Member Info for adoubleuk

PS. Using the Xmas tree and flowline destined and bought for Lincoln.

Spike501,

"Shareholders will vote against the plan, but then the sanction hearing will push the plan through unless a credible alternative is put on the table."

I can think of a 'credible alternative' immediately. Hire whatever suitable rig available, and go drill P8, with a DSV who insists it's horizontal (unlike 7z) at about the same depth as P6, just about forget about wireline logging, and tie it back asap to the FPSO.

Is that good enough ?

Spike501,

"The judge is certainly not going to question the validity of the CPR"

I don't want to suppose I live inside the judge's head (as you obviously do) and predict what he may question or not. But I do consider myself a relatively intelligent person, and consider the judge to be one, also. And on that basis, I am sure he will notice the vast discrepancy between earlier CPR evaluations of the reservoir potential, the current one, and wonder about that discrepancy, especially in the light of current BoD manoeverings, and who, possibly, might stand to gain from such moves, and at the expence of whom.

ReachForTheSky,

"The test will then be for CA as majority dissenting shareholder - how far will their activism extend...replacement of the BoD by figureheads as a symbolic act or introduction of a real board with experience that have a strategy to turn this ship around. That in turn as others have flagged is predicated on the real geology."

CA have proposed two people as 'replacement' Board members. One of whom I've met (though he won't remember me), but both are 'real oilmen', whose interest I am sure would be trying to improve production and solving problems, not creating them out of thin air.

onthebeach3

"Ditto, and also registered my vote with my broker against the bod proposed restructuring plan."

Well done. But the thing goes yet deeper than that. Should the 'restructuring plan' in favour of bondholders be rejected by shareholders, in assorted comunicatios via RNS etc., the BoD have made it clear that they will try to wind the company down, claiming 'insolvency' next year, but while the company is actually, currently, cash-positive, and earning revenue.

This would require urgent investigation for fraud, and also for the bondholders to make their names known, and in our modern internet world it wouldn't be too difficult to see if there are any 'links' between various bondholders and assorted members of the BoD.

Right now I think (and hope) they're stuck between a rock and a hard place, and hope they and their legal team are squirming and feeling uncomfortable about that.

spike501,

"The judge even specifies an EGM is not required for other matters."

In most corporate or associative situation, an EGM is only called to vote upon one specific resolution. Though of course ammendments may or may not be added (again subject to vote), such as resignation of those proposing the resolution should it not be accepted.

Bladder,

"If you'd read the latest CPR you'd know at that point that there's only 7.1M recoverable barrels. "

That requires one proviso. Being IF one believes the 'new CPR'. As mentioned quite a while ago, I went to the time and expense in paper and ink to print the thing out, and I've read through it thoroughly. And frankly I don't believe it, and nor do I see how ERCE can be considered 'competent' in the matter.

There is nothing wrong with having some doubts about the earlier reservoir modelling, given empirical data from the production figures. That is that the EPS was designed to do and for which it was installed. Gather data, to determine if full field development seemed worth while. And that's what it is still doing, while generating revenue, ensuring (amongst other things) which is going to pay interest to the bondholders.

Had the new data and the 'new model' been presented to the compilers of all earlier CPR's, in other words RPS, and asking them to reconsider their earlier findings in the light of such data, I'm sure they would have been glad to do so, and would have (in their professional capacity) given revised estimates had they seemed likely. This didn't happen, however. So the 'new CPR' cannot be trusted.

People refer to the September RNS as a 'kitchen sink' job. I see it as worse than that. The BoD patently appear to wish to throw out the baby with the bathwater. Which of course cannot be seen to be done. Someone's waiting to adopt the baby...

mcfool,

" No oil, no alternative plan available. "

So where are those 10,600 barrels a day coming from ? And don't claim it's from the Victory sandstones, somehow 'filtering downhill', 'cos that's nonsense.

RetiredFella,

" then the sanction hearing where the judge clearly will ask why he was misled by Hurricane lawyers."

Sorry, I have to disagree with this.

I believe (though for legal reasons I didn't record the hearing in neither audio nor video) that the judge was NOT misled by Hurricane's council, despite the attempt. And the slight wry grin on his face was a pointer to that.

