Member Info for DiveCentre

Hasiba
A valid comment and something I have been thinking on. Clearly the market is not taking court approval as a forgone conclusion. Will be interesting to see the Company's response when it gets the thumbs down. Maris will be toast. Will he resign or leave it to the AGM to get voted out.

RNS translator
“The cost per bbl is dependent on the production rate because the majority of costs are fixed.”
Fundamentally this is correct although I recollect that Bluewater’s renumeration is subject to variations in oil price and or production rates. There is obviously a poo dependant minimum production level at which the Company can continue to generate profit.
Based on recent production figures, poo and the cash accrual during the last quarter I reckon they need to produce at least 5.6k bopd with poo at 68$ to break even.
When you read the Companies cash generation predictions, they are saying that they expect to produce nothing in the next 12 months which can only mean they are taking the extremely pessimistic view that production will drop of rapidly. Also they are using a much more pessimistic figure for poo, for example at 50$ they would only need production to drop to7.75k bopd to reach the break even point.
If production could be maintained for the rest of the year at 10k bopd then with the current oil price they would have 205m free cash by the year end.
When you consider that the bondholders have been collecting interest at 7.5% over the last 3 years they will suffer no net loss on the $50m relinquished in exchange for 95% of the Company. The shareholders have been screwed and the BoD are responsible. AK suspects a motive. Either that or they are totally lacking in entrepreneurial management skills.

See thread title Chancery listings

For anyone who wishes to be involved see para 2.2
https://www.gov.uk/government/publications/business-and-property-courts-rolls-building-cause-list/business-and-property-courts-of-england-and-wales-cause-list

For anyone who wishes to be involved see par 2.2
https://www.gov.uk/government/publications/business-and-property-courts-rolls-building-cause-list/business-and-property-courts-of-england-and-wales-cause-list

and now $69

A more reasonable explanation is that they only had two offloads in the last quarter. 3/4 February and 16/17 March.
I estimated revenue for the period at $54.25m.

Can the CPR by ERCE be relied upon any more than the CPR’s provided by RPS? Both came with liability disclaimers so are they worth any more than the paper they are written on? Both are essentially a validation of the opinion of the commissioning party. If RT has lost credibility, then why not RPS. Without their CPR would he have raised the funds for the EPS.

Why would a US Law firm have any inside info?

Are there any US law firms acting for the bond holder?

Appearing on the Companies website:
"There is currently an individual contacting US law firms purporting to be Hurricane’s CEO, Antony Maris. The email being used is amaris@hurricaneenergyplc.com however other similar email addresses may be used. Please note this is a scam. Should you receive contact from an individual purporting to be Antony Maris and are unsure as to its validity, please contact us."
So what's going on?

Slift
don't presume to know what I think.

The problem is that not all you say is fact.
Its speculation dressed up and presented as fact and that is deceit.

If RB wants a seat on the board it will limit the opportunity to trade which suggests to me that he has a genuine expectation of value in the companies assets. With an upcoming AGM there should be some fireworks. How many of the board are up for re election?

Johnpwh
“but as soon as they do starte buying they will force that market price of the bonds up.”
Yes but every bond they buy at a discount is a saving on the eventual redemption figure plus the interest saving in the meantime. They should buy as much as is possible until the bond price is pushed back up to its par value.

Slift
“Also, there is a covenant that prevents HUR from directly buying the bonds on the market.”
You persist in saying this as a statement of fact when you have no evidence.

Slift
"And ofcourse, DYOR and don't ever listen to this board."
Extremely good advice for once; which also applies to yours .

adoubleuk

This crossed my mind but as a non oil man I dismissed it as I thought the distance might be too great. So very interested to hear you had the same idea. The subsea costs would certainly be far less than a replacement FSPO.

Where is the evidence to falsify it?
There is none as is there no public evidence to confirm it.
You are dressing up an assumption as fact.

Slift
"With regards to purchasing off the market, there is a covenant that prevents HUR, directors, or any party related to HUR from buying it."
Where is the evidence to confirm this statement?

As well as the quarterly production report which is now due the annual report should be out soon. It was published on 17th April last year. I await with interest what Mr Maris has to say about the future of the Company and will it address the bond repurchase question.

Given the current share price I would say that an 80% take up is a resounding success. I always viewed the offering as a sop to shareholders and the shortfall is hardly going to make or break the company.

Slift dflynch
Given the current sp converting the CB’s to ordinary shares is an irrelevance.
The only question of any significance is whether the Company is or has bought CB’s on the open market at their currently discounted price and if not why not.

This is a quote from Crystal Ambers Interim Report published 3rd March 2021 (it has been mentioned here previously)

“following discussions with other Hurricane shareholders, that it should allocate a portion of its cash to buy in some of the Hurricane loan notes at below 50% of par value. The Chairman of Hurricane had previously told the Fund that he regarded such a purchase as "a commercial no brainer". No update on bond purchases or capital allocation has been provided to the Fund or the market.”

Why would Richard Bernstein make this public statement proposing such action if it were not possible? Furthermore why would Steven McTiernan the chairman of Hurricane Energy regard such a purchase as a commercial no brainer? Surely the Chairman of the Company would know if buying in the market is an option available to the company and surely he would know if there are covenants in place that ruled out this option.
The only public information regarding the bonds that I am aware of is that contained in the Convertible Bond Offering RNS 29.06.2017 and the Results of Convertible Bond Offering RNS 30.06.2017. Neither specifically rule out the possibility of the Company buying the CB’s on the open market.
I emailed the company 10 months ago to ask if there was anything that would prevent the Company from buying the Bonds in the market if they chose to do so, but received no reply.
They have no drilling programme for this year which means they have substantial cash in the bank doing nothing apart from sitting there until required for redemption. As Steven McTiernan is alleged to have said it is a commercial no brainer. Every CB bought at a discount is a saving on the eventual redemption cost plus the additional saving on interest payment in the meantime, so if the option is open to them and they are not buying they are defrauding the ordinary shareholders. If there are secret covenants that deny them the option then at least tell the shareholders and Steven McTiernan should resign or be sacked if what he is alleged to have said is true.