Member Info for adoubleuk

Good to see something happening at last. It seems the move out to open water is related to rendezvous with the GS, anf for the life of me I can't think of a reason for that if it was a normal 'milk run' that the supply boat was doing. So let's just hope it's something to do with preparations for hookup.

PS Fred_Bloggs,

I don't mind you addressing me as aduk, but I object to @aduk. I'm not some sort of internet-server.

Fred_Bloggs,

" Why on earth do I want a lower share price?"

So you can buy more shares at a cheap price while it lasts, as you did by your own admission a few lines further up your post just after the company had performed what you consider to have been a bad business decision.

Personally, if management of a company I'm invested in effects what I consider to be a bad decision (of course my own judgement may be correct or otherwise), I will SELL my shares in that company. Not buy more!

I'd be interested to learn how you justify buying shares in a company whose management decisions you believe to be the wrong ones.

I'm sure a lot of other people here would like to know such stuff, as well. It would be educational.

By the way, please do not address me as 'Sir', when you so evidently do not mean it. Call me 'mister', or 'hey, you!'. Just don't call me late for supper...

Yeah, you " first bought HUR as a potential ten bagger. Whilst that now seems a forlorn hope, maybe a five bagger is still possible".

If I double my money in a poker game, I leave the table. 'Ten baggers' are for dreamers, or people who hit the once-in-a-lifetime jackpot. Mind you, I might come back to the table the next day, and try to perform the same trick, but having banked my original stake. Doesn't always work, but it's worth trying: but if it's not working, the mindset is to limit your losses so you're still ahead overall. And leave before that point.

Fred Bloggs,

I (and I suspect others) hear you. Some may agree. But other maybe not.

" I'd have quite easily ponied up to keep 100% ownership. "

Maybe your pockets are deep. Maybe (probably) you're younger than I am. But I am a firm believer in the concept of 'monetization', and that is the philosophy Hurricane has been espounding all the way down the line. They have made it clear as day that they won't be taking GLA to FFD. So GWA, part of which (Warwick) has yet to be 'explored' the other part of which (Lincoln) is just in the nascient 'appraisal' phase, is simply an excellent bargaining-chip. Which Hurricane has exploited as such, essentially getting a free-ride to add value to their assets

One shouldn't start criticising Spririt Energy on account of Centrica's rather dismal share performance of late. Although Spirit is part-owned by Centrica, they remain separate entities. I can think of a direct and parallel situation. Wintershall Energy. Highly profitable. Germany's biggest oil explorer / producer, incredibly successful. But they're not traded, because they belong to BASF. (Remember, the people who made cassette-tapes, amongst other things?) BASF's SP is looking dismal, but it doesn't stop Wintershall from storming ahead, keeping the parent company afloat, to a large extent.

The Hurricane / Spirit deal has been signed, sealed and delivered, with no 'outstanding considerations' (quote RNS). So none of this badmouthing / scaremongering you're spewing out is going to change that. Not without some sort of horrendous legal battle. The rig is booked (admittedly delayed for mobilisation through neirther Spirit nor Hurricane nor Petrofac's fault), the permits are in place, drilling on GWA will start hopefully before the end of June to get a proper look at Lincoln complete with testing, and a good look at Warwick. Bit-in-the-rock work that Hurricane would not otherwise have been able to fund by themselves.

It's a bird in the hand. And the altenative just relies on hoping nobody comes to cut down the bush, casing the two birds to fly away.

Plus read the small print. Hurricane has no intention of offering dividends. If that's what you want, you'r looking in the wrong place.

'Rights issues' are often just companies holding out the begging bowl when they've gobbled up the first lot, with no results, and just to keep the beggar fed o yet more promises. Ten-a-penny on AIM. Sure, Hurricane had the 'warrents thing' two years ago, to help them out of some sort of payments miscalculation. But then there was the 'rights issue' with its 'slug of equity', about which long forewarning was given, and anyone caught on the hop only has themselves to blame. The result of which is our FPSO about to hook up and EPS to progress, despite a couple of hiccups.

Deramper., but I won't filter you. In fact I don't filter anyone.

SotB,

"ADUK:: The AM is going after a fry of Fish......Got to keep themselves occupied for the foreseeable !"

