AGM.6 Jun 2019 10:06
No real surprises at the AGM yesterday.
Will release well data and interpretation of the early performance of the EPS at the CMD on the 11th July. No further comment today.
Whirlwind: Currently working to bring that into the portfolio. 250M barrels. Watch this space !
Even if Warwick a non runner then Spirit and HUR will progress with a 500M barrel FFD of Lincoln.
Having said that, I think WD is a winner.
Whilst I cannot quantify this with actual words, I can give my interpretation of the body language when WD was discussed in a post AGM chat. This doesn’t necessarily help you lot but I trust my judgement, and so for me at least, it looks good.
AS presentation was really very good. Previously, I have found him to be a poor presenter but today he was upbeat and polished in both the presentation and the answering of questions.
Spoke to Roy Kelly at length. Kerogen are in this for the long haul and will certainly block any cheap TO bid. They are well aware of the potential in HUR (goes without saying).
HUR are not looking at any further equity raises and will follow the outlined plan of developing GWA with Spirit and GLA (with or without a FO partner) until such time they are “interrupted”. They would prefer a FO partner, as this would move things forward at a quicker pace.
Stobie said "there is enough risk in geology without adding unnecessary risk by stretching the finances"
AS said that HUR “fully expect to be interrupted at some stage”. For “interupted” read bought out by a big player(s).
This would seem to be the perfect scenario, because either we get a neat exit or the SP goes up with increased production and the proving up of more 2P reserves.
Aim to have 1B 2P reserves net to HUR by 2022.
The move to the main market not a priority as the BOD have enough on their plates at the moment. There are advantages and disadvantages to this anyway. Late 2020 at the earliest. Don’t forget whilst a lot of the administration and planning has already been done, a move to the main market would require a road show to make the most of attracting new investors and this is a massive time commitment for RT that he can ill afford.
Don't expect HUR to convert the CBs to equity in 2022, as will most probably use a soft call (if north of 78 cents in August 2022) to buy them back, thus avoiding further dilution. Nice.
Other than that it's all in the company presentation. All ver y upbeat and a good time was had in The Goat afterwards.
Never felt more confident about making a few quid !!
GLA.
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