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After much chatter about the CMD, DR T's oratorical skills and the benefits or otherwise to HUR, I though I should offer a brief and somewhat simplistic outline of the purpose and expected outcome of a CMD.
CMD's are aimed at a target audience of mainly "sell side" analysts -- these guys work for brokers and investment banks and their job is to understand companies and their prospects and as the name implies to " sell " the company and its shares to their company's customers, ie to persuade their company's customers to buy shares.
So a sell side guy listens to the presentations and , if convinced by the story, goes back to his office and rings up HNWI's Insurance company investment managers, fund managers, sovereign wealth funds.....etc etc and says "HUR are a wonderful company with very good short -term prospects, why don't you ring my company's broker up and buy their shares".
If and when that happens the sell side guys company does the trades and pockets the commission (and he gets his bonus!!)
The net effect for HUR is a demand for their stock , a rising share price, a better financial position driving lower borrowing costs,higher profits and bonuses for the board- Oh , and incidentally ,profits for you and me!!.
So while DR t's abruptness, poor presentation skills etc etc are a pity - they are not terribly relevant , if we assume our sell side guys are reasonably smart(despite some evidence to the contrary)and they accept the "story" the effects should be a greater demand for HUR stock with the consequences outlined above.

Hi Scotman. My assumptions (based on what little evidence is in the public domain) is this.
SXX's deal will be with JP Morgan, it is a private arrangement and so , though notifiable to the markets via RNS , the full terms and conditions will not be made public.The reasons for this are , I hope, reasonably obvious, JPM will not want other banks to know details of their business , their terms and their margins.
SXX statutory duty will be to tell the markets what final terms, including the full costs, they have agreed for the deal with JPM for the funding, but no more detail than that.
As the arrangements put in place by JPM will not be offered to the wider public markets ,but only to the selected band of institutions brought to the table by JPM, a prospectus will, AIUI, not be needed, nor necessarily will these intermediate terms ever be made public.
My guess is (and it is only guesswork based on snippets of data)that JPM have now lined up a panel of insti's willing to provide sufficient funds, indeed I suspect JPM were lining them up some months ago,and that the likelihood of the funding has gone from possible to probable.
As all must recognise that doesn't mean the deal is done, but IMV(and only IMV)we are in the when ,not if, scenario. Exact terms have no doubt still to be thrashed out and that will, no doubt take some time, and those terms may prove extremely onerous, though again IMV, the fact that interest rates are not moving up anytime soon is good news for borrowers of which SXX is one, and that there is a lot of money looking for a profitable use to be put to , is also positive for SXX.
As said recently, I am re-investing here on the basis that the SP has bottomed, that funding will be found (whatever the cost)and that the project is on a more financially stable footing for the medium term.
Whether I am right will become clearer within months, perhaps weeks.

Hi Fred, city rumours (from two separate sources)are that the "financing framework" is in place.I take that to mean that the prospective buyers are lined up and maybe the allocations are agreed but some terms are not yet finalised, nevertheless next weeks price action may well be a clue as to whether the end of ST2 is nigh.....?

Hi Pete , started buying a few in the mid forties. As i said months ago I thought that a SP rise was dependent on a few months data post-foil. I still think that HUR 's current value(and almost all the SP) resides in the profits from EPS and that all future drilling is a "free hit".I agree with Longwait's post below.IMV , by year end, if Lancaster is still flowing , a re-rate of 30-50% from here is assured and ANY future drilling success doubles that.

Hi Sipp HUR have tax losses sufficient to ensure that about 3 years of production at published rates will be tax free.For full details you can see my posts of 3 April by bringing up my name and scanning back a few pages of my (valuable, informative and well-considered!!)posts.

Very little!!

Hi Chilting. Given that almost all of the short positions will be held by CB holders it is the case that the regular adjustment of short positions has much less to do with perceptions of the likely success or failure of SXX as a company and much more to do with how the underlying algorithms respond to the perceived direction of interest rates and the £:$ exchange rate.
These in turn are affected by comments from the "FED", the Bank of England, GDP figures from the UK and the USA and a host of other actual or perceived indicators of macroeconomic activity.
These inputs are then set against the natural "decay curve" of the value of remaining coupon from the CB'sand the current SXX SP.
It is my contention, based on a reasonable working knowledge of how hedge fund "quants" operate, that almost all adjustments to short positions are, in part, a consequence of the SP movement rather than a driver of it.