Do you think they might be using the buoy pull-in winch to go for some REALLY BIG fish?

And I kid you not. Such things happen, or rather, used to. 1979, Argyll field, Rig Ocean Kokue. (Its old, Japanese name.) A really big and grumpy Conger-eel had taken up habitation between the sub-base and the BOP stack, and took to attacking the divers, so a special (completely sanctioned by Hamilton Bros, the Operator) operation was mounted to catch it. A large fish-hook was procured and run on the camera-winch in the moonpool, baited with some meat. The bell was run with a couple of divers to give instructions to the winch operator and also to jiggle the line around. And the fish was caught! It was easily about ten feet long.

About half the rig's crew were crowded around the moonpool handrails to watch this memorable show, see the fish get to surface and on deck where it was killed with multiple sledgehammer-blows (it takes a lot to kill a Conger), and give resounding applause when the bell surfaced. Which the divers couldn't hear, of course, and they had to transfer back into the sat. chamber, anyway.

Conger eel was on the menu that evening, but it's really not very good. Most of it was used as bait for another form of fishing. Because that was back in the time when one was still allowed to fish off the rig (except when divers were down). And when people went back on the chopper at the end of their hitch with a silver-paper wrapped package in their kitbag containing freshly-caught, freshly filleted, immediately deep-frozen cod for a few tasty suppers during field break.

Happy days. Couldn't happen now. The end of the seventies marked the period when the HSE industry started muscling into the N.Sea oilpatch to get their share of the pickings. Spoilsports.

How interesting!

I've had a busy day with no real time for shipwatching, but of course have seen from comments here that the FPSO's been on the move. Still is, come to that. But with no new destination. Stiil showing Cromarty, so until that changes, my guess is she'll be going back to the anchrage when she's finished doing whatever it is she's doing.

And regarding THAT, I see there have already been a number of guesses put up here, so why not add my own three ha'pence worth? It'd be out of character not to, after all!

I reckon she's just headed out to open water to check out some system or another, here they've got space to manoeuver, and so on. (Not that the 'past track' is showing much manoeuvering about, yet.) The Moray Firth is pretty, crowded. Maybe doing some run-through rehearsals with the buoy pull-in winching system? No idea, really.

Genghis,

"While I am tempted to agree with SIPP re Spirit, never underestimate the power of sloppy journalism."

That's true, but nevertheless the journalist under whose byline the article appeared (Allistair Thomas) seems to be the regular reporter on 'things Hurricane' for EnergyVoice, and he usually seems pretty clued-up.

Of course, we'll never get to learn the full reason for the error, nor from whom it originated.

Good grief, that was some story!

I was out of the house and on the road most of the late afternoon, but logging in again saw some posts mentioning that the article had been corrected. Now many hours later I'm back home, and have found that the Head of Communications at Spirit had replied to my query sent earlier in the day. His email reads:

"This was an error in the article which has since been corrected. Apologies for any confusion this has created for you and other shareholders."

At least it was good to receive a response. I bet the people at Lower Easham must have been spitting fire.

Wellwell,

"It's pretty obvious surely?"

If you're referring to the link between FPSO hookup and drilling Lincoln, no, to this thicko it isn't obvious. Please explain, just in case there are others here as dumb as I obviously am.

Wellwell,

" I hope all those disagreeing that there are delays are getting in touch with the author?"

Personally I haven't contacted the journalist in question. Instead I have left a message in the 'contact us' section of Spirit's website own website inquiring as to whether the 'reasons' for the drilling delay attributed to them actually did emanate from their offices. If a reply is forthcoming, I'll paraphrase it here.

I find the article very peculiar. I cannot see a link between the installation of the FPSO and commencement of drilling GWA. They are separate operations. Also, as Dayangler has said, the rig was delayed going to work for Enquest, and for that simple reason will be delayed in becoming available for Hurricane / Spirit.

However the journalist says that the information has originated from Spirit themselves.

Personally I feel that clarification is required, in the form of a direct statement from Spirit, or Hurricane, or preferably both.

The applications for the permits relating to Warwick are now up on the OGA / DECC website.

Some interesting comments, people.

However it's just occured to me that anyone paying for access to L2 and actually looks at it is either actively trading, or maybe spread-betting, instead.

