Member Info for Biffadog

The spending of the $16M is direct from a conversation with the company yesterday and the anticipated future expenditure is my summary of things from this conversation.

Hi rpoodle,

I think the situation is not as bad as you may think.

The $16M is accounted for by $10M in the second half for Sea Lion, $2M for drilling in Egypt, $2M for the Cabot deal should it go ahead and $2M for various sundries. I understand that the forecast cash burn for 2019 is nothing like this amount, as RKH's spending on getting Sea Lion to FID will have been finished, leaving $30M in the bank with no major planned expenditure to cover.

Once Sea Lion is given the go ahead, RKH can forget about having to spend cash on developing other assets (acquisitions or currently owned).

Any company has to state the main risks to their business, so I wouldn't get too worried about those statements just yet.

If we see FID at some stage in 2019, the SP should shift upwards and if RKH need to do a small raise to cover cash flow until FOIL so be it. It's unlikely to dilute things that much anyway (assuming a reasonable rise in the SP).

However, I'm not sure they will need to do that as with FID comes lender finance for Sea Lion and current income covers G&A anyway.

If for any reason the SP does not rise after FID, then I think it's highly likely that RKH will be taken out at a bargain price by a major.

If somebody put a £1 a share on the table at that stage and we were still sitting at 40p (for example), I think it would be taken up by the shareholders. Investors (myself included) are weary and need a boost at FID. If this doesn't happen and a TO offer appears, I think most will throw the towel in at that stage.

In my mind the only real danger is that FID goes right back to end 2020 or later. I think your concern is perhaps over done at this stage.

GLA.

wellwell,

I bought up NANO for good reason. You are continually taking snipes at the performance of the HUR BOD, which incidentally I feel are largely unwarranted, so I thought I would provide examples of companies whose BODs have singularly failed to deliver what they had promised. NANO are a good current example of this.

It's very obvious you are a trader and post according to your position at the time (long/short or out).

At the moment, I suspect you are out. I think the Spirit deal caught a lot of you boys on the hop as you were hoping for a low 40s buy in and all of a sudden the game changed. I think HUR has the potential to provide plenty of these surprises in 2019.

There is nothing wrong with making or losing money from trading a stock but just don't expect to make any friends when you posting is not always in good faith.

GLA.

I would expect updates on EPS performance when flow rates increase, when the second well is bought on-line and at any of the formal reporting points (Annual Report, Interim Report etc).

They have been very good in updating investors with the progress of the Lancaster EPS project so far, so I can't see why that would change.

The dark days of HUR shutting down all communications during drilling programmes etc have gone.

HUR IR seem to be doing a good job nowadays.

If however, the EPS performs way below published expectations, an RNS would have to be issued anyway.

Either way it's highly unlikely we will be kept in the dark.

GLA.

wellwell and NigWit,

There has always been risk and it's always been acknowledged. Please don't suggest otherwise.

These exact discussions have been had in here many times.

It's also a joke to suggest you are invested here. You are not.

You twist and turn and lie to suit. Shame on you.

You cannot win in a situation where truth is simply not respected, so I'm out of here.

Hi HTL,

Just read your post after writing/posting mine. Seems you pick up on "happy clappers" too.

I forgot to say that if the risk factor is so high (wellwell and NigWit in particular) then don't invest. I see ifonly1 is tagging along this morning playing the stupid puppy dog role. Why not bring all the cast out, it is a Saturday after all.

Sorry, I forgot your sole purpose is to put off new investors and keep the SP down at crucial moments.

The only thing I'm not sure about is how many of you there actually are. Is it just the one or are there more ?

At least most of us post in good faith.

GLA.

wellwell,

We've done this one to death.

We ALL accept there is some risk that the EPS might not perform as expected (please read that line a few times and let it sink in). Please stop suggesting that we do not know that there is risk involved as it makes you look a bit stupid.

The key is to ascertain how much risk and then each individual must decide whether to invest or not, and if they invest, what level of exposure to take.

It's all about Risk/Reward and the ratio here is very good indeed.

Personally, I feel the risk is very low. Mikjjo's post earlier today covers that one very nicely indeed.

Personally, I think Morgan Stanley overstate the risk but they have to cover themselves to a degree.

I prefer the CPR and the vote of confidence by Kerogen and Spirit.

As with any company, oil or otherwise, you need to trust the BOD. If you do not trust them and suspect they are being economical with the truth, then best not invest. UKOG, XEL, NANO all being good examples. IMHO of course.

I've read up on this to the nth degree and met RT on 4 occasions (3 AGMs and 1 GM) and with the benefit of that I am happy to invest.

