Member Info for DaKen

There's a rumour going around that JMAX called the sell at 39p 😴😴😴

You either have amnesia or a tragic personality

jmax how did your "red day here" prediction go? s******

Blackpool - no they will not be entitled to their share. Once they withdraw they give up all rights and obligations

Hmm good question Bullseye, I'm not sure.

Tambo - I'm certainly not on the extreme naive end of the spectrum, but being so would be just as detached from reality as you, seemingly, being at the overly cynical and negative end of the spectrum.

There will be (fair) conditions and disallowable expenditure, but if the field produces in line with expectations they should recover the vast majority of the $2bn. The PSC is a legally binding contract and I've seen them work as agreed in various African countries.

Won't do themselves any favours in atttracting future foreign investment if the terms they sign up to are not upheld / aren't worth the paper they're written on.

Worth reading...

https://www.petroleum.go.ke/production-sharing-contract

Yes, it's common practice in Africa in order to attract exploration - if you strike oil you recover the initial exploration and development costs.

They won't get it as a lump sum though - it will be recouped via the state oil company's (National Oil Corp) share of production per the Production Sharing Contract. So Tullow will get all or part of NOC's share of production until the $2bn is recouped.

Most of the $2bn investment costs are recoverable from the Kenyan Govt, but only following successful commencement of production

https://nation.africa/kenya/news/tullow-overshoots-cost-recovery-claim-by-over-sh15bn-309772

Get some new material DD 😴

Well at least it's new material. Still awful chat though...

🥱🥱🥱🥱

Yeah the whole "you were ramping at 60p, 50p, 30p..." and "who has the most accurate posting history" etc is getting extremely boring. Appears to be a group of trainees (or one trainee) from Pictet who have the futile task of trying to influence the share price on a message board haha. Quieter this week I note though haha. Move on or come up with some new material. ZZZZZZZZZZ

Meaningless and pointless - exactly what CA will think of your report based on nothing more than conjecture and speculative mind-reading on what was meant!

Hahaha, you're like the kid at school who gets a kick from telling the teacher someone is chewing in class, only worse as at least that was against a rule of sorts. Sad life like.

WOW. Simple you're embarrassing yourself, I'm cringing for you. CA will also when they see your snidey, snitchy, trouble-making report hahahahaha. In between laughing at you.

Zoom out for a minute Simple. You have made a serious report against someone for saying on a forum that EPL clarity will give CA clarity to make decisions. That's it. Hahahahaha!

Not once was it said this meant direct decisions on HUR's strategy, anything illegal or underhand, just "decisions". Your embarrassingly weak argument is that by repeating his original statement this confirmed your cynical, 2+2 = 1,000 interpretation to be justified.

Decisions is a very generic term. Decisions on whether to sell could be one of them, but also decisions on how to leverage their perfectly above board influence via seats on the board.

Seriously, get a life!!

Lame (selective) rebuttals.

To stick with the car analogy - what if the person insisted your car could not be repaired and the ONLY option was to scrap it for 5% of the value you paid for it?

But you obtained a 2nd, more authoritative and balanced opinion which advised you that this was not the case and there was a real possibility it could be repaired. And it was indeed repaired (but not before a great deal of personal stress and cost).

Would you trust the person who crashed it with the future stewardship and control of your car? And to make all future decisions about your car on your behalf?

Didn't think so.

P.S. And don't forget, many shareholders (understandably) trusted the BOD and opted to sell out for close to the scrap value, only to see that value increase 12 fold in a matter of months. Try convincing them that the CEO and CFO have played a blinder....

5) Your hailing of the old BOD and crediting them with the recent meteoric rise in share price is utterly laughable. THEY drove the share price into the ground, and the market corrected the price after the courts exposed their unnecessary and premature doomsday scenario for what it was, aided of course by rising commodity prices (which was always a distinct possibility, hence why it was such a ludicrous plan).

Would you give such credit to someone if they crashed your car to bits then got it repaired to roughly the same condition it would have been in if they hadn't crashed it? Hahaha

Simple, like yourself I also feel compelled to make my first post on here in response to recent posts, after merely following from the sidelines But those recent posts are yours.

I do not wish to sound too disrespectful, but I laughed / winced my way through many of your posts. Mainly the egotistical, self-promotional and hypocritical ones, but also those riddled with inaccuracies and lack of knowledge yet conveyed with such unwavering conviction.

I've dissected a sample to illustrate...

1) Shoe-horning into the discussion, at the earliest opportunity, that you helped save humanity developing covid vaccines, hold various directorships and have extensive knowledge of the oil industry. Yet in the same breath have the audacity to criticise others for ego-driven posts!!

2) Claimed you didn't post previously because you were too busy developing vaccines (hahaha), then a few posts later sarcastically asked "Do you work 24/7/365 without time off?"

3) As pointed out by another poster, you quickly discredited your claim to extensive knowledge of the oil industry when you referred to Hurricane having "a single rig moving towards its end of life".

You then doubled down on this blatant lack of knowledge, even after another poster clarified that it is an FPSO, with the following (rather ****y) response:

"An FSPO is a storage vessel. I asked how many offshore platforms does Hurricane currently have in active operation. You believe the answer to be zero, so what use is an FPSO if it is unused? I would reconsider your answer if I were you."

You evidently don't understand the differences between wells, FPSOs, rigs and platforms. As the other posters have advised, there is 1 FPSO, 0 rigs and 0 platforms. And an FPSO is not merely a storage vessel.

4) You claimed that "The share crashed to less than 1p (0.6p) due to a updated CPR".

Incorrect, the share crashed to 0.6p after the BOD announced its (wholly unnecessary) plot to wipe out 95% of shareholder value.

I don't understand it. 120m net assets. No debt. Return to profitability going forward with carefully managed contract bids.

Primed for a takeover bid at this price - maybe that's the only thing that will give us the return we're hoping for!

Does that not double count the £100m loan transfer?

Say the loan wasn't classed as held for sale. The assets held for sale would be £1.1bn instead of £1.0bn.

£700m - £1.1bn + £501m including loan notes proceeds gives £101m post sale.

It's unusually complex with the timing of the sale, wish they'd just done it on 31 Dec! We'll have clarity in 3 days at least!

Most of the cash balance will be offset by current liabilities - it's not all excess cash. I would imagine they've deferred VAT payments etc, so we're basically holding cash that belongs to other parties.

Not meaning to dampen everyone's spirits - I'm invested here too but just trying to be realistic :-)

Intrigued to see how you arrived at that figure...

The £100m loan transfer is included and accounted for within the £1bn net assets for sale at 31 Dec. So NAV post sale is £700m - £1bn + £401m I believe