Member Info for haggis_trap

Sit tight....
I remain hopeful the current board will negotiate a sale by 7th January.
Which would draw a line under things for most and put us all out of misery.

Everything points towards a sale:
1) Current board clearly don't want to invest in P8.
2) All decommissioning costs etc have been ring fenced
3) Closing date of 7th Jan 2023 has been set
4) General meeting has been rescheduled until Jan 11th 2023.
5) HUR is debt free and simple take over
6) Windfall tax makes the tax credits attractive to the right person.
7) All the bad geological news has long since been sand bagged.

Who knows what Crystal Amber are upto with their latest scheme.
Trying to smoke out an offer ?
Or perhaps trying to secure a take over for Albion Energy without acquiring the full capital?
Hopefully it is irrelevant come Jan 7th when any bids are revealed ...

@Orbilune. Exactly: if no decent bid forthcoming by Jan 7th then Marris and friends need to be hung drawn and quartered.

I believe CA have fired shot across their now to this effect.

Spent some time thinking about yesterday's RNS from CA. As many have mentioned it is a slightly odd plan (in terms of timing, investing £250 million and CA prior objective of monetising quickly). However it does offer a path to future growth. We invested in an oil company ? At time of $100 oil...

Marris on other hand offers zero positive future vision. Never done a single interview online .... If HUR board have no aspirations to run an oil company, beyond passive caretakers, then it is in everyone's interest they get it sold.

Which brings be back to CA/Albion proposal. Ultimately it gives them control of company without a formal take over. Likely because they don't have the capital to pay 12-15p+ a share? That is not to say they don't have something to offer : but it is not capital up front which provides a short term exit for investors. Rather it is hope that future drilling might (in 2-3 years time!) pay off.

Hopefully come January 7th credible bids are received and Hurricane is sold. In which case everyone can draw line under the sorry affair and walk away. If not then we can talk about getting rid of Marris and alternative options...

Interesting reply from HUR.
The interesting part / new information is that formal bids to be accepted by 7th JAN.
Looks like we are very much into the end game.
If I had to guess HUR will likely be sold by end of January.
Hopefully for a decent premium to current price.
CA appear to be playing some kind of game to smoke out credible offers?

Interesting reply from HUR.
The interesting part / new information is that fobids to be accepted by 7th JAN.
Looks like we are very much into the end game.
If I had to guess HURRICANE will likely be sold by end of January.
Hopefully for a decent premium to current price.
CA appear to be playing some kind of game to smoke out credible offers?

Lets see where this goes.... If nothing else an alternative plan from CA will certainly smoke out any other bidders.

Also the options for Albion energy only vest of share price > 10p

> Insane level remuneration. Hard no from me.

Vesting of those options entierly dependent on raising £250million for future HUR drilling.

Wow.... Huge RNS from crystal amber. Any plan to remove the faceless Marris gets my vote. Clearly they have enough backing to ensure general meeting and HUR will shortly issue reply. Game on!

I recommend all HUR holders subscribe for RNS from crystal amber. This about to get interesting

Kistos energy just today restructured to become Kistos holdings. Clearly in advance of a future corporate action... Wonder if they are an "interested party"? Andrew Austin is someone who would make the tax losses work favourably.

> historical tax losses can only be used against corporation tax, not windfall tax

Thanks for correction. That make the retrospective windfall tax even more unjust given the vast sums invested in Lancaster (notionally at the time to provide strategic oil reserves for the UK).

The underlying point remains - as result of tax credits HUR will see a measurable upside from oil price rising. Most other north sea oil producers are currently being taxed at eye watering 85%.

@senseman....

Ultimately it depends on the price company sold for?

If you look what is on offer here (cash in bank, 8k bopd & tax credits on historical debt) it seems likely someone will be interested... However any credible buyer would want to act sooner rather than later if they are to maximise tax credits while Lancaster still producing.

As for Marris, yes a chocolate tea pot. It is clear the management have no aspirations to develop/ progress Hurricane. Therefore get it sold!

At risk of stating obvious.... Historical debt means that HUR is (for now) unaffected by the windfall tax.
That is not the case for most north sea oil producers where price of oil rising simply results in larger tax bill.
Sit tight - it seems likely someone somewhere will see tax benefits in Hurricanes losses & growing cash pile.
If Marris gets this sold before end of January then all is forgiven.

Anyone ever seen an online interview with Marris?

hopefully it means a deal almost done and general meeting not required.

Maybe they will buy back some / all of crystal amber's holding (maintaining their overall %). They clearly want out now...

Buyback fine with me.

Rockrose and Kistos were both companies formed by Andrew Austin (both of which have done very well). The hurricane connection is fascinating as AA would have a good eye to make the tax credits work.

Interesting.... Let me add some more relevant information to the jigsaw.
Just today the ex-CEO of RockRose (Andrew Austin) today applied to have his new company (Kistos) restructured into Kistos holdings. Suggests to me he might be planning reverse take over of another company ?

See RNS below.
https://www.lse.co.uk/rns/KIST/notice-of-general-meeting-scheme-of-arrangement-hbnadsbwalr61ws.html

Impossible to second guess the motivation given limited information presented - but there appears to be some kind of corporate action or deal incoming.