Please continue to try and sow the seeds of doubt, in this instance by playing up the risk factor up to being far higher than it actually is.

Your use of the words/phrases "happy clappers"and in particular "making some coin" ( a while back) really give a big clue as to your likely background. Not sure which crew but it's certainly one of them. IMHO once again.

The only people I have met who use the second phrase have all been DOTHO (have fun with that one).

My advice to any new investors is to read up on HUR thoroughly and make up their own mind. There's plenty of info out there and it would be a shame to not have at least given HUR the once over whether you invest or not.

GLA.

OK Fair enough Ricfle.

How about "£17B !!!! A bit on the rampy side don't you know"

Sorry but I couldn't help myself.....

"This would give Hurricane a MC ofapprox' £17bn. Thoughts?"

You've bought back in then !

GLA.

Hi Boyzee,

I was one of the PIs that thought we could make FOIL in 2018 but it looks like I was wrong.

I can’t see a single post where any PI is backpedaling and are now saying they never thought FOIL was possible in 2018.

Maybe you could highlight a post that says this.

GLA.

"Now, I have quoted a Dr T interview, the Transocean rig report, Hurricane's environmental statement submitted to the EA and the permits from the OGA. All of which were initiated by Hurricane and anticipate first oil Q4 2018." so says Ricfle.

Please supply a link to the Dr T interview where he said FOIL in Q4 2018. I'd really like to see it.

Could you also supply a link and page number to a direct quote from the OGA or Transocean saying that FOIL is "anticipated" in Q4 2018.

I won't hold my breath.

HUR have NEVER stated directly or through 3rd parties that FOIL is "anticipated" in Q4 2018.

I'm not trying to influence the SP. I just get sick to death of you bunch posting blatant untruths. That's your game not mine.

I've already said previously that I expect it to fall back further before rising again. It's the way with shares like HUR on AIM and I except that. It matters not to me, as I don't trade like you boys. I'm just sitting on a nice fat investment for the long term and am happy to take the minor ups and downs in the SO as long as the trend is up and the fundamentals are good. I was one of the lucky ones who filled their boots back in the 10p-13p days.

I'm happy to hear all views (positive or negative), it's just then intentionally misleading stuff I can't abide.

I'm out of here.

GLA.

Ricfle,

Q4 2018 was only ever a date that the PIs came up with.

HUR have never committed to Q4 2018. If you think that is so please provide a link to an interview or document. I won't hold my breath as we both know full well it's simply not true.

The best we have ever got out of HUR (outside of H1 2019) was when RT said at the 2018 AGM as part of the presentation that "early 2019" was looking to be on the cards.

Also, for the record RT did mention getting an FPSO on site at Lancaster by September 2019 but the was hypothetical and way back when HUR were still drilling and the AM and finance deal where not even on the table.

HUR do not have two programmes and the 10 year analogy is total rubbish as HUR are working to a realistic plan and just so happen to be hitting all the targets. I agree that if they had stated the FOIL target was 2022 you might have point.

Shame you can't manage to post in good faith but it's to be expected I suppose.

GLA.

HUR have swapped out one drill (not definite as dependant on EPS cashflow) on a yet to be decided part of their acreage for a definite 3 well drilling programme on the GWA starting in March 2019, with further a further 3 wells to follow, subject to the results of the first 3 drills.

There is no plan for GLA as it stands, or perhaps I should put it this way, there is no plan that the HUR BOD are able to share with us at this stage.

I wouldn't be at all surprised if we saw a drilling programme on GLA by the end of 2019/start of 2020 as a result of a FO but that just my opinion.

As always, the situation is fluid.

GLA.

Hi JoeSoap, Ricfle et al

Not sure why you boys are saying HUR are late with the EPS. HUR company presentation attached (page 12).

So far HUR have delivered every stage ahead of schedule.

Moving forward the next targets taken from the most recent company presentation are as follows.

FPSO sail away due by end of September. This is the only target that HUR could be said to have missed but it's only by about 2 weeks and doesn't impact anything. Big deal.

Better authorities than me have suggested that sea trails (due to start before the end of this month) will take about 1-2 weeks. Sailing to WOS (including a stop off at Rotterdam to fit the flare stack) takes 6 weeks, so we can expect the AM to arrive at Lancaster by the end of November. HUR target end Q1 2019 at the latest. Looks imminently achievable to me.

With the usual caveat of the weather, it would not be unreasonable to expect FOIL by January/February 2019 against a target of H1 2019.

What PIs (myself included) expect is neither here nor there, it's what the HUR BOD say that matters.

