Member Info for JoeSoap

Tucson, if they perform as per the past 2 years, then you have the ops update today and the Final Results on Monday.

This will give us much more info on how the company has been able to continue activities with the diminishing shallow income and no licence for international prices and no 90-day oilflow from the deeps.
Further clarification could (should) be included as to what the contract(s) with Sinopec actually entail (why they were called 'partners'), whether any funding has been provided by KO as 'going concern' guarantor, and what level of funding has been provided by the oil traders by way of 'periodic advances'.

Then it will allow punters to review the risks of hitting the elephant and making it into production and trade accordingly.

You may have noticed that the actual SP has moved up within the spread. The matching seller is getting more for his, currently c4% more than yesterday.

jimo.
joe

Macquarie news:
London, 15 Feb 2019
Macquarie expands oil and gas equity research capabilities with new hires in London

David Hewitt joins as Head of European Oil and Gas Research
James Carmichael joins as a Senior Analyst covering the E&P sector
Appointments are part of Macquarie’s ongoing investment in cash equities.

James Carmichael will cover the exploration and production (E&P) sector and brings over 10 years’ experience in oil and gas and financial analysis. Mr. Carmichael joins from independent corporate broker, Peel Hunt, where he ranked #2 in the 2018 Extel survey, in the UK-Listed E&P space. Prior to that, he spent nearly four years at global research and consulting firm Wood Mackenzie covering upstream oil and gas.

Then google "James Carmichael initiates coverage"

Busy busy boy.
Outperforming you might say...

In the absence of a Total Shares in Issue update RNS (so far) today, might I suggest that none of the warrants were exercised last month and that this could be the start of the action as there are just a few days left to action them.

Richyp123 asks "Sinopec have bought around the area before- are they going to join in?"

imo, as I wrote on Tuesday, the deal has been done. You don't know what it is yet, but may find out in the 2018Results. They don't need to tell you and let you vote on it because they hold enough shares to do whatever. They can get the NEDS to agree to anything. (The fair price of 3AB, for example).
RNS 5 Nov 18
"New Contract for up to a further 3 deep wells

The Company has entered into a contract with a leading international drilling company for up to three new deep wells, A8, A9 & A10. Under the contract the leading international drilling company will be responsible for the first phase of drilling with Caspian Sunrise taking over for the more complicated final phase through the salt layer and the high pressure and high temperature zones expected below the salt layer, until the well reaches total depth.

The Company has decided to enter into this arrangement in order to take advantage of the relatively low market rates for the typically straight forward drilling down to the salt layerand then further utilise the Company's knowledge of sub-salt drilling from the experience gained in the three previous BNG deep wells (A5, A6 & 801).
...
The first 4,100 meters of the well will be drilled by OUR INTERNATIONAL PARTNER with the final 1,200 meters to be drilled by Caspian Sunrise, using local contractors." (emphasis added)

and 28 Nov 18

"Caspian Sunrise is pleased to announce the spudding of a new deep well A8 within the Airshagyl field of the BNG contract area. It has reached a depth of 350 meters without incident.
...
The well is being drilled in two parts. The first 4,100 meters; to the expected base of the salt layer, will be drilled by Sinopec."

You'll note that they couldn't state it was Sinopec in the first announcement, but 23 days later...

You'll also recall that they increased their holding with the 3AB dilution suffered by other holders.
You may have seen a suggestion that it was above book value...

It is clear that the clock is ticking on the licence and there is much to do before the deep is converted, or deeps converted and they are surely strapped for cash.

How much has KO put in last year to satisfy the 'going concern' undertaking?

What will the new 'going concern' undertaking look like?

jimo

Yes.
Not sure if you are confusing the issue with the word "remove".
It was simply removed from the Baverstock holding as he was a quota holder. Baverstock still exist with the Korean joint holders.
DZ is now a stand alone holder.

I had commented on them last Friday.
viz
Not sure why you are expecting a TR1.
KS is not a director and could sell down to the next reporting threshold without notification, so 0.36% or c6.5M.
There are only two others declared, Daehan New Pharm and Dosbol Zholdybayev. They will have suffered 3AB dilution to take DNP below 13% and DZ below 5%.
Website not updated since September 2018. (AIM 50 ready?)

