Member Info for adoubleuk

Adrianuk,

"I think he sold all his shares."

Do you have any evidence for this ?

jonesrichard,

"Obviously expecting extra fuel in the sp Friday as our victory will receive a lot of media attention and rightfully so! "

I share your optimism, but also have a 'don't count your chickens before they're hatched' feeling. The battle hasn't really begun, so the outcome of the entire war remains in balance.

As PI's, (as distinct, possibly, from some II's), we don't really know the strength of the enemy, this 'ad hoc committee of bondholders'. They may well be shareholders as well, holding short positions to act as backup to their loans., via proxies.

Sure, that's financially and ethically dubious, but what isn't, these days ?

I don't want to p*** on the parade, but we're not out of the woods yet.

Also I seriously advise writing to the FT 'Prufrock' columnist, reminding them of a terrible financial oilfield scandal of some 14 years ago offshore Greece. Which turned up a 'dry hole'. However, Lancaster is a successful producer, making money, so different.

There's also a tech question I'm asking myself, which is why the 'new kids' are keeping well 6 so choked-back, instead of running it a bit more 'full-blast', earning more money quicker, and the heck with it if the water-cut increases ? The FPSO can cope with that. That would solve the aquifer / 'perched water' question rapidly, and also provide a decision-maker as to whether to continue or not.

This annual report is a scandalous thing, and should not be ratified at the agm. It beggars belief that in the same document the BoD can state that it intends furthering field output and efficiency while at the same time essentially holding a gun to shareholders' heads, saying that all this will be contingent upon the financial restructuring taking place. On the one hand they're saying that the production and reserves are 'disappointing' so the company may have to wind down, but in the same breath saying that improvement and development are feasable.

This is the world turned upside-down, and nobody, be they a judge, the FCA, or a dyslexic teenager could fail to spot such inconsistencies. Most normally, a private company decides to go public, in order to expand its financial foundations. Here it's the other way round, with some mysterious 'ad hoc committee' of bondholders in cahoots with the BoD essentially trying to 'privatise' the company by stealing the shareholders' investment at a pittance price.

I join all others who advocate writing left right and centre to expose this scam, and hopefully to vote this deeply suspect BoD out of office.

Pisces21,

"Stena Don heading to Lincoln 15th June."

Dunno where that information comes from. Link, please ?

However, from what little information I've (very rapidly so maybe incomplete) tried to glean, the rig is going for the 'drilling of one well', not to do a P&A job.

Mirasol,

"My problem is that I think CA have left it far too late to get involved "

I disagree with you there, entirely. Instead, suspect they're playing 'rope a dope'. They've already complained about startling lack of communication with the BoD, so are now letting the BoD reveal their own hand slowly, digging themselves into a yet deeper pit.

Such as the new RNS. Now, the structure of the shareholder meeting has been made clear, so CA can act accordingly. And I'd be ready to bet that CA will be sending their request to speak at the meeting via registered letter and courrier, not using email, which could go unanswered. With a copy sent to appropriate lawyers and courts.

RubinCarter,

(Like the pseudo, btw !) :-)

"also hold 650000 shares on a Swedish banking Platform and have just been informed by platform that I cannot/not allowed to vote. Legality issue blah blah blah?"

I'm in the same position, though my holding is a lot less than yours so my vote would be just a drop in the ocean. Mine are via a French bank, so seemingly can't vote unless I instruct the bank to grant proxy to a British broker, which would incur a fee, so for me, not worth it.

It makes me wonder what the situation might be for USA shareholders?

However (just as sort of 'moral support') I wholeheartedly admire the shareholder 'kickback' against the resstructuring plan as evidenced on this board.

"Keep voting AGAINST, they are out of the Strategy meeting .
Losing extra 5% is worth the effort to send a message ."

I'v e given up worrying about the money. This 'givaway' to bondholders at the expense of shareholder investment is ethically, morarally and economically wrong. Credit, via bonds, can be regenioiatied, with bondholders still earning interest. But selling out shereholders is wrong.

NGStranny,

" The oil isn't there. "

You really are a very stupid person to make such a statement.

boracic.

Please just click on my 'previous posts'. I believe (though am not sure) that I have brought up some technical points which others haven't mentioned, so you and your wife may like to skim through them.

Best of luck.

Tranny,

"Didn’t you read Aduk’s previous post , he used to be a “director” of a firm that went t*ts up...
So he really knows what he’s talking about, He’s been to Board meetings, approved minutes, and passed motions, and everything..."

Yes indeed. It was only a small company, got off to a disatrous start due to some over-ambitious strategy, from which the company couldn't properly recover, despite assorted attempts. And as a 'non-executive director' but also a shareholder, lost quite a bit of money when the company had to go into liquidation. Which naturally I rather regret, but it was more than a decade ago, so just water under the bridge.

