Member Info for Biffadog

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Hi jfp,

Unless there is a change of venue which I'm not aware of then everybody will be convening in The Goat Tavern after the AGM.

Most will be taking the opportunity to chat with the BOD after the AGM is finished, so if you go straight there, you may have quite a wait on your own before anybody else turns up.

Last year there were about 12 people if I remember rightly. I would expect a few more this year.

ATB
BD.

F22,

Again you miss the point. I'm not sure if this is deliberate or not.

I said it's "no great shakes" when referring to whether GWA ends up being one giant field OR two separate fields (Lincoln and Warwick).

Whatever the outcome, it would mean a very similar amount of oil in place. Circa 935M.

We already know Lincoln has shed loads of oil, so this whole synopsis is based on the premiss that Warwick contains oil too.

I hope that clarifies things for you, as you do seem to miss the point on a regular basis. No offence.

GLA.

Hi Moonlanding,

You must introduce your self at the AGM in June. I understand from previous comments you have made that you sat near me at last year's AGM and it would be nice to put a face to a name. Will you be attending the post AGM drinks in The Goat ?

Cheers,
BD.

Estimated time from spud to completion of the Warwick Drill is approximately 2 months.

The COS of 77% was assigned to Warwick as a whole. There is no published COS for WD as an individual drill.

The fact that HUR have chosen to drill a horizontal well designed to be used as a future producer, speaks volumes for their confidence that WD will be a winner.

Pressure gauges which are planned to be installed in all 3 of the GWA wells will give vital information on connectivity and the GWA as a whole.

It looks highly likely that Lincoln and Warwick are one giant field. If this proves not to be the case, then it's no great shakes, as HUR are left with two enormous fields anyway (subject to a positive result on Warwick drills).

I'm sure any flare from the TO Leader will be picked up in due course.

GLA.

I give up.....

F22,

We have been discussing GWA all day and you have provided a quote pertains to the Lancaster EPS (GLA).

You also seem to think that RT makes decisions based on whether he retains a £500k salary package and anybody who is well briefed on HUR and/or knows RT would frankly find that laughable.

Not only does he own 26M shares outright he has always stated that the plan is to sell HUR at the appropriate time and a £500k salary package ain't going to influence that.

"As more staff come on board likelyhood of selling out always diminishes, why should they?. Dr T on £0.5 million per year, so will be talked around." so says F22.

I'm getting the feeling we have discussed HUR before in a previous life.

GLA.

F22,

No offence but I think you need to take some time out and read the CPR.

GLA.

Hi aduk,

My mistake. I meant a vertical well. I know it was vertical well, otherwise my post would make no sense.

Thanks for pointing out the error.

GLA.

F22,

I mentioned this previously but you really need to bone up a bit more on HUR, as there is a lot of confusion in some of your posts.

A horizontal pilot well has already been drilled on Lincoln and it is highly likely that Lincoln and Warwick are one and the same. This will be proven either way by the pressure gauges that will be installed in each of the 3 GWA wells.

So in all likelihood, there is no need for another pilot well on GWA. If Lincoln and Warwick turn out to be separate structures, then this will no doubt be reviewed.

GLA and GWA are separate structures divided by the Bryhild Fault Zone.

As Genghis righty states, RT is the acknowledged World expert on FB, so I'm pretty happy about the in-house expertise.

Independent CPR (you should read the report) is provided by RPS, if you require further analysis and confirmation of HUR's findings the far. I reccomend that you read it.

http://www.hurricaneenergy.com/application/files/7315/4210/9823/Hurricane_RPS_CPR_11-Dec-17.pdf

GLA.

F22,

They have already drilled a vertical exploration well at Lincoln and are pretty sure Lincoln and Warwick are part of the same structure. Pressure gauges on all 3 GWA drills will confirm this theory.

GLA.

F22,

Whilst you are correct in stating the importance of success at Warwick Deep, you are barking up the wrong tree with regard to OWC on Warwick Deep as it is a horizontal well !!

