Member Info for Genghis15

Shame to see HUR not among the presenters. Yes, I know it's only a week after AGM, but this forum would address non holders and really help to get the message out, imho. HUR have been very aqctive with roadshows to inmstitutions, and have kept PIs informed via analyst coverage and Malcy interviews, but it would, I think be good to see them pushing the message out to PIs.at a forum which allows questioning and even a measure of mingling. I think the last time they did that was at Pro active back in 2016, which they felt was a waste of time, but Oil Capital does address a rather wider audience of analysts/industry hacks etc as well as PIs, and always seems to be packed. I guess they're busy boys atm, and mb just have no one available, or feel the timing's not right, Who knows.

Seconded, and escargot too. I'm no geo, nor reservoir engineer, but the successful drills targeting and hitting all mapped faults tells a big part of the story. the confidence of RPS and Schlum goes a long way too. Hecate's highlighting of this as a risk would have been very valid back in 2014, imho, but the risk now appears minimal to me.

"Hurricane Energy is desperately underperforming its peers." Who would they be, then? Who else has c. 700MB (1C) to 6B (3C_)barrels of resource? http://www.hurricaneenergy.com/investors/competent-persons-report/contingent-resources There are no "peers".. there are other E&P companies, but all are in different places in terms of resource, production, costs, cash, etc. Where the SP currently stands is important, as is past performance. More important is that we are cashed up to FOIL, on the cusp of substantial revenues, and of proving up a truly vast resource. In human terms the company is led by a visionary founder who has spent over a decade proving a geological play that the industry doubted, a very experienced and respected, Ops Director, and an FD who has delivered a massive fundraise to on keep things on track . ( yes, I know, warrants, slugs.... but he pulled it off). This is not a BoD of cut and run merchants. We have a cornerstone investor in Kerogen, a specialist oil sector investor, who buy the story and seem to be committed for the LT. We have a very promising POO environment, tho of course LT the carbon agenda may loom. I am not averse to divergent views, but yours just seem to throw sand in the eyes of the uninformed, while posing no real challenge at all to the current investment case as very broadly stated above..

LuckCounts "I believe the CEO at Hurricane is the issue as the Chairman resigning / his allegations on corporate governance have tainted sentiment of IIs." Either you are making a comment without proper research, or you are stirring the pot for our dissident shareholder, we all know who. There is and never was a corporate governance problem. The co complies with all codes and best practice. Check out the Annual (audited!) Report. Our dissident SH is not on the BoD, who along with major investor Kerogen are united behind the strategy. The comment about corporate governance was a parting shot by outgoing chair Rob Arnott, who many believe to have been in cahoots with said dissident. Sour grapes. If anything is putting off IIs, it will be the presence on our register of said dissident shareholder, who, not content with selling into every rise, takes every opportunity to snipe at the BoD on Twitter or in the mainstream press, where he seems to have a tame journalist. No amount of "corporate governance" can insulate you from such unprofessional, unproductive, and downright malicious behaviour from someone who presents themselves as a serious player but knows not how to behave like one.

Thanks lossgain. So it bsounds like a raise is ruled out for the immediate future, and still confident a 3rd party will finance the pipeline.

Mike, thanks for your reply. So no timeline specified, which is not surprising. "A question to be put to the Bod on Monday then?- but we all know the answer,. which is, that they can't answer it." Or won't. I've posed the question b4 and received an evasive answer every time. I understand the reasons for that, but that doesn't make me like it!

That would be nice! I am consistently baffled by the depth of interest in the drills compared to interest in financials. Nobody seems bothered. The most important question to ask any exploration co is "what's the cash position and how long will it last?"

One would hope so but I am trying to establish if that was explicitly stated. I rather suspect not.

yes, thanks for the update. I noted "Cash at hand and available will cover all three drills and "keeping the lights on", with usual caveat,..ie no in-forseen problems with drills etc., etc.," This begs the question "keeping the lights on " until when?

And right on cue... BP looks to increase NS stake https://www.bloomberg.com/news/articles/2018-05-17/bp-is-said-in-talks-to-take-conoco-s-u-k-field-in-swap-deal Whether that makes them more or less likely to be interested in HUr is moot.

