Member Info for DYOR2

I think we may get an RNS soon on the BW extension which should give the market confidence, as this was a much talked about issue at the hearing.

There was rumour Trice seriously upset the OGA and they dug their heels in regarding a Full Field Development Plan.

I am very encouraged that it flowed and a FFD has to start with 1 well, at the hearing a figure of $700 mil was mentioned for a FFD but that would be spread over many years.

We know there is oil there and at some stage I would imagine it will be revisited with OGA approval. The Spirit JV definitely needs to be resolved if Lincoln is going to be exploited.

I dont think CA takeover Hur, but could be wrong. The publicity we have attracted over the last 6 months has definitely put us on the radar for a Bid.

The release of good news and there is a lot starting to get lined up should raise the SP which is our main defence against a low ball offer. The probability of the BH being paid is starting to become a reality and hopefully life after clearing the BH's.

I do think outside the predictable news that can get realised we need something significant to get us where we should be i.e. double digits, this could be in the form of a CPR with increased resources, a FWP or the Spirit deal resolved and ultimately a plan to increase production.

I would imagine both Chaffe and Maris will be gone in a few months, maybe the CA deal with them was to stay for 3 months till replacements can be found or the CA guy will stand-up as CEO.

I doubt Chaffe and Maris are performing at best (as always) knowing they will be gone soon. We need to clear decks and get some talent in those positions ASP.

Senseman

I recall several posts on hear around a year ago that stated our lift price excluding debt repayment was $17 per barrel when debt repayment was included it was $27. I have never cross checked these figures, any purchase of Debt would bring the price down.

I would be interested if anyone has any insight into the CB 'unlocking' and potential purchasing on the open market.

Any significant purchases at a discount start to de-risk this stock significantly, it could also reduce the lift price which I think was about $27 usd per barrel on current production.

It may also be reason why CA are accumulating, because a positive buying program/debt reduction will be well received by the market. It was stated at the hearing that up to 30% of CB's or $72m of debt maybe available to purchase. If that sum is purchased at a discount and POO and production stay at reasonable levels, we are in a good place and it will definitely be reflected in the SP. CA must of thoroughly researched the CB's purchase possibility before they proposed it at the Hearing.

L69
That's the figure that was mentioned and not questioned at the Hearing i.e. $1.8 Mill a week 'profit' but it our previous Board have been allocating sums for wind down etc which distorted the actual profit amount.

Onthebeach

Agreed, it does appear RB/CA are not just investing on speculation, they are pursuing a definitive plan, one can only assume that they know something the wider market doesn't. With their men on the inside now I would imagine they have have confirmed what ever it is.

I am very happy to enjoy the ride and wonder where and when it will finish, I would suggest the down side is limited and the only way is up in the short/mid term.

Oilers in general have had their SP fall this week, I think if the 'Start Up', from the Planned Shutdown is RNSed it should give it a little boost.

There is potentially lots of good news coming i.e. confirmation of the FPSO rolling extension and the TC's, CFO/CEO replaced in slow time, New CPR, Ops update, Bond buying completed and financial projection on being able to clear the Bonds, with or without 'bridging', potential FWP (in time) etc etc.

The issue of the reserves and the new CPR will be worked, the new BOD need to be 100% confident it will be better than the previous 2 and that will take time to establish, potentially a few months, I would imagine.

All to play for and I will be Holding for some time.

Senseman

Good post and agree the personal stress and anxiety this BOD have caused is sometimes lost on here.

We are now on a better path and the future is a lot brighter, albeit not without risk.

Great to finally see some action from the Company which saves money and increases value, last but and not least, action which I trust is being conducted for all the right reasons.

Onwards and upwards, hopefully.

HT, 'Rotten to the Core'

I think it is now very public that our BOD are not up to the required standards, I hope the CEO and CFO are removed tomorrow. Theses appointments will have to be filled immediately if only temporarily till 05 July to satisfy the AIM regulators. The clean up needs to start from the top.

The Non execs who have been pulling a pay check while 'working from home' are a disgrace and we have too many on the payroll.

Hopefully Hur will progress onwards and upwards with a few bumps in the road, we need another CPR that has credibility, BW extension should not be an issue and refinancing in a way that removes the BH from straggling the Company. All three are achievable in the mid term and if successful with increase the SP and hopefully it will deliver a future for the Company.

Then a forward work plan based on a revised CPR and the Spirit/Lincoln issues resolved.

I am with Interactive Share Dealing and had to revote this morning for the 5th July Resolutions, for some reason my previous votes did not hold.

Any SH's with Interactive, please check your votes are holding.

The CEO and CFO my be considering their positions, the O and G industry are looking closely at this and the publicity maybe good in way for HUR but for the BOD it is definitely not.

The RNS just released is terrible in light of a positive outcome this morning.

Roll on the AGM Wednesday and and EGM on 5th July and the electing of some Management that want to take this Company forward and realise share holder value.

I hope the new nominated Non Executives hit the ground running on 5th July.

No sanction ruling delivered, maybe the BH will appeal but the Ruling stands.

Senseman

Excellent post.

I think you only have to look at the rise in the SP over last 3 days to get an indication of the ruling of the court. i.e. for the SH's and the Sanction will not be granted.

The Judge didn't like being pressured into providing a ruling by Monday morning, which CA can apply for a stay, if the Sanction is granted, so as stated by other posters the outcome of the AGM and EGM are cast.

I watched all the proceedings and added to my holding today.

Ruling could be public on Monday morning.

Prime - Agreed, it's very obvious that our BOD have not explored options that even the Judge has identified that would have prevented the Sanction Hearing let alone developed the Company.