Member Info for haggis_trap

There is a clear strategy to develop / maximise the Tulip fields over next 12 months. Indeed I reckon company was set up specifically with those assets in mind ? Andrew Austin is bit of a city del-boy. Cynics might suggest the "low carbon" credentials of kistos are green wash : however it is timely and has made raising finance easier than for black oil. My guess is there will be future acquisitions maintaining zero scope emissions theme. All going to plan company will eventually be sold off highest bidder when you least expect it in 3-5 years time.

A lot of people would interested in a penny for his thoughts....

^ the post trice board delighted in telling us all the bad news without ever coming up with credible plan to fix it. Apparently they "see value in Lancaster / WoS assets" : but only once pesky shareholders diluted out of existence.

Wise words.
Board trashing share price has had two effects
a) long-term holders flushed out
b) equity raise at 1p much harder than at 5p

^ one thing we should all learn from HUR is that CPRs not independent, nor worth paper they are written on....

^ given the bondholders are about to acquire 95% of the company you don't believe that information is pertinent?
not least given the reasonable questions now being asked about the boards motivations and loyalty.

I suggest you contact Phil Corbett (investor relations) and ask who the bond holders are. It's a legitimate question : but you won't get straight answer. I have been trying since August.

> The result of the restructure will be used to either:

Except the restructuring doesn't raise new funds. The bond holders still entierly dependent on Lancaster flowing at 11k bopd if they want to be repaid.

I smell a RAT

Up 80% in 6 months
I am delighted so far

Court Ruling Is Out
Summary : share holders are affected by restructuring and must be given a vote
https://www.bailii.org/ew/cases/EWHC/Ch/2021/1418.html

^ no one denying HUR had obvious issues. The objection is a corrupt board who only plan to do something about it after restructuring approved. i.e

""If duly approved and implemented, the proposed financial restructuring is expected to take effect in June 2021. This would deliver a viable balance sheet from which to execute the Company's revised strategy of maximising cash flow from the existing Lancaster wells and infrastructure to pay down debt. In parallel, the Company will continue to develop the technical and commercial case for further development opportunities at Lancaster and, if supported by its Bondholders, execute any further investment as efficiently as possible"

Oil not there? Then why did company say this themselves. But *only* if restructuring approved...

"In parallel, the Company will continue to develop the technical and commercial case for further development opportunities at Lancaster and, if supported by its Bondholders, execute any further investment as efficiently as possible"

Good post... Board could have also raised equity before sacking Trice. Would have been much easier to do when share price was at 5/10p. Instead they delighted in telling us all the bad news without ever coming with a credible plan to fix it. Walking share price down to 1p has been deliberate plan:
a) equity harder to raise.
b) long term holders who would vote against restructuring flushed out.
This board are beyond corrupt. Prison too good for them

Good post... Board could have also raised equity before sacking Trice. Would have been much easier to do when share price was at 5/10p. Instead they delighted in telling us all the bad news without ever coming with credible plan to fix it. Walking share price down to 1p has been deliberate plan:
a) equity harder to raise.
b) long term holders who would vote against restricting flushed out.
This board are beyond corrupt. Prison too good for them.

^ the contrast between the 2 quotes above is absolutely astonishing...
what ever happens : the bondholders remain entirely dependent on the 6-well producing at 11k bopd if they are to be repaid. the obvious question then is why the bond holders are so keen to take 95% of (apparently worthless) equity?

This for me is the standout quote:
"If duly approved and implemented, the proposed financial restructuring is expected to take effect in June 2021. This would deliver a viable balance sheet from which to execute the Company's revised strategy of maximising cash flow from the existing Lancaster wells and infrastructure to pay down debt. In parallel, the Company will continue to develop the technical and commercial case for further development opportunities at Lancaster and, if supported by its Bondholders, execute any further investment as efficiently as possible"

However if the restructuring not approved:
Shareholders and Bondholders are reminded that in the event the Restructuring Plan is not approved at one or more of the plan meetings, or if it is so approved but not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

i.e once share holders are diluted to oblivion then bond holders will fund a forward work programme.
utterly scandalous. they are not even attempting to hide what they are up to anymore.
trashing the share price has been deliberate plan to ensure no long term holders are left to vote.
the most corrupt and self serving board I have ever encountered. full investigation required!

^ this.

Kerogen and Crystal Amber hold more than 25% of the shares between them.
If the restructuring is approved then Kerogen will have voted for it....
Which of course raises all sorts of moral, legal and ethical questions about the "kitchen sinking" and motivations of the board.

Between them Kerogen and Crystal Amber already hold > 25% of the shares.
So why wont Kerogen simply vote with Crytal Amber and cancel the re-structuring ?
We all know the answer already. I smell a RAT.

> it is likely that there would be a controlled wind-down of the Group's operations

More likely : there will be an EGM and the current board will be voted out on their sorry arses.
No doubt Hurricane has major problems - everyone can see that.
The problem is that the "post-Trice board" have made no attempt to resolve them.
Instead they rolled over, let their belly be tickled by the bond holders who want full control.

The restructuring needs 75% approval from share holders...
It is dead in the water.