Member Info for adoubleuk

TopCat1,

Your post mimicked mine, but no problem.

CA will certainly have something up their sleeve, and are maybe locking and loading over the weekend. Meanwhile, let's all do the same. And bombard the press, FCA, Chancellor or whoever in protest. Somehow, somewhere, someone will have to take notice. Bring on the 'Chinese aspect' if necessary. It's topical.

This is NOT the same as SXX, which was (and remains) a very speculative thing, based on some premises which may (or may still not be, I don't know) over-promised, regarding risk /reward.

Whereas here, we've got a big boat out there, taking onboard 10500 of oil per day, but a BoD saying they can't pay the bills ? Which aren't due for a year, yet ? And meanwhile paying themselves more than the judge who will hear the case probably makes? (And in fact, the current CEO is paying himself more than the ousted one, founder of the company, did.)

When in doubt, just make a noise, kick at stones, and cause corporate mayhem. Someone will take notice, somewhere.

Of course, there may be some lackeys who may consider that posts such as this particular one of my own may be considered to be a way of bending or 'perverting' justice. But it is not meant as such. Instead, it's simply with the hope that justice is seen to be done.

The company is not 'insolvant' right now, and instead of spending money trying to progress it, the BoD have simply been knocking down the walls to make the edifice look shakier. This is not right.

NSInvestor,

"What would be the implications if HUR were producing around 30k BPD from both wells..?"

A dam great ball of fire on the ocean and a blown-up FPSO on the seabed ! :-))

Slift,

"Do you want to go email OGA or Spirit and complain about it?"

Yes. Of course. And thanks for at last letting us know who your paymasters are. Idiot.

LegalEagle1

I notice this is your first post here.

Welcome.

Personally (of course I cannot speak for anyone else) I find your comments valid and pertinent. I'll follow your posts with interest. As you've probably gathered, this whole thing, over the years, has been something of an 'adventure', maybe risky, but nothing wrong with that. So long as one's prepared for the risk. But being held up by bandits becomes a different story.

Slift,

"Then don't forget to include CAPEX for this year for decom/P&A of Lincoln @ $13m."

No, indeed, let's not.

Would you like to give a full reason for Lincoln to be P&A'd, given the DST results, and that the equipment has already been purchased for tie-in to the FPSO ?

Fine details, please. Either technical, or instead who paid off whom in the OGA.

https://www.youtube.com/watch?v=ZcCjn1QgfzI

RNSTranslator,

Wrt your recent 17:18 post.

Unfortunately, not being a total twit, I have to agree with a lot of it. Not without wondering, though, which technical chappie in which department of which company fed you such information to post, because it certainly didn't come from your own head.

Yes, there are now definitely some questions to be asked regarding earlier modelling of the Rona Ridge OWC, and thus the commerciably-produceable volumes of oil in place. But most people don't know what an 'Oil / Water Contact' means, even if it came to hit 'em in the face.

And neither do you.

The fact remains that the Aoka Mizu FPSO remains anchored some 70km West of Shetland, fully crewed, with about 10,500 bopd going into her tanks, and regular offloads being made and taken to market by BP.

Backed up by all sorts of supply-boats, helicopters, and a probably overstaffed office in Aberdeen.

That does not constitute an 'insolvent company', to my mind.

Patrytime,

"Interesting that CA no longer include HUR as one of its holdings in RNS posted this morning."

You are being disingenious and misleading. CA's RNS lists simply their FIVE LARGEST holdings in terms of equity percentive value. With the HUR SP having gone down the pan, it obvouly no longer makes it into their 'top five'.

Dear Mr 'RNSTranslator',

"I have zero time for those rampers and promoters in these boards "

So why don't you crawl back from you came from, before someone calls you out once more? It almost got me banned from posting here a couple of years ago, but I'm not unprepared to take the risk again.

"AK has always ramped this."

Nonsense. But have always been interested in the technical side, and stiil believe in it.

Push off, Nigwit.

mcadder,

"Remember when the Titanic sank "

Sorry, despite oncoming senility, I'm not that old. Maybe you are, though, dredged up from the depths.

Slift,

"Please tell us why the court won't ratify this restructure?"Because company can currently pay the bills" is not the answer when the accounts suggest there is negative equity and will not provide enough FCF to service and pay off debt."

