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.
Or Dana
I suspect that Gas Flaring consent will be extended as required. I have no concerns about producing below the BP and suspect that the Company have it all covered - CrS and BW must be more than confident on this as well.
With the bonds soon to be history and no Bond Interest to be paid, the cash will start piling up. Next weeks offload and the following one should mean that Hurricane can self fund the next drill if that's what they want to do - so maybe keep an eye on Diamond Drilling Rigs (they have a couple warm stacked) including, from memory, the Great-White which they will want working, even at a reduced rate. Or more likely Hur will get a slot for a floater already mobilising to the North Sea on a different contract - Island Inovator for example- which is possibly getting dusted off for some Petrofac?? work scopes. ;-)
Thats as positive as Maris has ever been - probably through gritted teeth. Big Bear - the AM offloads when her tanks are nearly full, which will be in the next 10 days - provided this is scheduled before month-end then the the way the contract is set up, up they will recieve top dollar for the offload.
Thats as positive as Maris has ever been - probably through gritted teeth. Big Bear - the AM offloads when her tanks are nearly full, which will be in the next 10 days - provided this is scheduled before month the the way the contract is set up end then they will recieve top dollar for the offload.
It is nearly unbelievable that Colin King and the BoD could actually be so incompetent and submit without checking and double checking - the current CEO was part of this set-up and has, in my opinion also been completely clueless and useless - which was confirmed by the abysmal interview the three gave last week or the week before - and why is it taking so long to get the answers to the questions investors submitted. I am not invested here and thankfully haven't been for a while - but still cannot believe the level of incompetence shown by the current and past directors.
Personally I really cannot see under any circumstances where CRS would take over Hurricane - its not what they do, its not what they know - they may facilitate a takeover and even already have a buyer lined up, but it won't be themselves - they are just not set up at all to run a Company in this sector, or any other sector for that matter - Odds of 50-1 for RB putting in a bid..
6 months ago, I would have said that BP and Shell were way out of the running - I would still be very surprised if they come in at this time but you never know - the events in Europe over the last few weeks may mean they refocus on production closer to home - Odds of 20-1
If a TO is actually on the cards it will be Mid Tier Company or Private Equity - Odds of 5-1.
I think that what we will see first will be the long awaited extention to the FPSO contract - that alone should get the SP really moving - but if it comes with a forward plan which involves a drilling rig and a gas flaring solution then that may be everybit as lucrative to investors as any potential takeover.
All speculative nonsense on my part ;-) but you never know.
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.
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.