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A precedent was set at the High Court hearing, when our BoD tried to stuff ordinary shareholders and gift the company to their mates for circa 1p/share. Justice Antony Zacaroli was quite clear in his summation, that he didn’t accept the beyond useless/criminal forward projections presented by Mari & Chaffe etc, that we had no chance of meeting our targets, clearing debts et al, over the coming year. And now the BoD arguments at the HC, with hindsight, can be seen for what they truly were…a complete scam attempt. They continue to do nothing positive our BoD and the thought occurred to me a while ago, that they may be waiting for our single well to run dry/become unprofitable and then once again, try to gift the company away for their own gain. They have a couple of problems heading their way if they try this again though – firstly there is much more oil in the sandstone on Lancaster than in the fractured basement…so why don’t they focus their attention on coming to an agreement, that enables them to extract it...we have the financial resources now to at least triple our monthly income by doing so..and the flaring issues etc can be managed with a little bit of thought and application. The main thing our BoD need to be fully focussed on though, is that if they try to scam us s/h’s again, then they are putting themselves personally at huge risk, as following the HC precedent, if they try another such scam, then their own personal assets are at risk, as they can be sued in the Courts personally and all the millions they have pocketed from HUR in recent years will be lost. If they read this and don’t grasp the importance of their future actions relating to us s/h’s, then I would strongly suggest to them that they take legal advice on the matter, as like I’ve said…another attempt to rip us ordinary s/h’s off, will be the equivalent of them shooting themselves in the foot. GLA
Hi GR - the huge discount is imo between selling our prospective assets off to a 3rd party to develop in '23..as against developing these assets ourselves over the coming years. I'd guess that with approvals in place etc, that our SP could be 12-14p next spring and we might get sold off for 16-20p. If we used our free cash to drill further on Lancaster and connected new wells to the FPSO, then if, as many are now predicting, poo rises dramatically due to say Russian cutbacks, then I believe our SP could at least be back in the high 30's next year and continuing to rise. I do have a further thought re RB plans, but there's no way I would post it on a public forum. GLA
Whilst all of us PI’s have a united wish to see HUR assets maximised and the SP driven upward, it’s abundantly clear that we hold differing views on the role of RB/CA in all this. For me, the notion put forward by the BoD that us pi’s should consider the 3 CA nominated dir’s ‘independent’, is imo totally ridiculous. None of the dir’s/non-execs at the AGM, took the opportunity to share their vision of the co’s future with us shareholders, or even outlined strategies that they proposed to implement to turn the company around. Their silence was deafening. The ONLY way imo, that the accountability of the HUR BoD to us pi’s would have been strengthened, is if we had a pi rep on the board, who could keep us pi’s informed of the bod’s stewardship of the company and our assets. CA now run this company - and the ceo/rest of the BoD, over the coming weeks and months, will do what they are instructed to do and that way, will be able to continue to trouser another year of huge salaries and a new, significant share award/bonus. The fact that no request to either sidetrack P7/drill the Lancaster sandstone, has been made to the OGA, when we have the monies in a few weeks to both clear our debt and do this (when there are several drill rigs idle and available at low rates), says it all really…as does needing another 3 months (on top of the last year), to come up with their ‘plan’. They are ensuring that nothing positive happens this year but that plans and OGA approvals are in place for next year, in the belief that will encourage 3rd party bidders to go for the company and our fabulous assets. Sadly, I fear we are going to get sold off, for nothing like the SP we would have if our BoD got off their butts and developed our asset base. The price of oil is going to soar in the next few years imo and if we took action now and tripled our monthly income, then the HUR sp I believe, could have easily got back to the highs of a few years ago. GLA