Suggestion is not proof.

Slift,

You've just given me almost the biggest laugh of my day.

"The annual results will assume that the plan goes ahead, and will also state the impact should it not be sanctioned. "

'Assume' ????????????

You've no doubt heard the saying that to 'assume' something is to make an 'ass of U and me' ?

Surely it's become apparent that some shareholders are going to do their utmost to ensure that such an assumption never materialises?

McBladder,

" Question is how many will get off it before it disappears below the water?"

No, and that's where you've got things completely wrong. Or are looking at the situation in a very juvenile way.

Some people have already 'gone down with the ship'. Others may have survived, but lost precious belongings. But there are other survivors, maybe hurt, who will just want to tell the story afterwards. Naming names if necessary, and pointing fingers at possible faults occasioned.

Beware.

NGR1616

"whilst calling this a scam etc. has it escaped any of your notice that the 7z well is full of water and 6 is fast catching up indicating that the oil that was there is being produced and will soon run out to be replaced not by more oil in another part of the reservoir with some magic new well......but by water. These wells were drilled in the sweet spots and they've turned sour. Accept that before you criticise the current board or the bondholders who stumped up the cash and took the risk in the first place."

Hello nigwit.

Stick to your day job, 'cos you don't know s*** about oilwells.

Slift,

"If the proposal isn't accepted by the bondholders, the company is technically insolvent, and therefore the annual report will not be published by the company. The company will be suspended and delisted from the market."

You appear to be a bit slow today. Or haven't read the RNS properly. Or have maybe had a pint too many at 'The Stag on the River'.

The court hearing is on the 21st this month. It remains to be seen what that judgement will be. If the 'restructuring plan' is ratified by the court (which as a private shareholder I very much hope it will not be) there will be a bondholders' meeting in early June .

"At the Plan Meeting (which is expected to be held on 4 June 2021), the Company will seek approval of the Restructuring Plan from Bondholders. In order to be approved, the Restructuring Plan will require the support of at least 75% (by value) of the Bondholders present (virtually) or by proxy and voting at the Plan Meeting. The Plan Meeting is intended to be held virtually via video conference. " (Quote from RNS)

If you can't even read your own propaganda, why write it ?

Meanwhile, shareholders are being kept out of the loop and hung out to dry. This sounds to me (as a shareholder) as being fundamentally and substantially WRONG and reeks of connivenc, conspiracy, and corruption regarding the current BoD and their creditors (including bondholders), possibly of a criminal nature, and should be investigated asap, through whatever means genuine shareholders may be able to muster. Even if (hopefully) it will mean a postponement of this so-called 'Virtual High Court Hearing' for starters.

In fact, what exactly is a 'Virtual High Court Hearing' ? Has that actually been ratified into law? If so, when, and by whom?

onthebeach,

Lovely post, and quite (in my humble opinion) true. There is now a sign of desperation, but just because someone's 'on the ropes' it's no reason for not to continue hitting 'em.

I'd also urge any genuine shareholders here to continue bombarding the media, financial services, members of parliament or whoever about this horrible scam. A few years ago, Hurricane Energy was the greatest thing since sliced bread. Now, with its founder sacked, and some new politburo established, it seems to be worth dogsh**. According to them.

Plus virtually no news updates of any worth over the last year or two, but now a blizzard of them, all negative. While meanwhile the new so-called CEO is pulling in about 33 thousand quid a month for having done what, exactly ?

Incidentally, has anyone noticed a slight (almost subliminal) change to the company website, when one opens it ? There's a big picture of the Aoka Mizu in dock. Not a nice one of her out at sea, producing, a nice big flame from the flare-stack, maybe a tanker astern taking an offload.

This is an orchestrated scam.

Slift,

"Provide or suggest a viable alternative to save this company then?"

Why ? It isn't drowning yet.

Slift,

"I feel that it's more like the BoD pleading with bondholders to show mercy on shareholders by accepting the proposal and giving shareholders 5%."

And what bondholder would do that? They'd be crazy to do such a thing. When you go for wipe-out, you do it.

No, instead, I see the current action being the current BoD pleading for their own sorry a***s to be saved, having found themselves painted into a corner of their own making.

" I think you'll find the war was over before it even started!"

Fool.