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"The Convening Hearing is for the purposes of seeking an order making certain directions in relation to the Restructuring Plan including permission to convene a single meeting of Bondholders for the purpose of considering and, if thought fit, approving the Restructuring Plan."
Without consulting with a single shareholder! Who are these people?
"cooperate"
They won't even communicate!
How much our BOD has spent on this 'Restructuring' exercise and the 650page 'Explanatory Statement'.
I wonder, does it make any reference to the strong and predicted continuation of higher Oil prices!
"Wasting shareholder money on RNS"
Drop in the ocean, how much have they spent on legal fees and advice for the 'sale of the century'?
What effect will today's news have on the Court Hearing? Thoughts please.
Don't forget to add that the second largest share holder CA has now served a "requisition notice" on HUR.
A "requisition notice" served on a BOD is a serious occurrence and the Judge needs to be made well aware of it and its contents.
Also worth adding in all correspondence that the second largest share holder CA has now served a "requisition notice" on HUR.
"Thank You for your actions today, we'd have been sunk without you."
Also a huge thanks and well done to all pi's for your efforts too, very remise of me not to applaud all your work here.
Thank You for your actions today, we'd have been sunk without you.
"now it'll be dead in a couple of years from 1 well"
I wonder.....
"Malcy says that Brent touched $70 before slipping back slightly, this must give encouragement in our fight against the BOD ."
Well it'll cheer the Bond Holders up no end!
As regards to our BOD never mentioning the ever strengthening PoO in a positive way or interpreting any positive impact for HUR, I smell a Rat the size of an Otter. I hope the Judge does too!
Personally I think the best chance we have lies with CA and their legal / financial team and advisors.
That said, please don't give up.
So Kerogen (16% of HUR's shares) cross the Chinese wall and are privy to inside information regards the restructuring (ha) of HUR, that I assume precludes them from selling HUR shares as being privy to 'inside information' does anyone else agree with that statement?
CA on the other hand didn't cross any Chinese wall and indeed could have sold their HUR shares but instead bought more and now hold 14%.
Why would Kerogen put themselves in a position where they can't sell HUR shares and in effect trap themselves into a 95% dilution? Only conclusion I can come up with is they stand to gain on the other side of the deal.
And why would CA up their holding knowing what was about to unfold, unless they have a cunning plan?
“As soon as Hurricane provides overdue operational and technical information, the Fund intends to assess this
and provide its comments accordingly, in order to protect shareholders’ interests, restore investor confidence and fully
capitalise on the opportunities from this potentially significant UK strategic asset.”
Well HUR need to get their finger out given the time frame for a considered CA response, jeez.
There is still a proposed work program ahead but with Bond Holders in charge!
To my mind Nicola Sturgeon isn't going to be worried who produces the oil, Bond Holders or Share Holders.
Surely the angle has to be that a viable established business is being handed over without the strong PoO and its positive effect on HUR ever being mentioned by Management - A CPR that very conveniently fits new Managements internal technical review of basically no oil and Major Share Holders / share holders not being involved consulted even spoken to at at all, outrageous!
"Just as a matter of interest, how would you describe the current BOD’s? Is there any other appropriate description that comes to mind"
I couldn't put into words my feeling's toward our BOD's actions without getting into trouble, I'm flabbergasted by events here !
"crooked board"
Careful of you wording folks, don't get yourselves into trouble for heavens sake.
"there’s no oil, we’re winding Hurricane up now”
Yeah right:
Testing of the Lincoln Crestal well recorded a maximum stable flowrate of 9,800 stock tank barrels of oil per day ("stb/d") with the use of electrical submersible pumps ("ESPs"). The well flowed at an average rate of 4,682 stb/d under natural conditions. No formation water was produced.
No oil my Arsenal......!
What are CA going to do and when are they going to do it?
I think HUR dept could be part paid and renegotiated with the Bond Holders. If HUR and BHolders see a forward work program for HUR then they both see future value which to my mind makes our Company still viable!