Hi Senseman/DYOR2/and all the other lads at yesterday’s AGM – it was great to meet with you all. I hope our presence at the meeting and the tangible feeling of anger that we all had, particularly with the 2 Directors, has been a wake-up call to the BoD as a whole. We demonstrated again, as we did at the High Court, that we are not just gonna roll over and let them rip us off, or trample all over us. They have loads of legal duties and responsibilities to fulfil as Dir’s/BoD members and they need to be fully aware of them, or the repercussions could be substantial. One of the obvious ones that I don’t believe they have even got near too, is S172 of CA2006, which gives them a legal duty to promote the success of our company, HUR. I was shaking my head and laughing at so much that the BoD said yesterday, it was unreal. Two months ago for instance, in an RNS, Maris stated that him and Chaffe were forecasting that post bond repayment we’d have over $60M of net free cash…at the time I remember thinking, have they even got ‘O’Level maths, of course we’re gonna have much more than that, about 50% more imo. Then yesterday he slipped in that we might have $80M free cash, in a month or so’s time. The oil price has barely moved, but suddenly y’day, he moves away from his latest ‘negative’ RNS, which downplayed our financial position..again! It’s disgusting imo that him and chaffe are gonna be splitting circa a million quid between them in their next 12 months remuneration and imo, they both need to start being positive and earning it..fast!!! And like you believe Senseman, Chair also needs to start being more objective and positive in his views and also help to drive the business forward in the coming months GLA
(Contd)..I also told him no-one should be getting a £100k share bonus for the failure in a year, to have come up with a fwd plan etc, and that any bonus s/be linked to the SP, and that until it hits 25p, then no bonuses at all - he disagreed. I also asked why Maris and bod hadn’t already asked the regulatory authority for permission to drill the sandstone, and sidetrack P7 to a higher and more central location in the Lancaster field, and reminded him latter was mentioned in HUR documentation many times in 20/21, with the aim of first production tomorrow 1/7/22. He reckons bod working at correct pace and might happen ’23. One final thought re y’days agm…our ceo did one of the worst presentations I’ve ever seen. Instead of having a few reminder notes and looking up at the audience, and also speaking with passion and a bit of commitment/determination, he read every word in a monotone way, with his head down, stuttering many times and giving me personally, nil confidence in his ability to drive us forward. So I supported other calls, for a clearout of the 2 exec dir’s, so that we can have staff with a positive outlook, dynamic and entrepreneurial spirit leading us forward, ie people who are really committed to success for HUR and can drive the SP onwards and upwards. My last comment was that I hope the bod don’t sign up for a deal with a 3rd party on another field, commit us to a share of the drilling costs etc and plunge us back into a high debt scenario, so that if/when a problem occurs with our single P6 well, they can once again declare that we can’t meet our obligations and we need to submit another S26A claim to the HC, to try and wipe s/h’s out again and gift the co away. I stated that such an event may not go well for bod members and so they should therefore imo stick with developing our own assets and maximising our monthly income. GLA
About a year ago, RB phoned me at home and we had a lengthy chat…we had a big disagreement in the last few mins. Let’s just say, I’m a pi and I’m solely interested in the company being positively driven forward and the SP continuing to rise. He has his own agenda and ever since then, I’ve not been a big fan tbh. I questioned y’day whether it was right and fair, that CA now had 3 nominee non-exec dir’s and yet pi’s who own 21% of the equity, have none. The chair tried to assure me that CA do not set the co agenda, or get any ‘inside info’ from these 3..which made me laugh. I also reminded him of our lengthy chat last feb, re my own non-exec application. I’d told him that I wanted to be on the bod to represent pi’s as there is no-one on the bod who does…he tried to fob me off with the name of one dir, who has bought zero shares and claimed they were our rep, which also made me laugh. I told him not getting any response at all from HUR re my application, was imo extremely unprofessional, although I was told by a 3rd party that was never gonna happen, after the HC last june. He stated that I didn’t have as good o&g experience as the recent appointments, which was also hilarious. Yes, I was a dir/ceo in the public sector for most of my career, but I have spent a good number of years working at the sharp end in o&g…eg ghawar field, Europe/med with chevron, ninian field with latter and also offshore with both shell and marathon for years. He then repeatedly stated that messrs maris & chaffe’s submissions to the HC were correct ie that HUR was in financial difficulties, unable to carry on as a ‘going concern’ and if the restructuring plan was not approved there’d likely be a wind-down of operations, followed by an insolvent liquidation of the company. He said no-one had predicted poo rising to $100 last year, so what they did was absolutely fine as confirmed by the internal review at the end of ’21. I told him I’d sent the HC details to the contrary and just a few months after the court’s ruling, even hur were admitting we could meet our bond payments July’22, or be close enough to bridge the gap. He still kept saying the HC submissions last June were correct…so tbh, he doesn’t fill me with any confidence either now.