SonofGwalia

"Will the last person leaving the room please put the phone back on the hook"

Very funny. 'Cept in most meetings I've attended, the last people to leave the room have been The Boss (whoever), maybe his assistants (whoever), and finally the underpaid cleaning-lady.

RetiredFella,

"Any chance if FCA has done anything further with their investigation?"

FCA has probably done SFA. As usual.

LetsBeCalm.

"I agree efforts to influence judge with emails will not even achieve publicity."

I'm sorry, this might sound 'old school', but the very idea of trying to 'influence a judge' sounds wrong to me. That is not what court procedings are about.

Let plaintiffs, defendents, and others present their cases, and others be witness if called.

The judge (by duty) must remain impartial. Any attempt at 'influencing a judge' is a criminal offense in itself.

(Further to my last)

I also feel that any PI 'aligning' themselves to Crystal Amber (in corresondence with the court) may be a mistake, unless they are actually shareholders in that company.

I've been thinking a lot about this today. Because despite malicious rumours to the contrary, Adoubleuk is capable of thinking deeper than how to drill a successful oilwell, or win a poker-game.

So I'd like to share these thoughts, while there's time, and openly welcome comment or commentary.

I much admire the efforts being put in by 'British', 'hasiba', ' senseman' and others to try to establish a consortium of shareholders to oppose the BoD and this scam plan, and thank them for it, especially some of the internet links posted.

However (sorry guys !) I believe some tactics must be now thought about, rather than overall strategy, on which we seem to be in agreement.

My thinking (right or wrong, please comment) is that bombarding Judge Zacaroli (who seems to be a very intelligent and thoughtful man) and his staff with a deluge of copy/paste identical emails will not interest either he or them. Sorry to say this, and I know the intentions are good. But that's the way my thinking has gone.

Instead, I would suggest writing (as a shareholder) expressing one's own feelings, although maybe making reference to assorted legal matters already brought to the judge's attention.

I feel that the disgruntled shareholders should not come in 'mob-handed' (as the BoD and Bondholders appear to be doing), but instead as a group of people who feel that some severe injustice is being perpetrated on their investment, possibly in a fraudulent and criminally way, possibly involving foreign powers determined to undermine what the WoS oilfields are considered as 'strategic recources' (electric cars notwithstanding) and request that a full investigation is made.

Albie,

"I could of course be completely wrong in my thinking on this but I strongly suspect not."

I share your suspicions, and all the timing (Kerogen director resignation, 'kitchen sink' RNS, etc.) has more than a sense of pure coincidence about it.

This is not like SXX. It's a producing company, making money. And some people are in the process of trying to steal that money and then close down the bank, leaving the people who initially put their savings in there with nothing.

Albie,

" I wouldn't assume for one second Kerogen are on 'our side' though."

I agree. But either way, they'll be forced to 'break cover', hopefully, and thus reveal their actual position. If it transpires that they sold their shares to buy bonds, but used a directorship position to manipulate a bondholder-favorable deal, with the approval of the 'new BoD' sometime last year, and then resigned that directorship (coincidentally and without explanation), then there are quite possibly grounds for a criminal fraud investigation.

Slift,

"Hurricane did not sanction the commitment well for Lincoln. Hence, no tie-back."

OK, so where are the 'long lead' items purchased (at a cost of several millions) for such work currently being stored, please? You seem to know about all this.

Latino,

"development / investment opportunities with this BoD they’re having a laugh right!"

Precisely. Having ousted Dr Trice, the previous longstanding CFO Mr Stobie having resigned (I think he saw some writing on the wall) and the regrettable and very sad death of Mr Platt, a hardworking and capable (and likeable) Operations Director, the current BoD has done NOTHING to try to advance the companyto the benefit of the company itself and thus value to the shareholders. Which as it is a 'Publicly held company' it is their duty to do. To put it bluntly, while lining their own pockets, the BoD have exhibited dereliction of duty, and now seem intent on destroying the company to the benefit of certain bondholders who choose to remain anonymous, and are of unknown nationalities. To the utter detriment of shareholders. Such behaviour is a complete scandal.

How on earth can the company suddenly come out with a financial report reporting a loss of 650 million or so ? What expenditures have been made over the year to explain this ? Where has the money gone, and on what has it been spent ? This is scandalous.

littlened

"Ngr,no one believes you so stop posting and get another job"

NGR hasn't got a job. All his busnuesses have gome down the pan