and (more pertinently) provides no compelling evidence for the conclusions reached.

I am not stupid, nor ignorant of the fact that some earlier estimates of the WoS Fractured Basement reservoirs' potential may have been over-optimistic. However, ther's well six still chugging along, producing 10500 bopd or so.

I use the expression 'chugging along' ironically, of course.

NGR1616,

"3 seconds"

Who cares? Same order of magnitude. And anyway, it was just some very rough figures running through my head while lying on my bed. No calculator, nor anything like that. I'd forgotten to do the gallons-to-litres conversion.

And anyway, even so, I think you're wrong.

Tuxedo8

"no evidence that bod explored various funding, farmout nor M&A options with also huge tax credits here for utilisation"

Nor is there any evidence that since the 'new BoD' installed themselves, that they have done anything proactive to try to expand the company through further exploration or development of existing assets. In fact, they've done quite the opposite.

I think that most (or a lot) of people who invest in AIM - listed O&G shares are aware of the risks involved, and the sometimes speculative nature of such 'investment'. If not, they should be. Sometimes such ventures can fail, but that's the name of the game.

However, in this instance and the case of Hurricane Energy, there is absolutely no sign of such failure. Other than the failure of the new BoD to progress the company and thus increase value for shareholders (one of their implicit duties) and thereby justify their own salaries.

Personally I'm terribly wary of using the word 'criminal' when describing the situation in emails to various media, for the simple reason that I'm not a lawyer of that speciality, though am aware that if making accusations of criminal action which are rejected can backfire on oneself very badly.

However, there is something very fundamentally WRONG in what Hurricane's BoD is trying to do, to the detriment of shareholders, and to the benefit of bondholders (of what nationality ?) and this requires investigation at the highest levels. And for that reason I feel that petitioning (by whatever means) for an adjournment of the May 21 'hearing' is justifiable, until such investigations have taken place.

"current oil production is higher at 11600 bpd!!"

I wanted to take a siesta. Lay down, but unfortunately my mind wouldn't rest. Just thinking about things, in an odd, semi-mathematical sort of way. And came to the conclusion that a lot of people probably don't understand what 11,000 barrels of oil a day actually means.

So did some very very rough mental arithmatic. Very rough. Just a sort of mind-game. But tossing in a few variables, just for fun and the heck of it.

Plus remembering that occasionally on this site and others like it, there has been discussion about electric cars and that kind of thing.

Let's pretend that that single well, Lancaster 6, was producing petrol (or diesel), not crude oil. OK, it's an absurd notion, but this is Sunday afternoon dream-time.

OK. let's also assume you drive an average-size saloon car. I have a large car with a big 100-litre fuel tank. Takes a few minutes to fill up. Most average-sized cars have a tank of around 60 litres capacity.

Back to our imaginary petrol-producing well. You know how long it would take for that to fill your tank ? About one second.

Yeah, the company's broke. Think about it.

mcadder,

" If production below bubble point results in production of gas liberated from within the reservoir, the Plan Company expects its production consent to be withdrawn."

Further absolute PROOF that this BoD is determined to wind the company down, no matter what.

It is axiomatic that if one produces at 'below bubble-point pressures', gas (non-solutional) will be released, quite possibly at far greater volumes than flaring constraints permit, or (worst case) possibly even more than the FPSO can cope with.

I can't help getting the feeling that there's a bit more than just a stockmarket scam going on, but some essentially criminal intent. Or if not, some extreme stupidity. Who deliberately runs a train into a brick wall ?

Keep pulling on that communication-cord, folks, and let's cross our fingers that the automatic braking-system works, because the driver is obviously either asleep or dead at the controls, or suicidal. Obviously lost all notions of taking care of the passengers, whichever is the case. Wave flags out of the windows. Whatever.

This runaway train has to be stopped.

OK, Slift,

Essentially, your advocating winding up the company. Rather than progressing it.

That is not what a BoD is paid to do.