I was with my father-in-law at the w/end at a posh sat night business do…and he got talking with a prominent barrister about hurricane and the high court shenanigans that the BOD attempted to push through last June. His take on it was extremely interesting, in that a precedent had now been set, ie the business ‘facts’ that the BOD had attempted to use to persuade the court to gift the business to the bondholders, were clearly based on deliberate mistruths. Consequently, should the current BOD attempt another scam to try and rip-off private investors, then they seriously risked their own personal assets this time. Basically, they could lose everything. So the sooner our incompetent BOD realise this, the sooner they can protect themselves and start doing something positive for both the company and pi’s, such as a meaningful forward plan.
Had a real interesting chat the other day, about HUR and its assets/potential. Apparently, there's some uncertainty in the oil industry re estimating GRV and its uncertainty, but nonetheless that's what erce used this time last year to estimate our potential oil - and they didn't add any of the estimated sandstone oil in place, to our reserve figure. Not surprising really, as that wouldn't have helped the High Court scam attempt, which thankfully failed of course. Nonetheless, the report estimated that there's between 5 and 6 times more oil in the jurassic/cretaceous sandstone in the Lancaster field, than there is in the basement rock - and as I said, none of it was added to the HUR reserves for Well P6. So why oh why, don't the BoD, utilising our £100M+ of free cash, plan to drill and extract all the oil from this sandstone - if they did, our monthly income would nigh-on triple. It's a total no-brainer in my opinion and that of a few oil experts.
Hi Red – Just seen your post…can’t really go into any detail of what others were sayin, but I can give my own general take on it. Basically, imo hur needs a final clearout of the old dead wood, in order to get to where it should be…I believe there was 3rd party interest/options well before the HC, but these were totally ignored so that co could be pretty much gifted to bh’s last june. There’s still many viable options open/on the table for hur today, but are they gonna be pursued or not? Hopefully snr mgt wakes up and smells the roses, but if they don’t then provided we haven’t been sold off on the cheap in the coming months, then s/h’s need a vote of no confidence at next agm and a new team in place asap. All imo of course…and hopefully a super-positive rns/fwd plan appears in the near future…if it does then maybe current mgt might survive & still have a career in o&g. Regardless of whether we’re sold/+ve fwd plan arrives, the hur sp will do 8-10p minimum in coming months…so at these crazy levels, I’m buying as many as I can. I do realise that for all lth’s we need a fwd plan..and that would ensure the kind of eoy sp that others are now predicting…GLA
After a few interesting chats with me mates, I just cracked...an' 10 mins ago bought another 225,348 hur shares :-) ....onwards & upwards poo & hur this year 4sure imo GLA
Hi Senseman...been reading oil forecasts this morn...so many different takes, but one key issue is world needs to recover from covid, so that demand flies...issue then will be the lack of investment potentially causing a supply/demand shortfall. It does appear that the majority of 'experts' think there's the distinct possibility of POO hitting previously unimaginable highs in coming years...just topped up a further 500k here, so hopin' that hur partnership deal done H1 and poo slowly starts to head towards 3 figures..https://www.cnbc.com/video/2021/10/18/oil-prices-could-hit-150-per-barrel-in-2023-or-2024-says-bernstein.html
Hi Senseman - truth is I'm completely out of touch myself re ukcs/wos, but one of my mates in partic is well clued up - apparently his father-in-law wrote a couple of lengthy submissions to the HC and also spoke for about 20mins at both hearings, last june i think it was. Anyway, he's told me something in confidence he's heard from his old feller, who still has loads of contacts himself... but if I posted it on here he'd 'ave me 4 sure...and he's a big feller, one that I would never upset! :-) I literally have no idea at all how talks with big boys/shell etc are progressing, but the simple fact theyve been happening at all is a plus. I'll certainly be adding to my hur shares next week thats 4sure tho. One of the other lads sent me some links to highly regarded O&G experts, who last week were predicting poo in coming years at circa $200-250/bl..so it appears poo may follow the recent gas price explosion. Strange times ahead indeed! Anyway, HNY to you and all other hur s/h's. GLA
