RE: Basically,27 Oct 2022 10:19
I want to make sure this reaches the target (marris + NED)
I reached out and asked to speak with someone at the company and was fobbed off by comms@hurricane.com
Hence my reply below.
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HUR board,
Thanks for the reply.
> the Company has been working hard to reduce its cost base, including reducing the headcount.
Can I assume from this comment that then "plan" is now to run down Lancaster P6 well then wind the company up?
If this is the case, then the board needs to release cost analysis to the market of its decision.
In particular it should be explained how the growing cash pile might be returned to investors in future.
Ultimately a board of directors remain legally obliged to act in the best interests of shareholders. This includes transparency with the markets over future intentions. Understandably, following the failed restructuring plans of 2021, considerable scepticism remains about the Hurricanes board's true motivations and allegiances. With benefit of hindsight the court were entirely correct to refuse consent. Yet no one at the company has ever admitted responsibility or resigned over the sham restructuring proposal. Trust is important and needs to be earned.
The company is now debt free and producing 9K bopd. In addition, the tax credits are clearly of value to someone given recent implementation of windfall tax. With current high oil prices, it shouldn't be difficult to articulate a positive future case!!
Yet.... the CEO seems unable, or unwilling, to do that. Astonishingly there is not a single video interview online (Pro-active investors, Malcy etc) with CEO Antony Marris. He remains faceless and anonymous to the market - despite drawing a significant salary. I find it quite astonishing there is no one at the company available to speak with long term investors. During the period of the failed restructuring (when cash actually was tight) the company employed Phil Corbett to fob-off the difficult questions. Now prospects look much better there is complete radio silence. This is unacceptable but speaks volumes about the motivation of those involved.
Thus far the only future plan is to relinquish existing licenses and confirm there will be no P8 well. Neither of these add value for shareholders. If Antony Marris is unable to articulate a positive case for the company's future prospects, then he should do the honorable thing and resign immediately.
Yours Sincerely
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