Member Info for haggis_trap

As far as I know the identity of bond holders remained secret so far. Confirming their identity would likely answer many questions about motivations....

What !? Can I ask where you got that list of bond-holders from ?
If that list is corrected then it obviously matches the list of shorters....

That would be worse than insider trading - rather it would be market manipulation. Bond holders (with inside help from board) try to take control of the company knowing this move would devalue the share price whilst simultaneously shorting the stock.

F--king scandalous if true.

True, this board haven't earned patience. However there is now something tangible on table that should deliver value between now and xmas

Sadly share price looks set to drift for a few weeks...I expect excitement will rise as autumn approaches (which isn't that far away). I don't understand why anyone would sell now rather than wait 6 months, though volume is low.

^ Buying production less risky. However the generous Norwegian tax break plus current price of oil means they can add more value if exploration drills are successful (and eventually swapped for production?)

@adoubleuk. I think DiveCentre making same point as you?
However we can all only speculate the motivations of the HUR board, post Trice, to act in manner they did....

that is a good interview - thanks.
feeling positive for the autumn.

Indeed : that is the 1000 dollar question. previous board have left under such a cloud that it's hard to know how deep the scam ran.

Did they simply inherit problematic reservoir and panic in face of unreasonable demands from bondholder? Or have they systematically downgraded all value in company over time...

For sure : apart from lack of engagement with share holders the previous board made zero effort to improve the hand they inherited. This cost share holders dearly

^ sadly more question than answers ... : though I am certain that getting rid of Trice (at Kerogens behest?) was a huge mistake for all involved. He should have been left to resolve the technical challenges.

^ for sure : breath of fresh air was absolutely essential...
however that doesn't necessarily fix all the geological / technical issues.
by asking questions above I am broadly in agreement with your final statement.

> There may indeed be both financial and operational issues to be addressed

indeed - I am glad the old board has gone. however they created such chaos / smoke-screen that several questions remain.

^ Someone knows where the bodies lie, and that is why I keep watching closely. It is also why I want Phil Corbett removed from his role of investor relations along with the board - he was part of the scam.

As I see it:

1) If the OWC and kitchen sinking is broadly correct then a share price of 4-5p might be about be correct. The company has enough money and reserves to repay the bond next year but little more. Not great, but significantly better than 0.1p.
2) Its not crazy to now speculate the corrupt Marris board deliberately devalued the assets. In which case true value (... of a hypothetical take over?) *might* be multiples of todays price. Say 10-15p.

Either way its impossible for investors to know what to currently believe.

> there's no fix to 7z.

Likely correct. With hindsight 7Z was an error. However I would argue share holders were equally shafted by the Marris board who made no effort to remedy previous technical issues. The assets (10K bopd day, £100 million in bank, acreage West of Shetland) are clearly worth "something to someone". The problem is that investors currently have no idea who to believe or where the scam begins!

Was invested here from 2014 -> 2020. So I know the Hurricane story very well. Average price was ~30p. Sadly sold out at massive loss after September 2020 kitchen sinking.

It is hard to know what to believe here. Firstly it seems that Trice was "overly optimistic" with his estimate of a billion barrels. However subsequent to that we have the crocked Marris board who tried to give the company away for free.

In simple terms:
1) Did the Marris board inherit bit of a mess and panic in face of unreasonable demands from the bond holders? Simple lacked ambition and credible plan-b to rectify the 7z well cludge.
or...
2) Does the rot lie deep? Given recent events its not beyond realms of fantasy the infamous kitchen sinking and lincoln abandonment were part of deliberate scam to devalue the company and hand it over to 3rd party on the cheap?

For investors it is currently impossible to know where the incompetence ends and the scam begins...
Thoughts ?

No problem with management being awarded share options. Great way to incentivise them and align interest.

What iritiates me is that they were previously incentivised in Sept 2020 to get the share price to £2 (see link below). However after failing to achieve that, and raising at below the launch price of £1, they have moved the goal posts. So managements latest share options now vest at 75P + 30%. That utterly stinks. Whilst they might have been busy behind the scenes nothing has yet been achieved.

https://www.lse.co.uk/rns/LBE/co-investment-plan-awards-w3axtevr4qxr3xj.html

^ there were 2 RNS this morning. One for Nick Ingressa and one for rest of board. I welcome board owning / buying shares. However would like to see them vest at higher level than 75p + 30% given risk to ordinary investors here.

Hmmm : The board were previously incentivized with options to get share price above £2. Can't say I am impressed they have now been given a new set of options at 75p which vest if the share price by 30% (from current level) by 2024....

Crystal Amber wont take Hurricane over.
However: by holding 25% of shares they have an important veto on restructuring / board re-appointments.
No wonder the board suddenly folded and resigned when this became clear.

Clearly reserves were over estimated (... perhaps to ensure funding?). The problem now is that the "new" board has left in utter disgrace : so investors have no idea what to think or who to believe / trust.

I would like to think Trice would return, if asked, to help rectify the problems.

Not much to say, except well done Andrew Austin!
Plan to be here longer term and excited by the ride so far.