So, for JoeSoap to suggest the EPS project is running 3-4 month late and Ricfle to say it's running 2-3 months late is simply NOT true. It's shame that you have to resort to this but I understand that you boys are looking for your buy in price.

The EPS project is on schedule. FACT.

With regard to the SP, the 50 SMA is roughly 51p and the 100 SMA is about 48.5p (and rising) and I agree that 51p is almost certainly going to be tested now and 49p could also be hit. After that I'd be amazed if it didn't rise again. All IMHO.

To be honest, I can't wait for it to over and done with and you boys can buy your HUR shares and quit posting blatant untruths about the EPS schedule.

I also can't wait until Q2 2019 onwards, when being out of HUR will carry a significant risk of being caught out by a big RNS.

GLA.

http://www.hurricaneenergy.com/~/media/Files/H/Hurricane-Energy/documents/presentations/hurricane-corporate-presentation-3Q-2018.pdf

Hi wellwell,

Had RB suggested the very deal Spirit has now landed, I think it would have been greeted with the same response it got last week. Why wouldn't it ?

Had this deal happened in 2017, I'm sure everybody would have been over the moon but it wasn't on offer then.

The problem with his "sell Lincoln for £500M" suggestion was that it was fatally flawed and hence it gets a poor reception on here when mentioned. Again, happy to repost on that one, as I was at the 2016 AGM.

However, RB is now a mere 5.8% shareholder and thankfully has no real influence over proceedings. I'm pretty sure the BOD are glad to see the back of him as he went out of his way to put them in a bad light when he got caught out wildly overexposed to one stock and it didn't play out as he had hoped.

I don't understand you and Nigwit's fascination with the guy. You certainly like to sing his praises on here at any opportunity.

That's fine and dandy but maybe some prospective is needed, he's not on the BOD, he's just an investor that tweets about HUR when it suits.

Happy to talk about RB but not sure he or CA have any bearing on the future of HUR now so what's the point ?

GLA.

Apologies, I was a bit confused when you said "mutual friend" as I have never met or spoken to your mate Moon.

He may well have sat next to me at the HUR AGM. I'm sure he did if he said he did. It's just difficult for me to say any more than that not knowing who he is.

Hopefully he will introduce himself at the next AGM. I know he posts on the HUR board.

I'm somewhat surprised that he phoned you just to tell you he had sat next to me. Not sure how to take that !!

I can only assume he had much else to talk to you about.

I will take care with HUR. Thanks for the advice.

Enough, I'm off....

Thanks for the feedback on NANO. It all helps to build a picture. I'll do some of my own research, get up to speed and draw a conclusion either way. It seems quite binary on the face of it.

I don't actually know Moonlanding and have not met him.

He did mention he sat on my left at the last HUR AGM but I'm not sure how he would have known that as we hadn't been previously introduced.

Maybe he overheard me talking to somebody pre the AGM. He's not the only one who has said that they have met me at an AGM that I have no recollection of, so it's quite posible.

Not sure that HUR have the potential to be a total wipe out as you suggest but it's the wrong board to discuss that one.

I'm really pleased to hear that. It certainly clarifies your post for me and hopefully it also clarifies it for anybody else that read it the wrong way (maybe it was just me who construed it that way).

So the message is, don't sell folks, as wellwell for one, is planning to buy !!

Enjoy your golf.

Hi Guys,

I've just started to research Nanoco and I'm sure after a day or so I will be up to speed but just wondered if you guys could tell me if it's a good investment or not.

It looks like there may be some issues as well as some plus points.

Thanks in anticipation.

Hi Ricfle,

Lets wait a little bit longer and see, shall we. It's not uncommon for funds to sell just under the 1% mark so as not to declare at sensitive times and sell just a few more at a later date, push it over 1% and release a TR-1. I'm sure that you are familiar with htis practice. If not, I am rather surprised.

The CA RNS is back dated to 31st August, so couldn't include and selling into the rise created by the Spirit deal anyway.

For the record, I hope that CA are not selling. If RB doesn't derisk further, it's safe to say that he certainly doesn't mind putting his balls on the line. Fair play to him. I'm sure it will pay off but equally surprised if a fund manager plays it that way.

wellwell finished with this line "With suspicion-not of anything illegal, just without the usual everything that the BoD do is great hat on. You might not sell but it will perhaps make you weigh risk differently"

The suggestion is that you should think seriously about selling your shares due to some unspecified failure or weakness in the BOD.

Whether you like it or not, wellwell is suggesting that people seriously think about selling their shares.

Is this really a good idea for them to do this ? Please expand on the point, if you feel this is the case.

I'm all for a free and open debate. Have some of that !!

GLA.