Interestingly, the 'CEO' was an ex-oilman, though he hadn't spent long in the industry before turning to newspaper publishing. But kept in touch with things. And it was during a 'board meeting' on April 20, 20010 (things were already looking bad) he suddenly asked for a break, and took me outside for a beer in the local cafe. Where told me he'd just heard from a friend about the Macondo disaster, and suggested I follow the story immediately.

So back in the office, meeting reconvened, discussing more financial stuff, I asked to be excused, drove 80 miles home at high speed along country roads, and started following what was happening.

Didn't sleep for about 36 hours. Didn't get much sleep for the next few months, what with correspondence and two laptops nonstop on the kitchen table showing ROV footage from the wellhead.

Drove my wife crazy, that stuff, and believe it was instrumental in her eventually wishing for a divorce, still a source of sadness to me.

But yeah, tranny. 'Been there, done that'.

mirasol,

"what else do you want on someone's CV? "

Lots less BP !

The man's obviously a wage-slave tied to his company. Completely unimpressed. I'd give him two or three years mor, maximum.

RNSTranny,

"I can see you sitting cross legged on your yoga mat, joss sticks burning on your sideboard. You gently humming."

Somehow, from his posts, this is not an image of 'senseman' I get at all.

However, do you want some information to show how blindly stereotyping people you don't know might be? Personally I don't hum gently to myself, and assuming a yoga position would probably cause me to pass out or maybe die. However, as I write, I have three joss sticks burning, in a bowl beneath a shelf which houses some old OO-gauge model railway locomotives and a vintage Dinky Toy tank transporter, complete with tank. On the wall above is an early 70s 'psychadelic' poster, a very early example of computer-generated design, possibly worth quite a lot of money now.

You draw your own conclusions about others with your petty post, but I think rather a lot of people here have the measure of you. And know who you are.

Happy portacabins.

mirasol,

" have a look at the guy's CV - when it comes to commenting on O&G I suspect its a bit better than yours adoubleuk"

I've done so, and no it ain't ! He's a young whippersnapper with very few miles under his belt and little operational experience. Just another desk-pilot. The title of 'vice president' of this or that or whatever doesn't impress me whatsoever. The fact remains that BP's Clair field is not in the N.Sea.

OK, there are plenty of people around who if you asked them to identify the Shetlands when shown a map, they might gesture at the Isle of Wight, or Greenland, or maybe some archipelago to the east of Argentina. Yup, there are thickos everywhere. But if a VP of a major oil company can't get his facts correct, something's very wrong.

OK, BP may be 'happy with someone who makes such a basic mistake. But not everyone likes BP. Personally I refuse to use their motorway service-stations, even if low on fuel, but will go the extra 40km to the next one.

mirasol,

" have a look at the guy's CV - when it comes to commenting on O&G I suspect its a bit better than yours adoubleuk"

I've done so, and no it ain't ! He's a young whippersnapper with very few miles under his belt and little operational experience. Just another desk-pilot. The title of 'vice president' of this or that or whatever doesn't impress me whatsoever. The fact remains that BP's Clair field is not in the N.Sea.

Retiremans,

Thank you for the info.

HOWEVER.

"On the new alliance, Emeka Emembolu, senior vice president, BP North Sea said: “Maximising the Clair field’s 7bn barrel potential safely and efficiently is crucial to ensuring a sustainable future for our existing and future Clair developments.
“We believe the collaborative approach of the Clair alliance – where all parties work towards and are rewarded by achieving this common goal – is fundamental to achieving this and will be crucial in our mission to become the best oil and gas business we can in the North Sea.”

This indicates that 'BP's Senior Vice-President' should go to the back of the class and start re-reading a few things before making a fool of himself again. The Clair field is NOT situated in the North Sea. It is West of Shetland, on the North Atlantic Continental Shelf. Nothing to do with the North Sea whatsoever.

RNS,

"Aduk Clearly you do thorough research."

Yes, I try to do so.

Adrianuk,

If any of this is true, it MUST be announced via RNS asap. If not, RNS asd thus the stockmarket itself is in default of duty.

Eagle,

Good post, but the most important is this, before your typwriting fingers ran away with you.

"HUR BoD have clearly done nothing but Fold Fold Fold to bondholders and Pay Pay Pay legal/other very questionable fees here for their agenda so far"

I know this will bore the ti** off regular contributors and posters here, but I happen to play poker, preferably medium-stake cash-games. And fold, fold, fold can be sometimes a good strategy, even if it can become rather tiresome and boring. Also, due to the 'rake' taken by the casino (if one's playing in a casino) can cost, while folding, folding, and folding again having been dealt stupid or otherwise unplayable hands.

But the whole point in such strategy, 'playing tight', is that when something looks good, you first show some mild interest, and then come out firing on both barrels. This shows 'strength'.

The current BoD of Hurricane are showing no strength at all. Instead they're looking like a bunch of hopeless wimps.

Secretblueprint,

"So you fully understand where HUR is today, and why?"

Yes, I believe so.

spike501,

"So by all means carry on, but whichever way you look at it, you're howling at the moon."

No I ain't. Quite ready to come and eat you and everyone else around you up, though.