Member Info for DiveCentre

I wouldn't say no to 50p.

Redpolo 32
Thanks for that. I've just been looking it up and found it in the RNS 29.06.17. I must admit I had clean forgotten about the clean up call. Was that a pun!
So next offload should be followed by redemption and an RNS to advise.

Hasiba
You say “Next off load will see CB paid in full.”, but will the bondholders refuse early repayment and insist on holding out until full term in order to continue receiving the interest. Of course HUR could offer to redeem early and pay the additional interest the bondholders would have received had they held to full term, but could the bondholder decline such an offer. The only reason would be to remain as creditors who have a hold over the Company. Seems unlikely but it is a niggling thought.

Cebo
My recollection is that the judge agreed the request.

He made mistakes but RT created this Company. He also got the funding to get it where we are today, and yes it was most likely on the back of over optimistic expectations, but without him there would be no HUR.
I cannot imagine that he will come back but I would like to hear his side of the story.

The outcomes are either JOG gets a good deal, inline with Arden, or they get a poor deal, or no deal. My biggest fear is that the BoD might overplay their hand and get no deal. Suitors are not blind; they know JOG needs a partner. It depends on how many suitors there are and how ambitious the BoD are in their expectations. If there was a deluge of interested parties, they would be falling over themselves to do a deal and given the passage of time it suggests that this is not the case. I just hope that the BoD remain realistic in what they can achieve because a poor deal has to be better than no deal and I cannot see how they can survive another cash call.
I remain invested in the hope that realism will prevail.

Yes.

Reading the various commentary’s, the view seems to be that OPEC members will struggle to ramp up supply to meet the anticipated demand increase. So is Brent on track to reach $100 by the end of February? If it does we are looking at $50+m revenue from the next offload in March.
Thoughts please.

Should be debt free by the next offload with cash in the bank. MC is £91m. At current oil price that’s about the same as free cash from 4 offloads, or six months production. Such a shame ADUK is no longer around to see this.

Scott Spirit is now en-route to Scapa Flow. Looks like laserdisc's prediction of a ship to ship transfer is correct. Departed AM at 19.37 reporting draught of 12.3 from 9.2 so a good load.

Hi Amaja
Good to see you posting again as thought you had given up on HUR.

This is from the placing document:
The BP Contract expires on the later to occur of (i) six years from the first commercial oil production;
and (ii) the marketing by BP of fifty-five million barrels of oil; but the term may be extended by the
parties for successive twelve month periods. BP may terminate the BP Contract on thirty days notice
where the Company does not commence commercial production by 12 April 2020. The BP Contract
terminates automatically on the earlier of (i) cessation of production; and (ii) 12 April 2028.

Slift
Remind me what you used to say about there being covenants preventing HUR buying the CB’s.

There is not much that can be said about this that doesnt look like saying I told you so. However I and many others did tell them so and the bond purchases, revenues and cost effectiveness of the FPSO have proved that the shenanigans were right to dismiss those who would have wiped out over 90% of their equity.

Right now Hurricane is beginning to look on the bright side of life, proof if any were needed that sometimes the little people know best.

winalot

Unless there are experts who can explain why not, it would seem logical to restrict flow down to say 5 or 6k bopd to extend the period into February. It will have the added advantage of reducing “pull” on the reservoir and extending the time before bubble point is reached. It would be worth another $4m.

Good to see the sp closing at 4+p together with Brent now trading at $86.
According to the 16th December RNS they had $127m free cash as at 30/11/21, and with the further bond repurchases they will have paid out £69m leaving $58m of free cash, and outstanding bonds of $79.8m to pay. So, they need another $21.8m to clear the bonds plus a further $3-4 m to pay the remaining interest due up to the redemption date assuming the bondholders hold out for this.
I rather suspect that HR will leave the next offload until latest possible date to maximise revenue and will also have the advantage of cashing in on the rising oil price. So the next offload could well be end of the month and if they can manage 550m it is not unreasonable to expect $25m of free cash from this load which should leave HUR debt free.
At this point they will hopefully provide long suffering shareholders will some news on how they intend to manage the reservoir, and planning for the future.

Andy Kay's death was reported on the 17th September 2021 by Missdosh on this thread

How sickening is it that had 17m$ had not been wasted on the restructuring plan we would now have almost enough free cash to clear the remaining bonds.
How sickening is it that had the Board embarked on a Bond buying program in October last year we would now have not only enough to clear the bonds but also enough to fund further work.
Last year I was advocating bond purchase in the market and certain posters were claiming covenants prevented this. In August 2020 I emailed the Company:

Hello Ben,

Unfortunately I have not received a paper copy of the Annual Report. If any are still available I would appreciate receiving a copy.

I also have a question regarding the Convertible Bonds which I hope you can answer. The CB's are listed on the International Sock Market based in Jersey and can be bought and sold through that market. I understand that they are currently priced at a discount to their original purchase price. Having read all the information on HUR's website regarding the bonds I can see nothing that would prevent the Company from buying them in the market. Could you please advise me as to whether there is anything that would prevent the Company from buying the Bonds in the market if they chose to do so. For clarity I am not asking if there is any intention on buy through the market as that is information which understandably you would not wish to disclose; I simply want to know if it is an option open to the Company.

Regards,

And received no reply.
Read this:
US$230,000,000 7.5% convertible bonds due July 2022 POSSIBLE BUY BACK BY HURRICANE OF BONDS 1 October 2020 EXECUTIVE SUMMARY
Its in the company documentation. They chose not to and the board should now be held accountable.

This is not an excuse for Maris, but he was brought in after all the down grade warning. It should be quite apparent now that questions and disagreement among board members over the reserve volumes and the O/W level are probably what led to Robert Trice’s departure. Who took over as interim CEO? Beverly Smith if you remember, and in my opinion a lot of what followed was due to her assessment of the Company and her influence on policy. Of all those forced to resign it was she that I was most pleased to see go.

Stifel ae HUR’s nomad. It would be a conflict of interest for Stifel to hold HUR’s bonds for their own benefit. They will have bought these bonds in the market for the sole purpose of selling them on to HUR for cancellation. Given the quantity of bonds now bought back it is clear that some have been acquired from the one or more of the ad hoc group. Shed no tears for the bondholders now selling up. Some will have bought at a discount well below the current price and those who held from issue have had the benefit of four years interest at 7.7% so even selling at 95.8% par they are still well in profit. The fact that some of the bondholders are prepared to sell up at a discount is undoubtedly an indication that they attach risk to full term redemption but do not allow this risk to be overstated bearing in mind that all those that have sold out are still sitting on an overall profit.