Member Info for adoubleuk

senseman.

"Can anyone reasonably accurately quantity what is the material costs of professional advisors for the BoD's master plan?
I am sure we would all be interested, and stunned"

Quite unable to give an 'accurate' figure. But for the CPR, RNS costs, so on and so forth, at least a million out the window.

NGR,

"Bond holders are not people FFS. Emotions don't come into it. What a dimwit."

I take it, therefore, that you are a bondholder.

Spike501,

"ou are correct to highlight this and its true, the new OWC is assumption based upon the available data, just as the previous assumption was based upon the available data at the time. However this CPR is based upon substantially more data from full production and is consistent with the increased watercut."

From the way you post, I have to assume that you know a bit about what you're talking about. As do I. But the thing is, the production data is not sufficient from which to draw 'geological conclusions'. It's pure supposition.

Please don't get me wrong here.

I was horrified to see the MDT results (or lack of them) finally published last year, which went almost unmentioned in previous CPR's. Such results change things considerably. I nevertheless don't believe that back then, anything fraudulant was taking place. Maybe just a bit of over-optimism. Which I also believe was being encouraged by Schulmberger, who of course had everything to gain from that, and whose participation in the entire project might now merit further investigation, in case their 'modelling' may have been flawed, leading people to believe that the whole thing was bigger than it is.

Schlumberger is also to be looked at in their inability to drill the sidetrack 7z 'horizontally' (no excuses), likewise Pertrofac, supposedly 'overseeing operations'.

There's a lot more to this story than just some people having 'a punt on an AIM share'.

Spike,

"You’re simply out of your depth here with corporate governance and directors responsibilities."

No, I am not. I was once a 'director' of a company (journalistic publishing) which unfortunately became insolvent due to some rather excessive ambitions, so had to be wound up. I lost money there. And so did some shareholders. But nobody went crying to the court. We knew the risk, but unfortunately hit the wall.

These Bondholders ? They want their money back before the wall is even in sight ?

No. Not right. Time they grew up.

Spike501,

"I’m not sure what’s difficult to understand about Halifax - the 2017 CPR assumed a much lower OWC. As Halifax is connected to Lancaster and the OWC has substantially increased, there isn’t sufficient data available to make any proper assumptions on the reservoir size and potential volumes."

It is you yourself who is making a huge assumption. Saying 'OWC has substantially increased'. This is purely an unproved hypothesis, but one proposed by the current management, who seem determined to rubbish the company they are supposed to be managing, and quite possibly (in my opinion) to try to sell it of to some oldtime buddies, maybe getting a huge backhander in return.

A new redrill on Halifax, with no bells and whistles, should have been done this year, to really check things out, no stupid MDT logs, (virtually meaningless or impossible in fractured reservoirs), using lightweight near-balance drilling fluid, and maybe trying a DST. None of this has been done, nor even attempted, nor even proposed. Instead the 'new Bod' just seems intent of selling the shareholders down the line to the benefit of some anonymous bondholders who may be of dubious nationality or intent.

Keep searching, people ! Sometime the truth will out. There is an oilwell producing a stonking amout from Fractured Basemement WoS right now. Dr Trice's suppositions have been proved correct, even if the 'potentials' may have been a bit over-optimistic. But do not believe people who say 'there's no oil' and similar nonsense.

Or otherwise, just go buy yourself an electric car, and see how far that gets you. I have a 'penfriend' who was once (maybe still is) a shareholder here, who has a BMW 760, which goes like stink, seemingly. I prefer my more sedate Rangerover. But both run on hydrocarbons, which people like Hurricane are kind enough to continue providing us with.

NGR,

" Had HUR been debt free and had cash they could poke holes in the ground until the money runs out"

But this is what oil companies do ! Plus Hurricane HAS THE CASH ! Only declare insolvency if there's no cash left.

Ah. NGR has woken up. He may actually have a point to make. Such as this maybe not being a financial scam and conspiracy such as some people suspect.

