The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Last weeks RNS was shocking - "the company intends to seek confirmation" - the Company and CEO should demand clarification from TheoremRX and then have let shareholders know exactly where they stand. I fact, I really cannot see any reason why that RNS was needed unless it was released knowing that it would have a negative effect on the share price - which will help get any raise away at a discounted price to the SP as it was on the 17th. The Company now needs money, lenders and investors will want a decent discount to the SP and PI's will have no option but to vote in favour. Good luck - for transparency, I am not invested at the moment, I do believe Val have a very decent future but also believe that unless Suzy pulls something out the hat and soon, then their will be a raise and the SP will drop towards that level (12p/13p) which may be a great buying opportunity for anyone with some dry powder. Just my opinion.
Can't really disagree here, single figures if the deal with TheoremRx gets pulled, and back to the 30's if Suzy get it over the line at the third time of asking. More importantly , Suzys reputation and credibilityare on the line - I believe her to be a great scientist, and honest and trustworthy person - maybe not necessarily the CEO and dynamic deal maker that this Company needs - hopefully she proves me wrong. FWIW, I am sitting it out for now, which may have been obvious given my thoughts above :-)
Fortussimo - Hur have already set aside the Cost for future decommissioning so have zero liability there - and BP will not be looking at selling assetts to "offset their tax bill" in fact if anything, all the signs are that BP may be looking to invest more money West of the Shetlands in the near future to reduce their WFT bill - It really wouldn't surprise me in the least if BP reverse the decision on the Foinavon wells and end up putting another FPSO on it to continue producing once the Foinavon gets towed away/scrapped in a couple of months time. If the rumours are correct- BP are also in the market for a couple of drillers to work WoS starting in the next year.
Most realised this was what was happening when they never tendered for a driller to work this year. Correct decision in my opinion. Inyeresting ti see what they do with the ever increasing cash pot. Projections in the RNS are for Brent above 90$ - I don't see it being below $100 any time soon (currently $116).
And yes, basically if CRs want Maris and/or Shafe out then I am pretty sure we will know soon enough - and if thats the case then they will probably walk prior to the AGM. Now given that CRS could call a GM to vote them out at any time, I suspect that perhaps they are now relatively happy with the direction the Company are taking, and official Comms between RB and the BoD have perhaps improved significantly.
The forward plan is needed very soon - reading between the lines and readibg what is coming out from Hurricane - I suspect we will now see M&A action rather self funded drilling which carries a higher risk.
Just my opinion though.
- rubbish - one of the other directors ussualy steps up on a temporary basis and the Company have 6 months to make it official or find a new one.
I have always been a huge supporters of Suzy, she is doing a great job, is trustworthy and trying to do it the right way. Unfortunately, I now have zero faith in the Yanks - if they couldn't raise money by Q4 2021 and then missed the next deadline - how confident are they that, or any if us that they will hit the End Stop Date?. I really hope that Suzy isn't being strung along and if they fail to come up with the cash then I hope she tells them to sling their hook and has a Plan B.
Good luck all here - I was locked in last time this was suspended and it worked out mighty fine, but I do not hold any this time - not sure if that's a good thing or a bad thing - but in both instances there is absolutely nothing anyone can do to influence the news that is coming, no one can sell or buy - so may as well switch off until news is announced. - but good luck all that remain holding, hopefully its the big one (sale).
Anyone that trusts TB really needs to really give their head a good shake - the way to play this may be to wait till it drops to below 15p, buy, wait till it is pumped and then sell before TB flips his shares again.
All IMO
Mirasol "every month we see big and medium sized companies sell out" - nonsense.
BP may have diversified in the North Sea but have and shell have spent tens of billions of dollars developing the UKCS over the last decade and continue to do so.
The Chinese pulling out will have no impact on production - the assetts will still produce the same hydrocarbons so S&D and the PoO will not be effected by this decision.
The company are required to release news such as the FPSO contract as soon as reasonable practical - It was probably signed Friday morning so needed releasing when it was - the BP cash advance and credit agreement would have been subject to the FPSO staying in situ - so it would have been pointless agreeing the BP facility or releasing this news before the FPSO contract was secured.
