The latest Facts?? - well it is HUR!29 Mar 2022 21:11
From Fridays RNS......
1. The charter has been extended to cover the remaining economic life of the Lancaster field.
2. Either party can give six months' notice to terminate the charter.
3. The existing day rate and tariff for the vessel remains at $75,000 per day and 8% of revenue respectively.
4. Hurricane agrees to establish a secured deposit account of up to $18.7 million for the benefit of Bluewater to cover the costs associated with the day rate for the six-month notice period and decommissioning in respect of the vessel.
Financial Update
In addition to the charter extension, the Company has negotiated with BP Oil International, the purchaser of its crude oil, a facility that will allow for cash to be advanced ahead of a lifting. This provides the ability to create more frequent cash receipts and assist with the Company's working capital. The facility incurs a financing fee that is only payable if the Company uses it.
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Does the above look like a company that has just just pulled up last months production and found that it is pants?
Further to that all the above are forward looking statements.
The POO will fluctuate, as everything does these days. HUR is an AIM stock so will bound around all over the place.
For me, the last two days price action has been the fabled Mr/Ms . Market dipping the price leading to us good old PI's to jump ship / take profit / panic etc etc.
Don't forget this little beauty hit a low of 1.4 ish pence only a year or so ago. This means an canny investor is - was sitting on an almost 10 bagger on Friday Evening.
Make your own minds up. But there is still a lot of change needed here, but Fridays news has to be seen as a large step forward.
GLA
Danno.
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