Member Info for DiveCentre

MCB55
Bear in mind that an updated presentation was published for the Interim Results on 20th September.

JK

Some people seem to have forgotten the RNS 02/09 in which they said:

“Operations have now recommenced with two flowlines. As operations move into the next phase of commissioning over the coming months, production and availability are likely to be constrained as certain planned works and delayed data gathering activities will require periods of production shut-in. Hurricane therefore expects system availability to revert towards prior guidance, being 45% for Q3 and 65% for Q4. “

45% is 9k per day.

Have they abandoned the data gathering and just decided to go all out for maximum production.

I think not.

Bloobird

When Barclays started coverage (17/05) the sp was 56p. the fact that the sp is now below 40p probably explains the revised target.

daltry

mm's may be responsible for manipulation at a micro level but I see no reason as to why they would continually supress the sp, and doubt they they would be able to in the face of any sustained buying pressure.

If there is manipulation ask who has a motive.

Sipp
Have you read the Times article today about the CEO berating these boards?

Biffadog
I was being conservative in my estimate for next year. I know that OPEX guidance for next year is $22 but I retained the current figure of $25. I also calculated 20k production from 01/03. The great unknown is of course the price of oil.

It still means they should have a lot of spare cash after that committed to Warwick/Lincoln.

If they declare a drilling program on GLA or Whirlwind the bondholders will know they are not going to be in a position to redeem. If not might we see a rush to convert in July /August?

feelinlucky

A poster on advfn mentioned the recent survey work and suggested it could be co funded by HUR and PMO also pointing out that PMO have a survey consent.

Tony Durrant has said they would be happy for Solan to play a part in HUR’s WOS plans:

https://www.pressandjournal.co.uk/fp/business/north-of-scotland/1430960/premier-oil-looking-for-part-in-basement-plays/?sso-c=MC4zMDY2NTgwMCAxNTcwNDUyNjY4

I have no idea as to the practicalities. Comments welcome.

SpruceGoose2

The sp is 40.58p. If a bid was made on Monday what would the premium be?

Any thoughts on the new BP CEO?

A quote from a BBC news article:

“Since 2016, he has been running the "upstream" part of BP since 2016, which produces about 2.6 million barrels equivalent of oil and gas a day.
But he began his career as a drilling engineer, worked in roles in the North Sea, Vietnam and the Gulf of Mexico, including as a drilling engineer on the Thunder Horse field discovery.”

Will he be HUR friendly?

Biffadog

You have confirmed what I thought namely that the CB holders have the opportunity to convert to shares if they anticipate the likely hood of redemption.

Do we know the number of CB’s in issue and the conversion ratio to ordinary shares and therefor the number of new ordinary shares that will be issued if all the CB's are converted, and what is the amount per new share issued that the Bondholders have to pay HUR to convert?

The Warwick Deep horizontal was drilled 50m below the planned level and was 288m short.
This was revealed in the CMD RNS on 11th July:

"The Warwick Deep well was drilled to a total depth of 1,964m TVDSS and included a 712m horizontal section of fractured basement reservoir. The horizontal section was 50m deeper and 288m shorter than planned but nevertheless penetrated the target volume of the reservoir."
No explanation was given as to why it was 50m deeper than planned or 288m short but knowing there was a drilling **** up and a side track probably explains it. Despite saying the drill penetrated the target volume of the reservoir you have to ask if the result would have been the same if they had drilled at the planned level.

It will be interesting to see next years drilling programe and whether they revist the WD location.

Transoceans fleet status report should be out in about 3 to 4 weeks time (last year 22nd October) so if AS is true to his word we ought to have an RNS fairly soon.

slipanchor
It's possible she is working for HUR.
The last day she has been tracking over the Warwick/Lincoln area.

HUR have two survey consents:

205/21a Consent to Undertake a Geophysical Survey
(Sub-bottom Profiler CHIRP Survey, Magnetic Survey (e.g. Electromagnetic Survey)) GS/939/0 26th June 2019 1st July 2019 Completed (Approved) 27th June 2019 30th September 2019
204/25 Consent to Undertake a Geophysical Survey
(2D Seismic Survey, Sub-bottom Profiler CHIRP Survey, Sub-bottom Profiler Sparker Survey, Sub-bottom Profiler Boomer Survey, Sub-bottom Profiler Pinger Survey) GS/957/0 7th August 2019 1st August 2019 Completed (Approved) 9th August 2019 30th November 2019

JayKay

"And.... It's the W/E, so time for O/T!"
OK I thought so long as it's not the B word or Greta and the Thunderbugs

https://www.youtube.com/watch?v=jog8gh40Fho

JayKay

"The obvious answer is a potential suitor for the HUR assets... However, whether this is even remotely likely or indeed actually possible (depressing the SP), I haven't a clue..."

Any clues from todays posts?

Longwait

There are frequent allegations that the share price is being manipulated.

I am not going to dispute the possibility that the allegation is correct but if it is the next question is who is doing the manipulation.

Does anyone have an answer?

dong dong

doing

AquaeSulis01

"Wouldn't surprise me if this is being set up for a cheeky bid"

Who do you think is dong the setting up and what sort of figure do you consider to be a cheeky bid?

JoeSoap
The sentence you refer to is on page 6:

"Greater Warwick Area
We were delighted to announce the results of a successful drill stem test on the Lincoln Crestal well on 12
September 2019. Consent for suspension of the well, with gauges downhole, was granted for the purposes
of: completing pressure build-up tests, gathering interference data between the Lincoln Crestal and Warwick
West wells, and gathering data from the early wells that are planned to be drilled in 2020. The suspension
consent provided requires that the well is re-entered to be plugged and abandoned by 22 June 2020. "

I was confused by it and assumed it to be an error.

Hannam are saying there will be a CMD in January.

Is this new information?

Biffadog
RT said:
"However, we remain cognisant that it will take at least six months of steady state
production before we are ableto evaluatethevalidity of our reservoir model"

What he did not say is when the sixth month period started.

They have been producing at an average 14k bopd
"Average production of 14,100 bopd, from first oil to the most recent lifting completed on 17 September 2019, has been ahead of guidance of 9,000 bopd."
But also they say
"We therefore expect the average production constrained by systemavailability and data gathering
requirements to be in-line with guidance at approximately 11,000 bopd for the remainder of the year"

Which suggests to me that the six months of steady state production starts from now.