The late RNS would have caught quite a few out with many not seeing it till after the market closed - so the SP on Monday will depend how the market view the news - particularly where the CEO mentions that further investment is being considered both on their own acerage or elsewhere in the UK O&G sector. - does this somehow tie in with BP's Cash Advance facility??? - why has BP agreed to this and why may it be needed???? - the Andrew feild is one that BP seem open to letting go, or they were a couple of years back, as is the Foinavon as previously discussed - I suspect that a deal for either would have relatively minimum upfront cost to the purchaser.
There may be some even bigger news on the way very soon.
Come on guys, there is as much chance of Hurricane investing in Pizza Hut as Angus Energy. The next move should be to get the GWA drilled this year.
Yep, seen
CRS hold a lot of the cards but even they would struggle to get enough of the remaining shareholders to sell in order to buy the company as you suggest. Anyone else trying to build a decent stake in the open market would send the SP soaring. RB at CA would demand a huge premium for their shares, and whoever bought them would then have to offer the same (highest) price to all other shareholders. I personally do not believe CRS would have sold out before the Ukrainian crises for less than 20p per share - now with the Oil Price set to possible top $120 and then some for the rest of the year - and the focus back on the North Sea and the UKCS - i think RB will want a whole lot more more for their 29%.
Of course RB has sounded out potential buyers and could well facilitate any takeover - but I expect it to be at least treble what the SP is currently.
Once the bond holders are history, the Company do not need to consult them before signing the AM BB Charter extention, or spending cash securing a drilling rig or any forward plan. The last offload means the Company can be debt free and Bond free by month end, and still have circa $30million in the pot - whilst currently producing a million $ worth of oil every day. When that happens, the rest of the news should follow in quick succession.
Apache, yes it has or had a gas solution as it was tied into the WoSP, but it certainly doesn't have a nice new PFSO. The fionavon is a rust bucket - it is still on location, although production was shutdown for the final time end 2021 - and will be towed away and scrapped in the next few months if they can get it prepped . BP are unsure how much oil is still recoverable but its thought to be a lot more than the 200mil barrels stated.
Those thinking that the Foinavon wells could be hooked up to the Aoka Mizu are kidding themselves - if this was worth doing then BP would have hooked them up to the Glen Lyon which currently has enough spare capacity.
It could mean that whoever decides to take the foinavon wells off BP, could potentially look at aquiring the whole of hurricane's acerage - another reason why Hurricane need to hang onto the GWA license this year.
As per my post yesterday before this mornings RNS, I believe Suzy is a great Scientist & CEO - I just have no faith in the Yank consortium as a partner, more so after again missing the second deadline to raise what should be a relatively small amount. If they prove me wrong then I will look at taking a position here again, as long term this should be a very decent investment - But I do hope that Val have a back-up plan for 201 if they Yanks bale out or Suzy sends them packing after more time wasting. I don't believe that there is any rush to raise funds as some have suggested and pretty sure Suzy shall cover this on her Q&A session on the 6th.
I have full faith in Suzy, not so much with the Yank consortium - if they have raised the cash that they want to then I will jump back in, no doubt at a substailly higher price than now. If the Yanks do not manage to raise the money by the End-stop date then the drop will obviously be over-done presenting huge buying opportunities and I will potentially take a position again. Either way I think that long term this is a very good investment, Suzy is an excellent Scientist first and CEO second - and investors should do just fine.
Easyp, Hurricane likely need the cash from this offload before they can officially make the announcement that they will pay off the Bond Holders - this could be as early as next week. Then once the BHs are history - we should see the extention of the FPSO charter announced. Drilling the GWA is then got to be our next priority and with Cash in the kitty, the OGA will now have no grounds not to amend the GWA licence conditions (probably a 6 month extention to drill or drop). I expect Hurricane now be in the market for a drilling rig for Q3. Either that or to have a buyer for the Company.