Member Info for E_AL

Guys, hold into your shares, good support around around 4.5 on the L2, it should break 5p shortly.

Totally agree

Another day ended with more buys than sells. Hopefully we’ll hear from Glen shortly about the recent board changes.

# Trades 535

Vol. Sold 4,648,068
Sold Value £393.69k

Vol. Bought 7,603,703
Bought Value £644.03k

Glenn, will get the job done, he was with the company from the beginning, he has an excellent relationship with JB and was asked by Amigo to rejoin the company as consultant back in Q1 ...... now he is in the helm!

"JB: Glen buying in a substantial stake, taking his shareholding up from 4.6% to 6% on Friday is the best indication that:

1. He is here for shareholders, not for a salary.
2. Amigo got all of its bad news out of the way at the last announcement."

This is another good and more detailed technical chart: https://twitter.com/HarmonicCharts/status/1288022630570889218/photo/1

He'll maintain 10% to call a vote

"JB: At 10% the shareholder agreement dies and I hold enough shares to call a vote."

Spot on chrisengland

Trades since the opening 169

Vol. Sold 1,346,353
Sold Value £112.56k

Vol. Bought 3,549,654
Bought Value £296.75k

Buys vs Sells: 2.6x times

It’s not an old news, in listed companies all appointments or termination of employments of executives and members of board must meet certain rules and obligations under the UK Corporate Governance Code. So submitting a resignation letter doesn’t come with an immediate effect unless the company has already hired someone else to replace that person to maintain a balance of directors to serve on the Board and its Committees.

The company terminated Wilcke’s contract last week after hiring a new chairman and we just found about the termination from Companies House so I am expecting RNS this week to confirm the departure of Wilcke and Hamish.

[Amigo said outgoing Chief Executive Hamish Paton will step down on 31st of July]

Great news!!

* Termination of appointment of Stephan Wilcke as a director : https://bit.ly/2Pl9OEX

Now Glen is back in the helm, August will be the month to see Amigo back on track & heading in the right direction, supported by the majority of shareholders!

"@JamesBenamor - Jul 31
Sorry, not much to say right now. Today is the last day of Hamish as CEO. It feels like a lot has changed in the last few weeks, but actually all the appointments and resignations don’t take effect until Monday."

Monday is the start of a new chapter for Amigo though."

A solution to the BOD shenanigans next week?

JB: [With shareholder support draining away, and the PIs who bought my shares being overwhelmingly supportive of a second vote, they needed a way out.

I imagine Glen offered them an amnesty. Leave quietly and his Amigo would not sue them.]

Can’t wait for next week, things becoming VERY interesting and promising!! Amigo’s shares worth multiples where we are at the moment

JB just tweeted : [Glen is busy shaping Amigo into the form that it needs to be to win this fight. His feelings on a good board and exec team are pretty much identical to mine. In his time as CEO we never disagreed on an individual’s value.]

"So do charts predict news too?"

Not at all but technical charts are very helpful for traders since they show sp supports & resistances. TA chart comes handy in setting stop losses or when to sell.

Thanks for the chart swazers, great work. I am expecting a stream of news next week

The pullback to the 9p support was expected, it had to cool down before the next rise. L2 looks better and nice buying pressure is building up at the moment

HURRICANE Energy - The Herald Tuesday 28 July 2020

has received a boost following a difficult period after increasing production from a big field off Shetland.

The company said that output from the Lancaster field West of Shetland has increased to 17,000 barrels oil per day from 15,000 bopd following work to improve the performance of the asset.

Hurricane suspended its production guidance for Lancaster in May after hitting problems with a well on the field. It shut the well in.

The following month its chief executive Robert Trice resigned.

ince restarting production earlier this month from the well it had taken offline, Hurricane has increased output from Lancaster by 5,000 barrels per day.

The company had been targeting a plateau production rate of 18,000 bopd from the early production system (EPS) on Lancaster.

The company will use the results of the EPS when deciding whether to sanction the investment required for a bigger full field development of Lancaster.

Its progress will be followed closely in the wider North Sea industry.

Hurricane stoked huge interest in the West of Shetland area by making a series of finds in a relatively under-explored geological layer. It started production from Lancaster last year.

The Spirit Energy oil and gas business owned by power giant Centrica bought into Hurricane’s acreage in 2018.

