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"According to the RNS I think you're about 300BPD under there"
Thanks for that, did'nt think it was much of an operational update. Until I relooked where you were getting your info from and read past the 'contacts' info
"Cynicism abound with this board however now this offer is disclosed Maris and his chums are free to actually buy some shares........"
If that's the case, it'll be interesting to see when they STOP buying ;-)
Looking at the flatline shareprice graph this morning after the early rise, looks like the PI's have done for the moment. Now waiting for the city to digest the news over breakfast.
One thought, the RNS this morning put CA's 29% up into the head lights and they want to sell it. Might see HUR stay as HUR and that get sold as a side bet.
From RNS "Indicative Offer is at a premium of only 13% compared to the mid-market closing price of 6.8 pence per share on 1 November 2022."
Anyone any ideas of a 'typical' premium for this sort of event?
The BOD obviously has an idea of what premium they would like, just a matter of trying to find out what that is ;-)
"No point factoring the value of unused tax credits other than as part of a sale as they have no direct cash value."
Sorry, disagree. Factoring in the tax credits gives me an 'upper' SP figure should there be a sale. ie on cash alone with no corporate action come Dec 23 Hur's worth could be circa 14p but if there's corporate action going on it could be worth as much as 30p (if the action is around Dec 23).
"....at the end of 2023 with management sitting on their hands. Add AM escrow and we should be looking at circa 13p-14p. simply in cash."
Finally got around to digesting this excellent post. Factor in the worth of the tax credits which I've seen on this forum as to be anything between 6p and 16p you're looking at a company 'worth' of something between 20 and 30p by Dec 2023, just for doing nothing. Lets hope well 6 keeps just keeps going.
I see senseman's thread has been removed again. Can't help but wonder why someone want's to kill this forum
A bit early for him I would suspect
"You could probably add onshore Technical Authorities for each discipline (mech, inst, elect) then there's maintenance Superintendent, Production, etc. I bet they've still got a geologist on the books! Almost forgot, health and safety advisor. "
Nope, don't believe HUR would be employing anyone technical onshore in support of operating the FPSO. Ditto for maintenance and production. Any onshore like that will come from Bluewater or someone they've subbed out to, it's their FPSO to maintain and operate. I'll give you a possible geologist floating about and H&S person and might be a Contracts person as well.
"fandg2 - I assume that you don't believe anybody is required on site to do the donkey work."
The 'donkey work' as you call it is what HUR are paying Bluewater for. So everyone from the OIM down will be on their payroll. If I was generous they may also be a reservoir engineer on HUR's payroll but could just as easily contracted over to Bluewater. I guess there will also be an HR person on HUR's payroll, so now we're down to around 29 'also rans'
Yep nice to know I'm not the only one 'wondering' what everybody is doing all day. There's 35 employees I gather on the payroll.
I figure atm we need one offshore on the AM as the Company man and I'd guess he'll have an onshore equivalent Operations manager. We need an accountant to sort the income once every 6-8 weeks and track the outgoings. Throw in a couple of secretaries for them, what do the other 30 do?
"Problem is no-one seems to have a clue as what to do next. "
Half the time I agree with you on this and the other half of me thinks back to my days contracting in the industry, where you got your next job, by doing a good job on the project you were currently on.
So I can't help thinking there must be something going on in the background, surely.
Who knows, doing my head in and can't wait for something to happen to put me out of my misery. Wish I had the bottle to take a cataclysmic loss to my pension fund but I haven't, so sticking here through thick and thin.
"On the other hand the company is a cash printing machine..."
Yep, but there is only one working 'machine'. If that stops.....
Just checked, wolfe's email bounced back
Email sent
"and money always talks! pay the guys enough to come back and they will not all but enough!"
Spoken like a true contractor lol. Yep even I might be persuaded after 5 years retired, to make a comeback if the money was right, but it would have to be very right ;-)
I'll say it......... "wouldn't want to be out of this over the week-end" ;-)
should have been 'Lost' not last, fat fingers doh
"BW AM crew will on big bonuses to (a) limit shutdown time (b) keep well 6 performing high, for as long as poss."
Just for completeness. Almost certainly c) no LTI's ( last Time Incidences) ie nobody gets hurt. Pretty much any operator productivity gain share has this.
Re annual shutdown. All down to timing. This year annual shutdown would have been started to be planned straight after last years finished. Normally there's a couple of bods working full time coordinating the activities that need to happen during an annual shutdown. The date would have been set very early on in that process so as to have a 'target' to aim for with ordering stuff and arranging any specialist personel etc. I doubt if "whats in the tanks" ever fits into the thinking other than if its greater than 'X' we'll do a lift and if it's less than 'X', we won't. Crude can be moved around within the tanks should a shutdown activity require it.