Member Info for adoubleuk

foresight,

"Maybe because my prediction of failure came true I am biased but this was never anything but an extremely high risk gamble and that has to be factually correct because fractured basement in harsh conditions is near impossible by definition??"

So a single well commercially currently producing 11,000 bopd from fractured basement in harsh conditions is a 'failure', is it ? Go tell it to the marines. And your paymasters.

foresight,

"My main thesis is that when wells cost so much and can only be drilled in a weather window - you have no room for error "

Oh yeah ? So when were Lincoln and Halifax drilled ?

DireEmblem,

"We had $156m in the bank end of December 2019, why do we have less now?"

Bills have to be paid. Usually, company 'financials' are calculated for the end of November, and bills are sent out with a '90 days to pay' clause. Which usually means cash goes out of the bank in February.

This is common not just for industry, but individuals, as well.

What I'd really like to know is why the new management didn't present their 'new data' to PRS, and on the basis of that, revise their previous CPR's ?

foresight,

I hope you'll maybe excuse my previous post, which may seem a bit harsh. Nevertheless I wish to add a bit more, with excerpts from your own. Just as a point of discussion.

"for those of us who had some technical understanding about FB, it was too good to be true all along but this never really got airtime."

I disagree. Plenty of 'airtime' was given to 'disbelievers'

"I guess we are susceptible to wanting good news over bad so myopia sets in - alongside misrepresentation from the people who should have known better."

I have to admit, maybe some over-optimism set in, and confirmation bias. But personally, I still refuse to believe that this was a result of fraudulant thinking nor certain people wishing to deliberately rob people of their money. However, with the 'new BoD', there seems to be a new sort of confirmation bias being promulgated, spreading belief that Fractured Basement reservoire don't work, that all Hurricane's work has been a waste of time and money, and that the whole thing should be scrapped. This I find highly dubious and suspicious propaganda to be putting out, and technically indefensible when there's another tanker offload in progress.

"Beware small resource companies who can pull the wool over your eyes by confusing oil (or anything) in the ground vs the ability to get it out which is the only time it has value."

This of course I do agree with. However, when there's a major shake-up at management level, with accompanying resource / reserve volumes radicaly changed by 'experts' being paid by the new management, it's time to look more at the people and their possible motives and interests, rather than the assets themselves.

"The CEO will set out his (or her) stall and then have to keep to that line and will angrily shut down anyone that does not agree "

Which seems to be the current situation. Or rather, the current CEO seems to deliberately not wish to communicate with shareholders at all, so we don't know if he's angry, or just sulking and hanging his sorry head in shame.

"A sorry situation that exploited naive but honest investors and should be investigated"

I agree that a full investigation should be done. But by whom? The FCA couldn't investigate their waay out of a paper bag.

I repeat. The Fat Lady hasn't sung yet.

foresight,

" An unconventional reservoir in harsh conditions was doomed to failure from the start. BP with the cash and knowledge would be the obvious partner here - but alas they did not touch it with a bargepole. "

Stuff and nonsense.

BP is currently running a tanker to offload oil from Hurricane's FPSO, to sell onwards at market rates, as per a contract signed between the two parties years ago. The field (and company) via EPS is currently working as a commercially profitable enterprise, potential one-year-hence debt overhang not withstanding. You (and other derampers, with no doubt your own particular agendas or lords and masters to answer to) are making 'foreward-looking-statements' without adding the disclaimer that such statements cannot and should not be treated as fact. So instead, look in the mirror.

Slift,

"Are you doomed with dilution?"

THAT is a very good question. IF there should be a new attempt at raising equity (ie 'dilution'), have you ever seen a share-offer of such a sort priced at LESS than the ongoing SP, whatever it may be ? I certainly can't think of one. Correct me if I'm wrong.

This is why this particular HUR share has now become a huge gamble, rather than a 'calculated risk' such as it used to be. A bit like betting whether one's preferred horse will make it to the finishing line (no matter what its placing), or be brought down by some suicidal suffaragette running in front of it.

The company is far from 'broke' yet, there are now hundreds of 'jobs at stake', and a wind-down of the company would possibly cause pulic uproar and potentially some Scottish / English political discomfort, at a rather bad time in various respects, which would likely be reported heavily by the media.

So the story continues, and remains very interesting.

lonestag,

"I just noticed there’s a presentation to go with today’s announcement-it reads even worse than the rns"

It's an obligotary 'must watch' for anyone even vaguely interested in the nuts and bolts of this project.

“ In March 2021, pressure variability was observed in the P6 well while utilising the lower ESP, with subsequent investigations suggesting a potential obstruction to fluid flow between the upper and lower ESPs Production was restored to prior rates through a well intervention which switched over to the upper ESP in the well. Investigations are still ongoing into the root cause of this issue"

Utter mumbo-jumbo twaddle, once again the current BoD trying to pull the wool over people's eyes. OK, maybe there's a problem with the lower ESP, but that's precisely why dual ESP's were installed in the first place. And production using the upper ESP may clear whatever 'blockage' there is in the lower one, unless the problem is electrical or mechanical.

Once again, presenting a worst-case scenario when that might not be what's occured. What we have here is Management deliberately trying to trash the company for which they are paid to be supposedly running. Why don't they put a limpet-mine on the hull of the FPSO while they're at it ?

I'm however very glad to see that various decisions are going to be ratified (or otherwise) by an independent court. I'm expecting an RNS on the 13th, announcing the result. That will be the time to decide whether to jump in the river or not.

https://www.youtube.com/watch?v=0akBdQa55b4

mcadder,

" It will be 100% watertight and has taken month's to be formalised. "

Utterly untrue, and I consider it disingenious on your part to even suggest that here on this BB.

