15/515 May 2017 19:20
Results today, which are even more immaterial than ever, and a clever warrant issue that bolsters working capital at a time when, with plans for the EPS going full steam ahead, big ticket, long lead, items can be ordered.
No figures have been changed since the recent Capital Markets Day and the FID, EPS and first oil for 2019 are still on track. This warrant issue is pretty smart, with the company in the throes of the more substantial development finance package it gives them a modest amount of money with little or no hassle.
The CFO has provided the company with the flexibility it needs and an innovative solution such as this means that all boxes can be ticked, all options for financing remain open and value has been preserved. That value is still immense and Hurricane Energy (HUR) remains as good an exploration company as you will find in the UKCS and certainly in the oil and gas sector.