CHANGES WILL BE GOOD19 May 2021 12:02
On 14 January 2021, Hannam & Partners published research paid for by Hurricane. It estimated a "risked net asset value" of 10p a share, valuing the equity at £199 million. This assumed an average price for Brent crude oil of $60 a barrel, compared to a current price of approximately $69 a barrel, an increase of 15 per cent. It also predicted that bondholders would be repaid in full. On 10 May 2021, an operational update was provided which stated that its Lancaster P6 well was producing 11,600 barrels per day. In circumstances where it is now said by the Hurricane board that Hurricane has little or no chance of repaying the bonds, there may well have been a failure by the Hurricane board to update market participants with information already shared with Hurricane's bondholders.