However he's just shot off another of his toes by saying

"What you think is going on isn't."

I have it on good information and recent company RNS that there is an oilwell producing around 10,600 bopd into the tanks of an FPSO moored WoS. That's what's 'going on'.

Nigwit,

"Re the bonds, has the interest repaid the capital sum? A. No."

Nor does it have to, especially before the bonds are due to come to term, or conversioin to shares. ESPECIALLY not one year before coming to term. If the bondholders have some problem with their own cashflow, that's their problem, not one to lay on the doorstep of shareholders.

Also, on that account, not something for them to use to pressurise the company into start publicising all sorts of unverified 'negative news'. Which is what I think is going on.

riproar,

"between slift and muc bladder nearly 600 posts in 30 days wow"

Yeah. Today I've 'filtered' both of 'em. One can only put up with a certain amount of meaningless noise.

RNS,

"ou might want to be very careful what you say. They didn't build their reputation for reputable independent evaluations by letting uninformed muppets on BB's suggest that they're in cahoots with management."

Oh, I do tend to be careful with my words. Unlike yourself.

What I'd like to know is how 'they didn't build their reputation for reputable independent evaluations by letting uninformed muppets on BB's suggest that they're in cahoots with management.' if they don't know those management people from beforehand? With whom they possibly may have some common interests?

Whose decision was it to hire ERCE to do the CPR ?

Over to you, muppet.

Haggis,

"Except the restructuring doesn't raise new funds. The bond holders still entierly dependent on Lancaster flowing at 11k bopd if they want to be repaid."

Yes, that's true. But also, think of it in a slightly different way. I'm not a bondholder. Haven't got that sort of money. But if I did, I'd already be happy with the paid interest garnerned that my loan represented (because a 'bond' is merely a loan), paid on time has seemingly is the case, and would expect the company to DO SOMETHING to increase share value, because these are 'convertable bonds', remember ? Instaed of which the company has DONE NOTHING, postponed any possibly positive operational work, so the share price is now in the pan.

The more I think about this, the more I feel the Serious Fraud Office might be interested, given all the timings, circumstances, and so on. And they might like looking into the workings of OGA at the same time, seeing who's connected to whom...

There is simply SOMETHING NOT RIGHT going on here. Just look at recent history. Virtually no squeak out of the company for months, now a blizzard of RNS's, all defending their precarious positiion. Only a dimwit would fail to notice that, and I don't believe that High Court Judges get to their position through being dimwits.

British,

"We have to stop a dangerous example from being sanctioned, not only for our sake but also a lot of ordinary men and women who invest."

Well said that man.

For myself, personally, this entire affair has become less one of whatever financial gains or losses may incur on me, but more about matters of principle. Lawyers are not oil-people, so cannot be expected to understand all the technicalities. But surely, in all honesty, surely they can see that a company making about twenty million per financial quarter cannot prematurely declare itself financially insolvent? Meanwhile having done NOTHING to 'grow' the company for at least a year when the opportunity and cash was there to do so. If that's the case, it's a travesty of justice.

CaptSwag,

"as far as i understand it - hur have been collecting data throughout the last two years of production and they have used this data to re-evaluate their interpretation of the geology.

i certainly would question how the new cpr could completely dismiss the previous data on halifax as residue and now apparently there is absolutely nothing there? without any further drilling?"

Precisely.

Production data is of course vitally important. But it is nothing more than that. Production data. A re-interpretation of 'the geology' without further drilling is a meaningless idea, and one (in my opinion) proposed to deliberately mislead people, the majority of whom (not their fault) don't really know much about oilwell drilling, nor reservoir geology.

'Giving away' the northern acreage (including Halifax) without having drilled a further well up there this year, with cash in the bank to be able to do so, is an utter scandal. It stinks of a sell-out. The question is, to whom?

Albie,

" I was thinking of a Bond Holder connection with a current HUR share holder."