HI, after a week of volatility in the SP, I'd like to offer what , I hope , is a bit of calm reflection.
As context I should say that i am now accumulating stock , current average just under 15p and will continue to add seeking to hold an average at about that level(which is equivalent to a market cap of around £1bill, which is, I think ,reasonable)
The SP is, like many smaller or more volatile stocks, subject to a "random walk" (I recommend the book of that name by Burton Malkiel, who still podcasts sensibly and recommends that no PI's should invest other than in funds!!)In the case of SXX the random walk is more of a stagger and that is largely because of the high PI involvement featuring,Panglossian levels of optimism,hysteria,conspiracist chatter and paranoia about market manipulation and insider dealing. To be blunt , that is all nonsense.
What is happening is mostly the lurch in PI attitudes from sublime confidence to abject fear,and the churn which that creates.
I don't believe that any serious players are offloading and here's why.
We have seen recently that SXX were able to issue 218 mill shares at 15p and CB's worth around $500 mill (the new CB's and some "converting" ST1 CB 's) At a coupon of 5% and a conversion price of <19p. So that's about another 2 bill shares taken at 15p or available at 19p. Those actions put a notional floor under the SP , at or not far from, the current SP.
We also know that Pelham,Capital,Jupiter, Norges and Qatar hold around 20% of the equity and they are unlikely sellers at or near the current SP.
On that basis Iam comfortable that ,whatever the short-term gyrations in the SP , there will be a point(absent major disaster) in the not too distant future, when the SP rises significantly above the present level.
I expect to hold until then and review my position at that time.
In the meantime I invite you all to relax and enjoy the weekend, as I intend to!

Fred Hervouet, a CA NED is ex polygon , where he ran a "quant" strategy, coincidence?? I think not!

SEE the following

http://pumpedordumped.com/rampchecker/rampcheckbytidm.php?search=sxx

I,m not clear as to whether the list reflects quantity or quality!!Make your own judgement.

Fred if you haven't read " Enigma...by Hugh Sebag-Montefiore you should look it up, a great history of the significance of Bletchley and its decoders - and give your mum my personal thanks for our collective freedom.

announces the conversion of four of the "new" 5% bonds which were taken up in exchange for the ST1 8.5% bonds last month.They will be converted into equity at 19.4 p.Does that suggest that at least some of the exchanged bonds will not be held long but are merely a vehicle for lowering the conversion price?
it also brings into question whether we may see a fairly rapid rate of bond conversion if the Sp holds up in the high teens/low twenties.

Capital group holding remains steady, reflects ~45mill loaned shares returned.

Hi Brad click on "members" , last item shaded in the list on the left, put your own name in the search box , hey presto!

Yes, at least I can't think of any circs in which that would not be the case. The rule is "within two trading days" so as of 08.00 yesterday that means either 08.00 Tuesday, or maybe end of tuesday , not sure which

dura there are still >1bill shares from the placing not notified, but as the new shares in issue no. is ~7 bill , only holdings of ~200 mill+ (ie >3%)will appear. there may be some of those though.

MYO I employ staff to do that !!

Capital made the not too surprising judgement that the ST2 funding was certain to include a discounted equity element (and probably also rightly assumed that the scale of the debt funding would drive fairly onerous terms).They also knew that their own sale of shares would contribute to downward pressure on the SP . Add to that the fact that they knew they could buy back those shares in the placing at a discount, because that is almost invariably true.See this weeks MKS (Marks and Spencer) rights issue which is also at a near 30% discount as an example.
So with a knowledge of the markets and a sensible strategy they have realised a profit and maintained a significant holding. what they did does NOT demand inside info, merely a familiarity with market machinery.
They could have made a greater profit by selling out completely before the ST2 announcement , but they didn't which is interesting and worth further thought, maybe they were afraid that would trash the share so much that recovery would be longer delayed , because , of course ,they want the Sp to rise now .
I don't find their actions either dishonest or surprising as i pretty much followed the same strategy myself , and said so , in advance, on a number of occasions!

Mr math that's pretty much how I assess my investments. I then use the results (including divis, if any) to calculate an annual %age .I have set myself the objective of Inflation +10% for many years and have almost always achieved that . exceptions in 2001, 2002, 2008.But as often stated I am a cautious investor,and much of my money is in fixed interest or high divi yielding stocks. I find it easier to achieve steady returns rather than try to pick big winners(though I hope SXX is an exception!) As you recognise it is possible to achieve negative averages, mine here is ,after three investment periods, I am pleased to say, a number ~ minus 30p !!

Bonds come in units of $ 200k and are not available to private individuals (unless they are exceptionally wealthy).

"J curve" is a description of a very steep rising price and has been cynically ascribed by some as a nickname for Chris Fraser SXX CEO.