Just finished an overseas contract in time for self isolation then a great xmas/NY back here with the family... an will be lookin for a UK job this year after a short break. Had quite a few recent calls with mates, to see what's around jobwise ukcs and picked up a few mentions re hur and likely opps WOS. From what I've heard, it seems a fwd plan may not be that far away here, as there have been ongoing discussions with poss ptnrs re the 000's of mills oil in the sandstone of hur acreage...hopefully b/h's cleared in coming weeks, deal/split agreed with new partner and the work commences early summer. A doddle compared to fb of course. Anyway, here's hoping... I'd be well happy to work there GLA
Ah the sly feckin' twat...still breathin' , at the moment at least. hopefully one of these days feller, your details emerge and then some fun will follow. Yeah with no fwd plan hur sp held back, but with a more pos AR and cpr then a slow tickup will begin. not that it affects you like, you little ****
Golden badger1 - totally agree mate that the chair needs to step up to the plate and bang a few heads together. i've seen a few posts tho' where pi's are saying bod have no , or very little skin in the game and therefore aren't interested in the sp..but at the time of the AR last april McTiernan had 375k shares that he'd paid 40.61p for (on 27/11/18) and since then has bought 100k @10.83p and another 150k @ 2.97p...so he's in for 625k shares at an ave 0f 26.81p. meanin' he's nearly 150k down ath the mo...so hopefully that concentrates his mind on gettin the sp up a bit from these manipulated lows. ATB folks!f
https://www.youtube.com/watch?v=LDyTcDqW7kU
'..you are like a hurricane... and I'm gettin' blown away..' (BA definition: to kill by gunfire; or to impress very strongly/favourably; RNS's coming will be the latter imo). GLA / KTF
Slipanchor,
Just seen your post mate - ant maris worked alongside bev smith & only took over as ceo after the interim results were out mid-sept and I think the sp had already fallen down to the high 2’s by then anyway…not to say that anything that him or any of the bod have done comms-wise over the last 5 mths since trice departed have had any kind of a +ve effect on the co sp tho, cos it ain’t happened. Nonetheless, at the sharp end things are better managed/organised now than previously and from bits I hear, there’s a lot going on behind the scenes, but I don’t know the half of it, I just pick up on scran chat..an more than me jobs worth to repeat any of it on a bb tbh as some of it could be psi. My EOY bet/guess of 16p is lookin a bit ott at the mo, but if some of the rumours turn out to be rns fact in the next few months then I definitely think it’ll bounce a fair bit…tho of course we have the covid nightmare hanging over us right now, and that’s bound to have an impact on both poo and the sp in the coming winter months. I’ve stopped lookin at the daily sp movements as until the fwd plan is out, it’s goin nowhere…I think it’s gonna be a very interesting dec rns though an a lot of people will be pleasantly surprised at it..kinda wishin my life away for it to come out tbh GLA
Hur new mgt are imo doing good, improving/delivering on some of the oga kpi’s such as improving our operational efficiency...and while the awp has declined a bit from peak flows, we’ve bin told the empp is still looking vpositive down the line. The sp is simply disconnected from reality at the mo…but until news officially released by the co (hopefully in the not too distant future), looks like it’s just gonna keep on getting played/kept down. Better days are coming.. keep the faith GLA
mkt closed & nice little rise..it’s bin a difficult year on any no. of fronts but despite all that hur will recover from these lows..prob be a long haul with phase2 on its way, but fb is a commercially sound proposition and hur technies have learnt a lot an’ developed their expertise over the last 15mths in that regard…so we are well ahead of the fb game on ukcs and hur will be seen as a valuable partner goin fwd with this an similar projects in the pipeline locally…onwards an upwards startin tomorrow GLA
Genghis - ronaridge mate