However, Hurricane has seen its shares plunge in recent months after suffering operational setbacks. The sharp fall in crude prices triggered by the coronavirus has created further challenges.

Last week Centrica revealed that it had cut the valuation of its exploration and production operation, which includes Spirit, to reflect the drop in commodity prices.

Centrica put its 69% stake in Spirit up for sale last year but paused the process in April. The company said last week the divestment process would restart once commodity and financial markets had settled.

Hurricane said yesterday that it had successfully completed the commissioning of electric submersible pumps on both Lancaster wells.

Shares in the firm closed up 0.42p at 5.9p They sold for 58p in May last year.

Industry veteran Beverley Smth was appointed interim chief executive of Hurricane in May.

https://www.heraldscotland.com/business_hq/18611176.shetland-oil-pioneer-enjoys-production-boost/

Malcy’s blog 27 July 2020

Hurricane Energy

Another Lancaster EPS today and the company states that ESP’s have been commissioned on both Lancaster wells, the 6 well has been returned to natural flow and the 7z well is continuing to use the ESP. Oil production has increased from c.15,000 bopd to c.17,000 bopd as oil and water production from the 205/21a-7z well has stabilised, the 17/-has stabilised with the 6 well producing 12/- b/d and the 7z well 5/- b/d with a 53% w/c.

Whilst there is still a way to go before the ongoing geological and technical review is completed and production guidance is reinstated, I remain confident that with its low break-even price and weighty production the share price at below 6p is clearly not in line with any sort of realism…

https://www.malcysblog.com/2020/07/oil-price-petrotal-echo-vog-hurricane-president-cairn-ascent-and-finally/

Hurricane Energy

Investing in oil and gas is not for the faint-hearted (Greig Cameron writes). Geopolitical tensions can quickly send oil and share prices into reverse. There is also growing pressure to switch to renewables.

Recently you can add demand issues caused by Covid-19, such as airlines being grounded and other forms of transport operating at fractions of their capacity.

Backing oil companies on London’s junior Aim offers opportunities for those who like to indulge in a healthy chunk of risk in their portfolio. And Hurricane Energy has experienced peaks and troughs in the price of its shares during the past few years.

They were about 10p at the start of 2016 and reached a high of 64p in May 2017 before sinking to less than 29p in September that year. By September 2018 they were above 58p but have been on a steady decline since last November. The shares started this year at about 30p and have not been above 10p since May.

Hurricane looks for hydrocarbons in rock formations known as fractured basements, which lie below where North Sea oil has typically been extracted. It successfully found large accumulations in an area to the west of Shetland with independent reports suggesting its acreage may contain more than two billion untapped barrels.

Hurricane raised substantial sums including a $230 million convertible bond, which is due in 2022, to build an early production system (EPS) on the Lancaster site to prove the viability of fractured basements. In 2018, Spirit Energy joined as a drilling partner on the adjacent Warwick area.

First oil began flowing from the Lancaster EPS in May last year and more than 5.7 million barrels have been extracted. Yet doubts persist as the amount of water brought up at one of the two Lancaster wells has continued to rise. Hurricane this year withdrew its guidance of 17,000 barrels per day for 2020.

However, yesterday the shares rose by 7.7 per cent to just under 6p after an electric pump on the more troublesome well lifted production to 5,000 barrels per day in the past few weeks. The other well continues to produce about 12,000 barrels.
ADVICE Hold
WHY There is not much further for the shares to fall and some potential upside

https://www.thetimes.co.uk/article/hsbc-walking-tightrope-of-west-versus-east-wd3njj6h0

Malcy’s blog 27 July 2020

Hurricane Energy

Another Lancaster EPS today and the company states that ESP’s have been commissioned on both Lancaster wells, the 6 well has been returned to natural flow and the 7z well is continuing to use the ESP. Oil production has increased from c.15,000 bopd to c.17,000 bopd as oil and water production from the 205/21a-7z well has stabilised, the 17/-has stabilised with the 6 well producing 12/- b/d and the 7z well 5/- b/d with a 53% w/c.

Whilst there is still a way to go before the ongoing geological and technical review is completed and production guidance is reinstated, I remain confident that with its low break-even price and weighty production the share price at below 6p is clearly not in line with any sort of realism…

https://www.malcysblog.com/2020/07/oil-price-petrotal-echo-vog-hurricane-president-cairn-ascent-and-finally/