All of the other "concert party members" were taken below reporting levels by the Bavistock dilution.
So plenty of opportunities for a seller imo.
---

The important thing to take away from that RNS that you quote is:

Clive Carver, Executive Chairman said
"...
Following the planned gifts for Caspian Sunrise it will be business as usual."

pmsl

adrianz, I see you've put your calculator to work.. and balanced all the OILQ trades again.

You say, "Every time you buy some of those buys get flagged as OLIQ. They are matched with a sell and the price dips."
But I would have expressed it slightly different, inasmuch as both sides of this deal benefit, the new buyer gets a lower price than the offer and the consistent seller gets better than the bid, and they are both reported as buys. (We all know that the accuracy of that system is flawed; this exploits that to the max!)

This was exemplified by cc's B&I. I think he probably has more insight on the practice than many as he chose to deal rather than risk going to market, even though earlier B&I examples were done close to the bid, thereby allowing the maximum number into the ISA.

Web-dealing would not usually put you in contact with the stockbroker, so you would have to determine whether you were on the 'normal' dealing terms or party to the practice by the cheaper price on offer.

Although I first noticed the matching trades with a Quaytec purchase (11Jan19) I have no idea how many shares have been transferred, but yesterday confirmed it was not over, how long it continues is obviously open and none yet today.

I think the selling shows how susceptible the SP is to volume in a perod of low demand.
I think it also showed that there was little clamour to join in the sell off, either by nervous holders or stop losses. In that sense, the exercise this morning (this week??) may have failed to flood the market and allow cheap (er) shares to be picked up.
There had been an absence of OILQ trades, but I note they have resurfaced with 8000@5p. That was just prior to cc's post wondering when they might be seen again. So it seems this seller is now happy to sell at 5p, perhaps even less in the future, who knows.

Until the drill results improve and demand is truly created, as potential is no longer enough, it shows how locked in investors have become and the loss they can expect if they have to get out.
But it is AIM...

No. 2 in the fallers list on here.

I did ask if 5p would hold.

We now have the answer to that!

Is that you cc crashing the price again for a quick trade??
;-)

Based on the lack of an update re the Licence, no success at the deeps yet and the lower revenue in March from the shallows, I wondered how the company was funding all the well activities with specialists and keeping the lights on.

I re-read the 2017AR sections 'Financial' and 'Financing Risks' on page 5. (Well worth the refresher imo.)

The A8 well was originally contracted to Sinopec upto salt then local experts, 4100 meters by April. This has been achieved. Sinopec were referred to as 'partners' in the November RNS.
Compare with "Additional funding, if required for new wells, infrastructure and assets to accelerate development, is expected to be available from a number of sources, including debt funding for much of the infrastructure spending, advances from local oil traders from the sale of oil yet to be produced, industry funding in the form of partnerships with larger industry players, further support from existing shareholders and if appropriate equity funding from financial institutions."
So what level of partnership has been agreed? And what is pending for the other contracted wells?

A6 has " new international consultants with extensive experience with deep and high-pressure wells."
801 is "using a contractor with equipment designed for the process."

Is anyone thinking that they might be giving away slices of the cake in the absence of ready cash to secure progress and potential future income?

Question is just how much...

FK on ADFVN:
"mrcautious. Please read the rns.

MJF production - Up."

The RTs are still working.
Even when the RNS specifically says there are 3 extra days in the month.

Check it out, the flowrate is down.
The price per barrel is down.
The net income is down.
By almost 9%....

Where have the rocks in A5 come from?

Is the next RNS the 2018 Results??

Will 5p hold?

It's not just a shirt, it's an M&S shirt!

Sorry, I know there were 5.12ish B&I trades, I meant the bottom of the matching trades pricing.
And that was the other odd thing, as you say one was for zero lost shares, the second lost some, and that delta remains the only OILQ flagged shares not double reported...

