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on July 5th the board restructuring vote. Expect plenty of noise from all the camps involved but equity shareholders should be preparing to get a grip and vote or they will likely lose most of their holding…
The SP is up..... Ha!
I'd say the BOD's continued relentless negativity is now seriously counter productive to the goals of their master plan.
If I were the Judge, I'd be asking why:
1/ No positivity about the PoO and forward financial projections EVER! (In any RNS I'm aware of).
2/ Remorselessly undermining of share holders position (via RNS too).
3/ Why the rush for the give away given PoO and current production numbers. (Bond isn't due yet).
4/ Why not part pay back the Bond and renegotiate the remaining debt repayment, given high PoO.
5/ Bond Holders even have a forward works program (speaks volumes).
6/ HUR BOD have called Wos assets 'valuable' themselves (I bet they regret that now).
7/ 'oil production from the P6 well is expected to continue declining' .... Expected by our BOD (ha) but not all guaranteed to.
This scheme of the BOD doesn't have to happen on this time frame if ever and that's a big IF!
The BOD should be 'plugged and abandoned' everyone of them!
From the RNS:
"Thereafter, oil production from the P6 well is expected to continue declining."
The BOD didn't need to say this in today's RNS it absolutely stinks and note is says "is expected" what if it doesn't!
Has anyone ever seen mention of the higher price of oil and its positive benefit to HUR in any RNS? Nah this lot stink!
RNS 1 plug and abandon. RNS 2 Oil production levels will continue declining.
Followed no doubt by:
RNS 3 We've given the company away to Bond Holders (tee hee). RNS 4 Now the real work can begin.
"be great to see who the 7% were"
Well it wasn't the BOD, they only own about .00000000000000000000001% between them!
A bit disappointed with the sp reaction to say the least, if the vote would have gone against us then we'd have suffered another pasting.
We've not got another kick in the n*ts after hours RNS coming our way, it's about time the tide turned here.
Is it still going on or ended?
Pretty obvious that if CA and Kerogen vote against then every other vote is pretty much null and void and job done for us.
I don't think Kerogen will have voted against and everyone will want to know why they (Kerogen) were the first Turkey in history to vote for Christmas and I can't wait to hear their reason / explanation for doing so given a 16% holding diluted to oblivion.
Only a field update:
Hurricane Energy plc, the UK based oil and gas company, provides an update on Lancaster field operations.
On 10 June 2021, the Company announced that the electric submersible pump ("ESP") in the 205/21a-6 ("P6") well had tripped on 8 June 2021, causing the well to be temporarily shut in on precautionary grounds prior to restarting the well on natural flow while the cause of the trip was investigated.
While these investigations continue and ahead of an attempt to restart the P6 well ESP, the Company has decided to maintain the P6 well on natural flow at a rate of 9,000 - 11,000 bopd subject to surface conditions and settings in order to fulfil the minimum lifting quantity for the next Lancaster lifting which is scheduled for the week commencing 14 June 2021. Further updates will be given in due course.
-ends-
What's the BOD's body language like? Squirming or smug?
Also we'll soon find out how Kerogen voted.
RosieNas - I'm surprised the vote wasn't 101% against the way this has been dealt with...!
" I was told there are the main bondholders by a founder and ex member of the BoD"
If that's the case, then am I right in assuming that they (Kerogen) are in effect sacrificing 16% of the shares equity for up to 95% of the company dependent on how many Bonds they hold? And that's in the interests of all parties is it as HUR put it.
Possible questions and answers:
Q/ Judge - Mr Kerogen, why did you vote in favour of HUR BOD proposal?
A/ Kerogen, we think after deep and meaningful discussions with HUR BOD their proposal represents the best outcome for all concerned your honour.
Judge - Oh ok, motion carrie.... Oh just one more quick question (I almost forgot to ask, ha) are you 'IN ANYWAY' Direct or Indirect Bond Holders in HUR?
"Don’t believe that for a minute..why would any shareholder in there right minds vote FOR?"
'You don't believe that for a minute Latino' - If Kerogen and CA said to HUR BOD no way will we support this 'deal' their combined vote alone would be enough to vote it down, knowing that do you really think HUR BOD would have pressed on with it? Points to Kerogen being supportive of it to me (but again I could be wrong).
It's pretty obvious to me Kerogen will vote FOR the proposals, reason being in Kerogen and CA had both said no then this 'plan' would never have got off the ground and be voted down with their combined vote alone but the plan is still on the table.
I'd say CA will vote against 14% Kerogen for 16% for starters.
Actually, I hope the Judge would then look into why Kerogen would vote for a 95% dilution (if they do) and ask the simple question why. And then ask are they Bond Holder direct or indirect! That's a very important point / Question to my mind.
I think it's time for the other AM contract to be reviewed (Antony Maris).
I'll put it another way. If they had of extended the BlueWater contract then it weakens Companies case for the giveaway.
Laughable, I was expecting this, doing all they can to make a complete case for handing the business over to Bond Holders (and their forward work plan ha). If they had of extended the contract the Judge might want to know why given Bond maturity date and the speed and way this has been pushed through. Don't worry they'll get some sort of extension from BlueWater I'm sure in the fullness of time when share holders are out.
I've never seen the likes of it.