The RNS is headed 'Proposed Financial Restructuring'. Within which, in my humble opinion, the most interesting word is 'proposed', which implies that it has not yet been accepted nor voted upon as company policy, nor written-in to any statutes which would maybe (I don't know, be in no expert in the matter) have to be examined by some third-party financial judiciary body. Which would certainly involve the OGA getting imbroiled.

Ther more this story goes on, the more interesting it becomes, even if I've ended up making no profit. Meanwhile, 11,000 bopd going into the Aoka Misu's tanks. Most people have never been on a FPSO, let alone a drilling-rig, nor encountered an 11,,000 bopd well. They can be rater frightening (but perversely) fun things, if you like that kind of dangerous fun, take care of your crewmates, but don't give a dam if you're run over by a bus in the morning.

Adrianuk,

"If bond payments aren't due until middle of 2022"

There's no 'if' about it. That's how it is.

But somehow, instead of getting on with things, improving production, increasing revenue, getting the company into a position to honour the bonds, the current BoD appear intent instead to be running the thing into the ground and renaging on everything. This is not right, and requires investigation. If the thing's a no-hoper, as they like telling us, pull out now, use the cash in bank to get the FPSO off location, and declare bankrupcy. Stop wasting money.

But this is not what's happening.

mcadder,

"There is no good news coming that's the problem and today's update confirmed that "

No, it didn't 'confirm anything' other than that the current BoD are a load of complete ******s who seem hellbent on throwing in the towel.

fundamentalanalysis,

" Monday i thinkwill be bad so flippin GL to thise buying now i think you will need it."

What, with a tankerloadful of oil heading to Rotterdam (or wherever) ?

Yeah, of course a 'penny share' company. Totally 'unsuccessful'. Don't you comprehend how much it costs per day to run an oil-tanker, an FPSO, and pay all the staff? involved ? If that's 'unsuccessful', then those must be pigs, not pigeons, flying past my window.

Your choice of preudonym for posting on this BB seems to me to be quite appropriate, though.

Trading is over for now, so I suggest you get off your hobby-horse.

British,

"And no word from CA. I may walk into Hurricane's office and give the CEO piece of my mind. "

You'll be very lucky to make it through the front door without an appointment (itself difficult), make it past the first office and the lovely and charming (but fierce) ladies who work there, and it's quite likely the CEO will be 'working from home' anyway.

Take it from someone who knows.

You'd be wasting your time. Though I can recommend the pub next door.

Ohmarko,

"How is your truck doing..with full load of ****"

I suspect that 'Planted' has broken his blue-painted truck's tranmission. Or maybe someone else, or his employers, have done that for hom.

Modestus,

"Tell that to those countless who have lost their shirt and more, adoubleuk."

I have personally met, or otherwise remain in communication with, some people who have suffered considerable losses with this share, and it grieves me a lot. Some have deliberately broken off contact with me, because technically I made a very wrong interpretation of the Warwick Deep results (based on sparse data from the company), which was the start of the SP freefall, and I think such people suspected me of being part of some conspiracy, which is not true.

"There 's always a certain risk in any share, but what the good Doctor and his successors have pulled off, will be another story for the history books."

I would like to repeat my point of view, but it is personal opinion only, and should be taken as such. I still, in now way, believe that at any point was Dr Trice trying to pull the wool over anyone's eyes, or attempting to pull off something deliberately fraudulent. It is my understanding (from sparse rumours) that he's rather an unhappy man now, having been painted by some with such a brush. And as I've mentioned before, well 6 is still producing at around 11,000 bopd, which entirely vindicates his theories. Unfortunately, I do believe he got over-optimistic, maybe got pushed into such optimism by Schlumberger (who of course had and still have financial interest in the project), and that that caused shareholders to become over-optimistic as well.

However, I find the behaviour of his 'successors' very suspicious.

One day, the truth will out.

Albie,

"I've often wondered that, I'd like to think he hasn't sold but he probably has."

I disagree. One only sells stuff if short of cash, or wants to trade in for something more exotic for which one requires extra cash. I somehow doubt that Dr Trice is in either of those positions. Unless he really wants a bigger garden shed.

slipanchor,

Good to see you're still on the ball ! Thanks. And this is the thing everyone seems to forget. Amid all the sh**storm and doom and gloom, plus the worries about bondholdings etcetera, there is an oilfield producing around 11,000 bopd from a single well, which is more than Solan has ever done, and an eff-off big tanker going to fill up with the black gold.

Which is why comparisons (which tend to be odious) with the mining company Sirius strike me as completely irrelevant and wrong. Because they haven't yet sold a single sack of their 'fertiliser', whereas Hurricane has been producing and selling oil for about 18 months now, continuously, or rather, with extremely low downtime. Which is more than can be said for most small UK oil companies.

It's all very odd.

bransonbull,

"scam 2017 CPR, a complete fabrication of a document."

Sorry, can't accept that. And also, there were TWO CPR's published in 2017. To which are you referring ? And I still believe they were produced and published in good faith, even if they presented a somewhat rosier picture than things now may possibly be.

Or instead, do you mean the latest one, dated anno domini 2021 ? There, I might agree.

MarcusAntonius,

I couldn't help but notice that myself, and found it extremely odd. Especially with the company saying 'Please note that this is a scam'. Hmm. Takes one to know one.

Such statements just make the waters murkier. It's not as though the new CEO has been exactly 'transparent' with shareholders. In fact he doesn't seem to even recognise their existence.

Just another odd-shaped sky-coloured piece in the jigsaw puzzle. I'd give my eye teeth to know of what the contents of messages to US-based lawyers from this so-called 'scammer' may be ! Really, the members of the new BoD should grow up. Do they honestly think, given their track record to date, that any shareholder believes a word they say ?