Member Info for Digby04

Thanks boyo - that chart speaks volumes.

Article is very one-sided as if focuses on negative aspects with no mention of plans to increase production from Lancaster...
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Cancelled Lincoln Crestal well kicks up a storm for Hurricane Energy
Shares in Hurricane Energy fell by 17 per cent after it warned it may have to plug and abandon a well to the west of the Shetland Islands.
The Aim-listed energy group struck oil at the Lincoln Crestal well last summer and suspended it with plans to hook it up to an existing production vessel this year, subject to regulatory approvals.
Hurricane said yesterday that it would not be possible to complete the tie-up this year and it had therefore released the installation vessels it had contracted.
On existing regulatory approvals the well can only remain suspended until June at the latest, when it would have to be permanently plugged and abandoned. Hurricane said it had applied to extend this deadline but if this was unsuccessful it would abandon it in March.
Hurricane explores “fractured basement” rock formations which lie below where most conventional oil has been produced. It has begun producing oil from the Greater Lancaster Area using the Aoka Mizu floating production, storage and offloading vessel. The Lincoln Crestal well lies within the neighbouring Greater Warwick Area where Hurricane is still exploring.
Spirit Energy, the Centrica-controlled oil venture, bought a 50 per cent stake in the Greater Warwick Area in 2018. There is spare capacity on the Aoka Mizu that Hurricane had hoped to utilise with Lincoln Crestal.
Analysts at Arden suggested that if the company gets approval it could “potentially make use of [the well] at a later date”.
The shares closed down 3½p, or 17 per cent, at 17½p.

RE: FRIDAY CLUBToday 07:28
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Here is the piece in today's Times:

'Wind is in Hurricane’s sails
After a tricky few months, Hurricane Energy shares found their mojo again. The stock was worth more than £1 billion last summer, but its value collapsed in recent months. However, the shares flowed 2p, or 9.4 per cent, higher to 23¾p yesterday, after the company topped forecasts in its first year as an oil producer.
Hurricane is working to extract oil from the North Sea west of the Shetland Islands. Before a full-field development, it set up an early production system at its Lancaster oilfield last May to improve its understanding of the reservoir below.
Hurricane has produced 3 million barrels from the field at 12,900 barrels a day, comfortably ahead of guidance. It ended the year with revenues of $170 million and cash of $157 million, better than City estimates.
The plan is to complete testing on another well in coming days, after which the aim is for both wells to produce 20,000 barrels a day.
The shares dropped sharply before yesterday’s update.
But Morgan Stanley could find nothing to worry about, saying: “There is nothing in the update that would remotely explain the 35 per cent drop in share price year-to-date and a 10 per cent fall [on Tuesday].”

I’ll go for it if I’m not too late...
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For anyone unable to download the Arden report, here's its Conclusion:

Conclusion: Hurricane has made a series of large discoveries West of Shetland in
fractured basement reservoir. Earlier this year the company reached first oil on the
Lancaster EPS development, which is to produce at 17-20mbbl/d gross for up to 10
years (Hurricane 100%). This will provide significant cash flow, and important
production data to help demonstrate the commerciality of the 2.6bn boe of
resources the company has discovered. Post a farm out to Spirit Energy in 2018,
Hurricane recently completed an appraisal/exploration drilling campaign on Lincoln
and Warwick, with plans for subsequent tieback development in 2020 there too.
Alongside funding increased activity, the farm out also provides important technical
endorsement of Hurricane’s discoveries. Going into 2020 we expect reporting of
further Lancaster production data and company cash flows. We have a Buy
recommendation 90p target.

Agreed. Ghana is very much in Tullow's DNA. Can't see them shifting it.

Guyana has the makings of being a game-changer, so just need to stay patient.

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Go Digby!

...well, I'm continuing to hold.

The more I look into this one, the more I think that it is undervalued. I might top-slice when it gets into the 20s, but will continue to ignore today's gyrations.

Hi, I'm one of them....!

Nano was tipped to me by a friend a couple of years ago but I'd forgotten all about it, until I saw the sp crash of last Friday. It seemed too good to miss so I am one of the lucky ones who got in at 8p. Having been burnt on a few AIM punts that have peaked and then crashed, I was contemplating heading for the exit - that was until yesterday's Director buys.

Think I'll hang around a while. Hope I haven't just given Nano the kiss of death....!

GLA

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Anyone so inclined will probably have order set to receive dividend payment in the form of scrip issue. (I have this as default setting for all my dividend paying shares).

More likely that potential buyers will start to realise that current sp is way too low, given POO.

She was on R4 Today programme as well. You'll be able to catch it on BBC Sounds.

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Listing planned for mid-February.