We've been hearing that for 12 - 18 months.

Interesting angle, SG, and who knows if they might refocus on other areas including NS. Any no of names including just about every major oilco in the NS and some that aren't, has been suggested here, and most are perfectly plausible, esp as we know many of them have been in the data room. BP have probably been mentioned more than most, and they may just be favourites; their offtake agreement may not be significant, but it does imply some sort of relationship. More importantly, the time just might be right for them with the winding down of GoM compensation meaning their scope for M&A and/or capex is coming back, along with talk of dividend hikes and share buybacks. Current Russia tensions may may be calling into doubt the LT value of their Rosneft stake also, so a shift to NS might suit. just speculating, tho, I have no experience of multinational board level deliberations so probably wide of the mark!

� = GBP

Yes it will help as you say but I'm not sure I welcome it. Part of me says the more CA sell now the better, the less they will be selling when we're pushing higher later in the year. But it may not matter all that much in the end. What I can't understand is why CA keep selling in the market and holding back the rise. Any professional, well connected major insti should be able to find other instis to offload to direct without battering the SP for days on end.

is now �948m at current SP. Factor in $230m of CBs at a 51c conversion price, and our Mcap is now well north of �1BN. That's for a co founded in his garden shed by RT in 2005, floated in 2014 at a Mcap of �277m. To have got to a �1BN plus Mcap from a garden shed is a helluv an achievement, not only by RT but also the executive team around him. I mentioned long serving Ops Director Neil Platt yesterday, but Alistair Stobie and his predecessor Nichols M Taylor must also take some credit. Even if you have doubts about the manner of the fundraise, remember it was a BoD decision and would have required a vast amount of legwork to organise a fundraise on that scale for smallish oilie like HUR, and not every FD could have managed it. The co has survived the slump in Poo at a critical time and progressed the project to the cusp of FOIL in spite of the majors' reluctance to farm in, has stuck to its guns and insisted that by going alone the best value will be realised for shareholders. Now of course the shares in issue have multiplied so if you bought at IPO you've only just made a profit, and it's been a rollercoaster at times, but all here must now be very confident that this investment is now poised to reflect the vast resource it has uncovered. It's easy for us to carp when things go wrong (and as investors we're quite entitled to) but let's recognise that the BoD has taken this co from a garden shed in 2005, to a �277m co in 2014 @$110 oil, to a �1bn + co in 2018 @ $80 oil. Hats off to all of them, really.

Wise words gentlemen, and post FOIL is probably the time, tho the SP by then may mean that a FO option may be more appealing even to the supermajors, which are still not expanding their capex budgets overmuch. But as Malcy is always pointing out, it only needs one of them to jump the gun, and we know many of them have been all over the data room. Anyone wanting to take us out would, I think, need first to have a little chat to Kerogen, who do not seem to be looking for an early exit, so will not sell cheaply, imho. What they would regard as a reasonable TO price is anyone's guess, tho for sure it would be prefixed by a �.

MB you can go check out Mumbai on your way back ? ;-)

yuyus Like your own post, the RNS is positive news , but rather understated, and seems to be ignored by the market. More RNSs must be not far off with what we know about the buoy being loaded, the AM progressing nicely, and the PBLJ finally being released by Repsol.

BTW I should say that the EPS project is represented not only by many on this BB but also by HUR themselves as a straightforward engineering job, which in NS terms it is. In my own posts I rather take it all for granted, which I feel entitled to do as an investor. It is nevertheless a major project not just in price terms but in scale for a co like HUR to pull off with just 13 employees at the start of it. Multiple contractor/sub contractors to manage, timelines to be met, etc. The one executive director rarely mentioned on here will be the man responsible for pulling all this together, as he will have been for all the logistics on previous drilling activities, so we should acknowledge the achievement so far of Ops Director Neil Platt. I bet he has been a very busy man for the last year, and will continue to be for some months yet.

HUR philosophy seems to be to under promise and hope to over deliver. The published timelines show scope for earlier FOIL if all goes well, which so far it has. We know that major contractors, Bluewater especially, are incentivised financially to get onstream asap. I'm sticking with my prediction of October 2018, but don't expect the co to move the target closer till they are damn sure they can hit it.