Member Info for haggis_trap

With regards to paid trolls and goons....

I know for a FACT that head of investors relations (Phil Corbett) reads this message board daily. Last autumn he assured me the rumored 7Z well shut in was not as result of reservoir problems. Apparently issue was solely to do with Aoka Mizu and due to "re-start production imminently". He refused to put this in writing or email. Subsequently we all know what he told me turned out to be a LIE. So of course I called him publicly as the company was no longer trust worthy. Within 5 minutes of posting my mobile phone was ringing red-hot... 3 missed calls within space of an hour... Followed by angry email accusing me of libel and demanding the message be deleted.

If the HUR board are acting underhand as I believe them to be (prioritising interest of bond holders) them of course they have goons posting here. Might even be Phil himself posting? Wonder if he is also on a restructuring bonus like ENCORE?

> It's the only form of security the company have to offer and the only chance they have of recovering back their money

The bond holders are only getting their money back in full if Lancaster produces 11k bopd until 2022.
That statement remains trues irrespective of who owns the company.

So, what is the advantage of taking 95% of the equity just now ?
How do the bond holders plan to monetise that if its as worthless as you claim ?
I smell a RAT.

@McAdder - can you explain why the equity is worth something to the bondholders ?

The simple fact is that no one knows how Lancaster might perform over next 12 months.
It could keep trundling away at 11k bopd. Or it could suddenly water-out.

At present the company is clearly not insolvent. While there might be concern over repaying the bonds in full in 2022 its clearly premature to be handing the keys over. Clearly *someone* is very keen to get complete control of the assets... Why would that be ?

I smell a giant RAT.
Indeed I have said that since Phil Corbett repeatedly lied to me in the autumn.
This board is not to be trusted.

re: Kerogen.
They specifically requested the Sept 20 technical review.
Then : their nominated director (Dr Alan Parsley) quit the Hurricane board the week it was delivered.
The judge should ask why this was....

I have watched the Hurricane closely story since 2014. Like many I have lost a large sum investing here.
I now have absolutely no doubt there is some funny business going on.

As I see it there are 2 issues:

1) Higher oil water contact and discrepancy with 2017 CPR has made project highly problematic.
2) Since then, a "new" board has acted in interest of undisclosed bond holder (kerogen capital?) to ensure they maximise return on what is left at expense of shareholders.

Despite reservoir problems the new board is clearly not to be trusted. Phil Corbett, investor relations, frequently lied to me on the phone last autumn. He notably careful never to be answers to my questions (about future dilution and 7Z well) in written form such as email.

Private investors have been absolute shafted. The 2017 CPR was arguably fraudulent - however the company never officially disclosed this until September 2020 (by which point share price was 3p).

Rather than attempt to address the reservoir problems the "post Trice" board has deliberatly trashed share holder value solely to benefit the bond holders. Apparently ENCORE are on a £1.3 million bonus if the restructuring is approved! That is 3% of the current market cap... The judge asked a great question : If equity is worthless then why do the bond holders see value in it ? Clearly Lancaster hasn't gone to plan : however the remaining assets (£120 million in bank, 11k bopd per day, tax write off on debt, West of Shetland licenses) are clearly worth something to someone.

If there is any justice someone will go to prison over this!

Email investors relations and ask who the bond holders are! Good luck getting straight answer...

hopefully Phil Corbett goes with them! The man is a liar.

^ quoted from section 4.12 of the proposed restructuring document.

Question : Why did company not RNS this in MAY 2019 ?
Taken from the restructuring plan.
HUR continued to tell investors everything was OK as late as April 21 Common Market Day!

"When oil production commenced at the Lancaster Area in May 2019, some water production began from one EPS well almost immediately, and steadily increased to levels which were inconsistent with the Group's original reservoir model and the Lancaster CPR, which anticipated little or no water production for a number of years."

@adoubleuk : my understanding is that price monitoring RNS usual occurs when there is discrepancy between buyer and seller on the floor at auction. right now there must be enough buyers and sellers to fulfill demand despite the rapid fluctuations.

Hope it works out here for all patient investors : you guys deserve it & this is one of the nicest / best informed boards.

My feeling is that combination of covid uncertainty and oil falling out of fashion have made things tricky. Likely they had a plan for specific target acquisition but for whatever reason been unable to execute... funding perhaps hard to secure? Or unrealistic price from seller?

Would buy back in : but lack of positive noise / information from isn't exactly inspiring. If they can get off ground the board is experienced and credible with ability to add value so I watch with interest.

> most smart investors with oil and gas knowledge left the minute the water appeared

That is easy to say with hindsight. However water rumours didn't appear until Jan 20 on lemonfool forum. At that point water cut was low but rate dependent. Then covid hit in March 20 and shares every where were down.... At capital market day in April 20 the company so claimed perched water : by that point many investors were in deep but it seemed sensible to hold (at least until covid passed). It wasn't until kitchen sinking in Sept 20 the company admitted the truth and full scale of the problem....

Thanks guys : once they appear want to get these squirrelled away in isia

Does anyone know when primary bid shares should appear in account ?
Mine still not visible - I am guessing it will take a day or two to appear ?

@CaptainSwag : the lesson I take from this fiasco is that CPRs are not independent, nor to be trusted. This is major issue for private investors. Had HUR delivered at the "low" end of 2017 CPR then company would be fine and share price north of 60p.

Your are correct to observe the kitchen sink CPR may also be pessimistic with its own agenda - but sadly appears closer to truth.

@RNStranslator : exactly! There is lots of circumstantial evidence company knew oil water contact was suspect prior to finally admitting it in Sept 20. Indeed I have spoken to someone who challenged the data as early as 2017.

Post kitchen sinking events are simply bond holders (who I still believe to be Kerogen) fighting over corpse at expense of existing share holders

re : CLASS ACTION. Legal firm have allocated partner to make initial investigations (based on 2017 CPR). Still early days and nothing might come of it... If it looks like a go-er then next step will be to collect list of investors willing to claim. Watch this space

Phil Corbett assured me in autumn 2020 there were "no plans for dilution". However he wouldn't put it in writing or email . The man is a lying RAT. Didn't trust him and sold out at 3p for huge loss

Company pretended everything was OK at the April 20 common market day.
At that point share price had crashed (partly as result of covid pandemic) to 10p.
Share holders could either :
- believe the company and hope share price re-bounds
- sell at huge loss...

Hi guys - possible class action, based on 2017 CPR, being investigated by a legal firm.
If they can be persuaded to take it up then we shall move onto next stage of collecting names of investors prepared to claim.