It’s all about flow rates etc as it is already earmarked as a future producer.

GLA.

A veritable news fest awaits HUR holders over 2019.....

The dates are approximate but it gives an idea at a glance of what is on the horizon.

I have allowed 2 months for each drill with a gap for moving the TL drilling rig. The increase in production time scales are taken directly from a recent HUR presentation.

Late May/Early June: FOIL (AM producing 9k bopd net)
Mid June: Warwick Deep drill results (the big one)
Aug: Lincoln Horizontal drill results (pretty much a cert)
Sept: Lancaster EPS production increase (13k bopd net)
Oct: Second Warwick drill results
Nov: Lancaster EPS production increase (17k bopd net)

More importantly, I would expect data to be released to the market supporting HUR's thesis of the WOS FB play, as and when it becomes available.

A FO deal for Lancaster is also a distinct possibility as the results of the EPS provide a clearer understanding of the potential of GLA.

Interesting times so strap yourselves in !!

GLA.

"Introduction of hydrocarbons is the final stage of the FPSO's commissioning and marks the commencement of the Lancaster EPS start-up phase." from the RNS.

RT previously that it would be about 20/22 days from completion of the commissioning work to actual FOIL.

So, on that basis expect a FOIL RNS at the very end of May or the first week in June.

What's important, is that this stage has been achieved successfully and in good time.

All is going to plan.

GLA.

CA got roughly 23M new shares as a result of exercising their warrants.

As a result their shareholding would have gone up by about 1.15% from 4.87% to 6.02%

It currently stands at 5.51% so this means that CA have actually sold some of their shares.

However today's RNS states that CA hold 5.51% which means that CA have actually sold some of their warrant allocation (roughly half,) either late last week when Kerogen were selling, or they sold from their holding at some time during the last few weeks (after the date covered by the last CA NAV RNS).

That was to be expected.

GLA.

Incorrect.

Brent has in fact moved up over the last 3 days (includes today if it finished up).

http://www.bloomberg.com/quote/CO1:COM

http://www.dailyfx.com/crude-oil

At the end of the day, who knows why the SP is up a bit today. Does it even matter ?

GLA.

F22,

What a load of old tosh. Factually inaccurate and if you think RT's salary packageinfluences any decision he makes regarding the future of HUR, you are plain deluded. He owns 20M odd shares.

I think you might need to bone up on HUR.

GLA.

Nice to see the SP recovering after Kerogen dropped 6.5M shares onto the market in under 24 hours.

It would have been nice if the could have been a bit more subtle in off loading but it's done now and to be fair, the SP held up pretty well, all things considered.

Kerogen are not Chinese backed. They are a private equity fund manager with offices in HK and London and have nothing at all to do with the Chinese government. Have a read.

http://www.kerogencap.com

GLA.

IJWT,

Kerogen are not above reproach.

It's just so far they have done nothing wrong. When they do I'm happy to pile in with the rest of you.

As for the purchase of bonds and stocks, it's certainly possible but will have the effect of moving the SP up as well as being visible.

Also, it means that Kerogen would be complicit it selling out at under market rates and I don't think that's their game. You are welcome to suggest that this is so but I disagree with you.

I'm with wellwell. Having been a buyer right back in early 2016, I'm happy to take whatever I'm given in any TO scenario and move on.

Personally, I would prefer a lesser reward but delivered in say 2020. I know you were a fan of the long game financed organically by cash from the Lancaster EPS, so again we disagree.

GLA.

JoeSoap,

Kerogen only sold 6.5M shares out of 434M shares they owned after the warrants were exercised.

That means they only sold 1.5% of their total holding in HUR.

If you think that reflects badly on their view of HUR's prospects then good luck to you.

When they start selling 10% or 20% chunks then I'd sit up and take notice but for now it looks like Kerogen's confidence in HUR is 100%, to suggest otherwise makes you look rather foolish.

GLA.