So was I. If Kerogen sold shares (recouping investment), were instrumental in ousting Dr Trice as CEO, helped set up this 'restructuring' having bought bonds. with the connivance of the BoD, then their own 'director' suddenly resigned (for no explained reason, though maybe in an attempt to 'distance himself and his company' from the entire scam), it would make for the crime-story of the century.

I'm not sure that that isn't what's happened, and is going on.

Albie,

"Just who these Bond Holders are and what connections they have if any to current share holders."

That's the current now 64,000 - dollar question ! Where the fun starts. Any connections, especially if they involve Board members, or their associates, and I'll be ringing the Serious Fraud Office tomorrow.

CaptSwag,

"i certainly would question how the new cpr could completely dismiss the previous data on halifax as residue and now apparently there is absolutely nothing there? without any further drilling?"

Of course. But it's worse than that. The company is relinquishing all that 35km-long acreage, up to and including Halifax. Which is madness. A new well drilled on Halifax would not be 'exploratory', but 'development'. And thus not subject to certain requirements (specifically drilling-fluid overbalance) which led to problems in the first place.

OK, this is tech-talk. Don't expect too many people to understand it. But give away 35 km of licence (whose lease costs essentially nothing) and which was also 'out of round' offered on a plate ? Not just madness, but stinks of conspiracy as well.

spike501,

"The judge is not going to question a CPR produced by a reputable firm"

I wouldn't question the 'reputable' (nor potential disreputability) of ERCE as a company. However I do question the 'Competancy' suggested as regards analysis of Fractured Basement Reservoirs.

The only name I find appended to the CPR is that of a certain Dr Adam Law, CEO of that company, and admittedly with certain qualifications. None of which, however, relate to FB.

Should it transpire that Dr Law has had previous business dealings with any members of the current BoD, it could look tricky for the lot of them.

spike501,

"No as there aren't the funds to do it without severely further jeopardising the bondholders in the event it fails "

That almost made me fall off my chair laughing.

Here we have a BoD saying a further well (P8) has to be drilled. Which I agree with, but not some stupid sidetrack of 7z. They're also proposing some absurd 'water-injector', while at the same time claiming that 'watercut' in the existent wells is a problem. So again, absurd.

They are now saying that the bondholders (happily being paid their interest-payments) should be allowed to essentially take over the company to the detriment of shareholders, a year before their bonds are due to be repaid, when the only reason that the bonds were proposed was to finance the 'experiment', and finance the EPS.

The bondholders are asking for their money back a year before the 'experiment' is concluded. And the BoD is rolling over and saying why not ?

I'm beginning to agree with some others here who consider such antics fraudulent and possibly criminal, with some conflicts of interest lurking in the background. Which might be worth investigation. Kick over some stones, see what creepy-crawlies might be lurking beneath. And if there are some, stamp on 'em hard.

Shareholders in O&G companies, especially AIM-listed, know they're taking a risk. Or at least they should do unless they've just got cloth between their ears. But the same should go to bondholders. They're taking a risk by lending their money, but at least have the interim benefit of getting interest repayments, unlike shareholders.

This is an outright scam.

Borismoose,

"Did ERCE independently verify the data, or did they produce a revised CPR on data offered from HUR BoD?"

THAT is a very good question. Bacause the only 'new' data could have been based on production figures, and nothing actually 'new'. OK, they could have reviewed 'old data' (probably did), and come to different conclusions than RPS did, based on those data. Which is OK, in a way. But the way it slots in nicely with the BoD's obvious desire to wind the company down stinks to high heaven of fraud.

Spike501,

"Of course this could be some elaborate scam, requiring the involvement of dozens of people, but Occams razor suggests the original assumptions were wrong "

Balls. Quite the opposite, and I would suggest you look at your razor-blade closely before you cut yourself with it.

10,600 barrels of oil per day isn't coming out of the sky.