Member Info for Cebo-456

I never thought that any CEO could be any less inspiring than Colin - but Jag is actually managing it - very lor speaker and really unconvincing so far.

I suspect there will be quite a few scrambling to get back in once they switch on and read this afternoons RNS.

Rogue, I agree although sutelyba depressed GXO SP is better for CLG golders as effectively they will recieve more GXO shares. Anyway, that aside it does seem that this is going cheap - of course the BoD will support and recommend this bid - they will continue in their positions with possibly a few sweetners to encourage them to recommend and come on board. II's may be a different kettle of fish who may not play ball and hold out for a better offer from the Yanks or some other entity.

Ghengis - "by June it looks like the Company will be debt free and may even have some free cash" - surely even you trying to be as pessimistic as possible must realise the company is already currently effectively debt free and by June at the current rate of production any oil price the free cash could be in the region of $70m. I could go on about the flaring consent which every single asset needs to apply for periodically, or the FPSO contract or any other of your points you raise from time to time, but unlike some on here, I have no real want to influence others to make trading decisions either way. Your warning now will no doubt be taken in the same context as your warnings about the risks when the SP was less than 1p - some will blindly take them on board but hopefully most will do their own research and make their own mind up.

Nope, Ghengis isn't deliberately lying and from what I hear, he is a genuinely nice chap - he is just giving an unqualified opinion and painting an extremely unlikely worst case scenario picture whilst deliberately omitting the positives and potential and again stating his assumptions as facts - very similar to how Tom Smith QC and Stephen Robins tried to do at the Court hearing (Mainly Tom Smith, Stephen Robins, who was there to represent the Bond Holders, spend his day's in court looking extremely confused and out of his depth, confirmed on the very few occasions when he tried to put a longwinded and, totally irrelevant point to the Judge - all in my opinion).
FWIW, there have been and still are many wells in the UK NS and UKCE produced at below their Bubble Point over the last decade - sometimes because it is more productive and the "seperated" gas itself provides the lift, sometimes because they are older fields and the producing company do not want to invest in artificial, gas or water lift. We are told that there is no issues producing below the BP with the Hurricane well(s), and Inbelieve if there becomes an issue then the clever chaps will have a solution to continue production. Only another 4 decent offloads should provide enough free cash to cover the MC, which in my opinion is already very much underpinned by the Tax Credits, IP, and unsold produced oil.
What Ghengis forgot to mention is that Hurricane now have Zero Debt because the freecash now cancels out the Bonds, and the Decommissioning Costs are already put aside and ring-fenced.

There were quite a few saying that, even some that possibly believed it - those same few will still pop back from time to time to tell you that that the end is Neigh, the well will water out and the Russians will sink the AM and the sky will come tumbling down. - Come to think of it, where is our old friend Ghengis, must be due a visit, hope you are well.
Seriously though, either of the two wells could individually, in my opinion, go on producing for a few more years yet - It is also unthinkable that RT managed to pick the only spot on the Ridge to put a well that could produce commercially, and unthinkable that with all the new data, this couldn't be replicated again and again.
DYOR though, I am not hugely invested here and only started taking a serious interest again just before the Court Case.

DB, bonds are as good as paid off - Hurricane have the roughly the same amount of free cash as what is owed on the Bonds - the Bond holders are now toothless and may be paid off shortly or the Company make pay them off when they are due, July. All decommissioning costs are covered - and on top of this the AM will already have produced and be storing another $15million worth of oil since the last offload last month.
The interesting part will be how the Company and their major investors decide to play this going forward - do nothing and build up the pot, a couple of exploration drills or sell to someone with big pockets to take it forward - good luck trying to guess.
TR1 anyone???

Hey, there are wells that have been producing for many years in the NS and UKSC that have an 80% water cut. The AM can handle the water so no issues at all.

Did they really have to pay CA's costs????. I watched the Court Case live and remember Andrew Thornton QC asking asking the Judge if he could apply for the costs, but don't think this was granted. - I may be wrong of course.

Correct, its 30%. Mirisol - Rule 9 of the Takeover Code covers the obligation should an entity cross this threshold - worth doing some homework on the Code rather than putting up posts that may not be factual or correct - or at least add that its your opinion or "I think" if your not sure.

And no current declared shorts on this stock.

Sorry, should have added the another 15-20% probably VC firms and maybe a couple % max from private/Public firms and Company insiders.

Guys this isn't anywhere near correct.

From notes:
Institutions and Hedgefunds account for just over 60% combined, with the General Public holding about 20%.

CRS hold >28%, Kerogen 16% with the next largest holding from memory about 6-8 %.

Guys this isn't anywhere near correct.

From notes:
Institutions and Hedgefunds account for just over 60% combined with the General Public holding about 20%.

CRS hold >28%, Kerogen 16% with the next largest holding from memory about 6-8 %.

.... from Day*one

Ron, I though you may have specifically been questioning the OWC (which was the main reason for the difference between the CPRs) or the formation pressure or the modeling and assumptions that they used to get there. A lot of the data provided is actually in the CPR or available in other documents from the company, so it was actually a genuine question.
I personally think that the OIP and recoverable will be somewhere in between both CPR's and as others have mentioned which will only be really accurate in retrospect when the last drop has been recovered, or they stop producing for whatever reason.
I still do not see how a new CPR will guide the BoD, the CPR just independently verifies what they will or should already know. It may help convince Retail or Institutional Investors if they are looking at support from them, but certainly not on any other forward plan - but I will agree to disagree on that.
As a few on here know, I have discussed Hurricane with quite a few really clever SubSea engineers to try and get ahead of the game - and FWIW, from Day, their opinions were as diverse as the ones on here.

Senseman, I have absolutely no want to remove or report any posts on here.
I think I know the Hurricane story inside-out after many years both investing and working in the UK offshore Oil Industry. I know the huge potential here and the remaining risks and certainly don't want or need to influence anyone to buy or sell on some bulletin board - I will leave that to the muliple post muppets with no real industry or investment experience - crack on son.

Ron, out if interest, which of the data that is in the second CPR are you specifically saying is incorrect, also why does the Company need a CPR to "guide them" on any future drilling campaign ?.
At the minute Hurricane need to continue producing, keep building the cash pot in order to pay off the Bonds and give them options for whatever the forward plan entails.. Every day that the oil keeps flowing at those oil prices it derisks the investment. Cash & Tax-credits could be worth the current SP by the time the Bonds are paid off.
Going forward, someone is going to need to start drilling appraisal wells and someone needs to agree a solution to getting rid of the gas without flaring - whether that's Hur, Hur & partner or some entity all together is anyones guess.

Falcone, if the UK Gov do block the sale of Alva to the Chinese, and I don't think they will, then that would leave the Company possibly in an even worse position than they currently are in - be careful what you wish for.
There are still far too many unknowns here - the plan going forward need to be fully explained, also the state of play with the DHSC - do the DHSC still want the £3.5m from odx, and why are odx facilitating talks with partners to sell the Gov supplied and owned equipment, for the Gov - when many would prefer the local scrapyard to benefit.

Total just secured the services of Stena Spey to work short-term on the UKCS, the Majors are said to be in the market for at least 2 more drillers to work WoS. Looks like the Oil Price and Fuel Security have whetted the appetite for closer to home production.