Member Info for DiveCentre

Thanks Lonestag
Note that they have contracted Paul B. Loyd, Jr. and you have to ask if they will be keeping it for work on Lancaster.

Slift
Is your grudge with Dickbat or the Company?

Hi slip
Well done for spotting that. I've been keeping an eye on the Teekay fleet but missed this one. Timing seems about right given the last lifting which I guess they wanted to get in before year end.

Nothing in that prevents buying in the market.
Were you thinking of this.
https://ir.design-portfolio.co.uk/viewer/6/1867
Again nothing to say HUR are prohibited from buying in the market

MaryMullins

"Hurricane cannot do a partial buy back of bonds in the market"
Can you support this claim with evidence that is in the public domain. You may be correct but if there is no public evidence it is merely your word.

That I do not know. I have previously emailed the company to ask if can buy up the CB’s in the market but have had no reply. I do not no if there is anything in the covenants that prevents them. It is something that does happen as I believe that PMO were buying their own Bonds at some point and the fact that CA have recently proposed it for HUR would suggest that it is a realistic possibility. If the covenants forbid it I doubt that Investec would be able to buy on behalf of the Company as they are a related party.
It would be reassuring for shareholders if the Company could at least comment on the proposition by saying that it is, or is not possible, and if possible is under consideration.

GB1

IMO the Company should have sufficient spare cash by June next year to repay a good proportion of the CB’s. Either the Bond holders agree to accept a partial repayment with an extended term for the balance and possibly a higher interest rate or the Company goes elsewhere to raise funds which together with free cash in hand will enable repayment in full. Raising funds elsewhere could be bank borrowing or an equity issue. It would also make sense to use some of the present cash to buy up in the market as many of the CB’s as they can afford at their current discounted price. It is something I have mentioned before and it has also been advocated by Crystal Amber.

GB1
I think it has to be fairly obvious that Investec’s appointment is to assist and advise on future financing arrangements, either rolling over of the bonds or possibly a fund raise of some description. Otherwise there is no reasonable explanation.

For the benefit of those new to the board and who may not know Trans Ocean publish a quarterly fleet status report. The next one is due around mid February and if HUR have contracted a rig to drill this year it will become public knowledge. Likelihood is that HUR will issue an RNS before the fleet status report is published.

Slift
There was a time when your posts were worth reading.

I was pleased to see an offload before year end and it did cross my mind that HY results might have been a factor in the timing. OGA reported production for October was 14.3m with 22% WC.
Any thoughts/predictions on what the year end net free cash position will be. At H1 2020 it was $106.2m. They have had to remove $21.7m from free cash so I’m thinking in the region of $150m.

adoubleuk
I have noted your previous comments suggesting relinquishment of the Halifax license with some bemusement.
You say:
“I can't be bothered to look at the website. However, this is a quote from the '9/11 RNS'
"In light of the revised interpretation of the OWC, the area of the P1368 Central licence outside the determined Lancaster field area is being voluntarily relinquished” “

If you bother to look at the company’s website you will see that whilst they have given up the peripheral area of P1368 they still hold P2308 (Halifax)

https://www.hurricaneenergy.com/assets/?slug=p2308-%E2%80%93-halifax

Sailplane
That seems like a fairly reasonable analysis. I haven’t checked your figures but they look OK. The question to ask regarding the bondholders is what reason they might have for not sanctioning the proposed drilling. Obviously there is the risk that the drilling may not work but if they don’t sanction it then its curtains anyway. If they agree to a rollover of part if not all of the bonds the terms can be settled nearer the redemption date.

Apart from not knowing who are the bondholders we also don’t know if any of them are also equity holders. I’m thinking that at the fund raise could some of the institutions have taken a mix of equity and CB’s. If any bond holders are still holding equity it is in their interests to keep the Company going.

johnpwh
It's not difficult to be wise after the event.

Doodlebugler
Its in the RNS. Instead of being lazy just read through it all.

Majorboy
HUR have never been been a company that constantly issued RNS's so your criticism "you have had your lesson from Trice" is completely wrong.
If you were a reader of this board at the time you would be aware that posters frequently complained at the lack of regulatory news.

Shame this board is now populated with egotistical idiots.
Really is no point in bothering to read it.

johnpwh
The bonds were issued as part of the 2017 fundraise to pay for the EPS. It consisted of $300m new equity and a $220m Bond offering with an additional $10m over-allotment option. Do you really imagine it would have been successful if they had declared the reserves as now stated. RPS did the CPR and they have the benefit of a disclaimer but if the new figures are true their reputation must be severely dented if not trashed. In the Q&A someone asked if they would be used for the next and the reply was to the effect that the Company would be making a decision shortly. We have not been told of that decision but I would be amazed if RPS have been retained.

No
Big lam = mutton

Biglam
You sound very much like someone who has lost his shirt and is now venting anger.
Please continue as it is quite entertaining.