Thanks for showing your hands, guys. I love free information!

LS,

" "Redeployment of Aoka Mizu FPSO" lecture is fully booked, for tomorrow night. 130 attending. Will be interesting to see if any content makes it's way onto the www afterwards."

Very good point. I very much hope that at least one shareholder who posts here or on another BB will be present. Because for certain there'll be a Q&A session afterwards, and for sure the 'current situation' is bound to crop up.

Fingers crossed.

Wellwell,

More than one other poster here has already pointed this out, but I'll repeat it.

" A deferment that's resulted in millions of lost revenue?"

How can you 'lose revenue', when you're not yet at the revenue-making stage?

Sure, you might be seeing a hypothetical pipe-dream going down the pan, but when as in Hurricane's case (and I don't care about the financial impact on Bluewater, 'cos I don't hold shares in 'em) that makes no real difference to the financial situation of the company in which I DO hold shares, why cry over spilt (but non-existent) milk?

You write like someone who was somehow banking on the idea of FoiL in 2018. If so that's your problem. Sure, it would have been nice, but it didn't occur. Personally it's not my case, because I prefer to base any 'investment strategies' I have on documentation provided by the company involved, rather than wild predictions by people on BB's.

scoredagainsteps,

"Good evening the happy ones"

And good evening to you! Well said. Seriously as I take my HUR investment, frustrated as I may be by the 'rope incident', it has absolutely no impact on my daily 'happiness quotient' ! Had plenty of other stuff happen to me over the last few months which made me seriously unhappy, but am getting past that. 'Waiting on Equipment' or 'Waiting on Weather' causes me no lost sleep whatsoever.

Oh bother. Why did the spellcheck replace 'Serica' with 'Serenica'?

Wellwell,

"Good evening."

And a good evening to you too.

I don't have kids to take care of, so wasn't distracted by such when writing my 'ridiculous post'.

However, I stand by what I wrote. Serenica and Tullow's problems simply cannot be compared with Hurricane's situation. Chevron's Erskine field was already in production, and then Serica the pipeline failed, or rather became blocked. So it was literally 'lost production' from Erskine.

The only similarity with Hurricane which Tullow's Jubilee shares is an 'incident' during buoy hookup. But on Jubilee, the main turret bearing was damaged, with the result that the FPSO can't 'weathervane', is being held on a fixed heading by tugs, regardless of wind and sea direction, likewise the offload tankers require the same assistance, resulting in considerable profit-loss, as the field entered production regardless. Much of the bill (1.5 billion and mounting) has been met by the insurers, but nevertheless, someone, somewhere, is seeing a loss.

The 'rope incident' resulted in no material damage (if the RNS is to be believed, and why shouldn't it be?), and production hasn't even yet started. So your technical-sounding catchphrase 'delayed production' is inappropriate, to my mind. As equally would be 'delayed production startup' (I'm repeating myself here) for the simple reason that we're still within the timescale the company has guided for more than eighteen months now.

Sure, in an 'absolute best case', it 'might have been possible' to achieve FoiL before the end of last year. Some people put their bet on that in Reverandy's sweepstake. But that 'maybe' didn't happen, and the 'rope incident' has prolonged things a bit more.

However, there's still no 'delay' overall, and the 'rope incident' has nothing to do with Hurricane's BoD, anyway. A main subcontractor has experienced a costly and somewhat embarrassing technical mishap (reasons for and details of which are unknown here, despite huge amounts of guesswork), but so far there's no 'delay'.

Wellwell,

"**** off AK"

Charming! Showing your true colours, eh?

Did I touch a nerve, by any chance?

:-))

fitguy5

Agree with your post.

But regarding

"Moving on to commissioning/production, if there was for instance a valve or instrument failure, causing a another delay, then I wouldn't expect an RNS unless the delay was significant! (say greater than 7 days)"

The company gas always guided FoiL within H1 2019. I would certainly expect an RNS if anything occurs which may put FoiL beyond that timeline. Which will coincide with the AGM anyway, where no doubt there will have to be an operational update, if for no other reason than to keep 'question time' to other topics.

But once hookup is done, and commissioning is in progress, I personally don't expect (nor particularly want) any stuff about whether a flowmeter doesn't work or some flange-connection has been badly bolted-up...