The 18m (nice gift - or does that remain to be seen!!) would need to have gone to an existing holder to even get above 1%, nevermind 3%.

cc. Yes, I had noticed that the matching price had risen.
I think you got a double bottom with your B&Is!
Must be a relief for FK. He's dusted of the 3 redbuses presentation and re-listed those expectations yesterday I think.

Can I ask what you meant by "could have gone to market". Do you mean that you dealt elsewhere?
Curious, and as every day is a school day here...
---
Not sure why you are expecting a TR1.
KS is not a director and could sell down to the next reporting threshold without notification, so 0.36% or c6.5M.
There are only two others declared, Daehan New Pharm and Dosbol Zholdybayev. They will have suffered 3AB dilution to take DNP below 13% and DZ below 5%.
Website not updated since September 2018. (AIM 50 ready?)

All of the other "concert party members" were taken below reporting levels by the Bavistock dilution.
So plenty of opportunities for a seller imo.

Details are in the Aim Admission Document.

https://www.hurricaneenergy.com/download_file/force/355/309
Pdf page 266

Are you sure?
Did you not see the OILQ flag? imo it is an ISA fill-up, but with no price or volume difference most probably another double entered but entered with minimal time delay.

BWTFDIK

Although I did see a couple of tweets had been deleted. ;-)

on front page:

H&P Advisory Ltd provides Research Services to Hurricane Energy. The cost of producing this material has been covered by Hurricane Energy as part of a contractual engagement with H&P; this report should therefore be considered an “acceptable minor non-monetary benefit” under the MiFID II Directive.

ADUK thanks, but jfyi:
https://en.oxforddictionaries.com/definition/brexit

I think that HUR have left the one man in a shed period.
They are now a growing company no longer exploring an idea, but moving to production through development of the field.
And in that situation the COO has a major role. [As Chief Operations Officer, Neil is responsible for daily operations and asset delivery (drilling and projects).]
Sure DrT will be there behind him but should no longer be doing every job or to be expected to do every job. He has his own role as CEO. [As CEO, Robert is responsible for the operational management of the business, developing strategy in consultation with the Board and then executing it.]

I note the SP comments and the Cannacord view, and the Centrica report today.

In the MG-W interview I noted that there were repeated references to speed, viz. RT- rapidly & accelerated field development and MG-W incredibly fast. Now, we have just (about) reached EPS First Oil, but it has to be acknowledged that it is at the end of its generous timing window. Perhaps this suggests the GWA development is considered a stretch by some. The recently announced Rolvsnes EWT tieback will deliver in 2021Q2 from an existing well, whereas HUR are planning First oil from a yet to be drilled well at end of 2020. Indeed if we look at the parties involved, it is not clear to me how much sanctioning will be required by Centrica and BayernGas for the FID. I cannot believe Spirit are autonomous.

We know that HUR will have to meet their GWA obligations and they have their own plans to develop GLA and Whirlwind and this later start up has to eat into that timeline.

Already the initial investors have not seen their 'expected' timeline and payback met, and are struggling to understand the SP.

So what of the GWA exploration, the winner has to be Spirit if it is successful. HUR arguably do not need more oil, they need to have a route to get their known volume to market. If it is unsuccessful, Spirit are left with Lincoln which is still very large but the 'expertise' at HUR may then get called into question.

Therefore, my view is that monetising is further in the future than many LTH had ever expected. as the majors continue with their buying strike.

Better hope the herd provide another trading opportunity...

jimo
joe

Well spotted!

You could have added that the seller is still happy to take a lower price for each tranche.

I wonder how they justify the 5.70. FFS it's not been near that all day.

But it hides the reality of the falling SP. LOL

The market closing bell has just sounded and down at the city office:
Senior, "Have you remembered to balance the OILQ trades today for the week."
Junior, "Er, yes sir, I'm just doing it now."
Senior, "No, you've put an after hours time stamp on them. Look when was the last OILQ trade?"
Junior, "11:02:56, sir."
Senior, "Right. Well cancel what you have just done and put an 11:03 dead time on it."
Junior, "OK I'll change the time."
Senior, "You're learning this art very slowly - too slowly, I expect better next week!"

ycnmiu...