Member Info for JoeSoap

Any views on why LL would take his options so early in their life?
From AR:
"Edmund Limerick Granted 1,200,000 @ 4p Expiry date:14 December 2021"

Wondered if he might not be there then - it was intended that a new NED would join on 1Nov (still is according to the website 'Governance') - so perhaps he will be off?

Any other reason to take them early??

Are the 4p shares not from the market but new issue and bought from the company, giving rise to a increase in shares in issue RNS??

From a flow assurance perspective Lancaster crude is relatively benign – low viscosity, 38° API and
no corrosive components. The only potential problem is the 18% Wt wax content of the crude. Any
flow assurance issues have been covered by substantial insulation on the subsea equipment,
installing two separate subsea flowlines that can accommodate round trip pigging.

from the CPR

Yeah, hope so: don't want that wax solidifying...

;-)

You can always rely on a CA RNS to stir emotions...

They had said they could re-buy and we know that they (have to) sell on a strong rise, when they pass their internal thresholds, so I was a little surprised that they RNSed their holding at 5.01%. That is a mere 271,000 over the 5% threshold, and sale of more would require a new below 5% RNS.
But then, it also allows further purchases of 0.99% before the next holding threshold and provides a huge trading playground, especially as departure and then hook-up (coupled with exuberant PIs trading habits) could conceivably happen before their end of month holdings disclosure and provides further profit opportunities.
I read here and other places of the faithful golden ticket owners hugging and holding them tight, yet stating their strategy to sell at £1 or some other price and their intention to take profit at FOIL, and all the time decrying those profiting at lesser multiples but more frequently.

When CA had a much larger percentage holding of the company and provided enabling funding was the time they could have pressed for board representation but for whatever reason it did not happen. To suggest that they could not be on the board, tweeting and dealing infers they have no knowledge of DL.

jimo

joe.

"No trades on this day"

ijwt.
Exactly and that was the thrust of my late night post to aduk, which he did not agree with, but the Warwick is exploration looking for 2C, whilst the 50% 2C gifted is subject to appraisal drill/early development to move some of it towards 2P.

If they agree to move onto the GWA (read Lincoln) EPS, irrespective of the Warwick results, then before they get to the FFD FOIL they will have received sufficient income by use of the HUR funded (by equity) FPSO to recover the outlay to HUR and both will be in the FDP capex 50/50. FWB?

Well there is a clear difference of opinion here as FK has just posted this on Advfn.
"... As I have said before, I don't really care if casp trades 6p or 9p as they SHOULD be trading at 30p+ once we are full steam ahead! By 2021, I am looking for a $2billion buyout after having received 2/4p dividends for a few years!"

Now as it is nearly 2019, I'm thinking the constant interpretation of CASP timelines is getting to one or both.

aduk asked "Can you please reference us some 'hype', please?"

as it is still the w/e you might find time to click the
"List of rampers for HUR" on this site:

http://pumpedordumped.com/data/searchcompany.php?search=hur

It amused me...
especially the relative ranking of some when considering the acrimonious posts we have to endure.

;-)

Figures taken from the Morningstar data set:-
TABS set to BUYING and FUNDS......9,366,080
TABS set to BUYING and INSTIS.....13,641,040
TABS set to SELLING and FUNDS..44,021,473
TABS set to SELLING and INSTIS...53,980,452

74994805 net shift, representing c.3.8% of shares in issue.

I don't have the October data set to make a comparison.

DYOR DYOC

A lot of people believe in their god and find comfort there.

nm

casapinos, further to your reply highlighting 'EARLIER' and my previous comment re 'Conceivably', if it is determined that the planned upgrade to the FPSO to produce 40,000b/d instead of the current sanctioned plan for up to 30,000b/d and to add a gas export, is indeed a Production Maturity event, then vesting of the VCP would result. Specifically, the wording is "achievement of a production target which would require additional infrastructure beyond the EPS."
In this event, the previously mentioned achievement conditions are usurped and go direct to 100%, modified only by this clause.
"Furthermore, performance of the Group in relation to health, safety and the environment, satisfactory total shareholder return with reference to the FTSE AIM Oil andGas index, and reputational considerations, can modify amounts vesting." as determined by the Remuneration Committee certifying, at its discretion.

Which brings me back to your first deeply cynical post 'Why now?', and my turn to be cynical.

If the VCP is ending due to the production increase, the question is when. If I were to suggest that it is when the plan changes because of the GWA FID it would be at end of Q3 19. The preceding 3 months should have seen FOIL and 3 well results, and a very much higher SP (if successful he whispered) and it would need to be over 65p, the hurdle threshold. At 65p, according to p57 of the AR:
"The value of the Ordinary Shares issued to each executive director in this hypothetical scenario would be £11 million."

Refer to the tables in the new document to see how high they may go.

And it certainly would get the VCP done and dusted before any main market application avoiding any 'Persimmon factor' down the line.

All assuming there is no take-out; then what they get will be forgotten!

jimo
joe

RE VCP and vesting, again, from today's promo
"Hurricane operates a long-term, share-based incentive plan known as the Value Creation Plan (VCP), adopted in November 2016 and which has been reviewed by a specialist remuneration adviser. Participants had to invest in and risk personal funds in the scheme. IT ONLY PAYS OUT after 5 years (November 2021) or earlier upon a maturity event (i.e. successful disposal or production target that would require additional infrastructure beyond the EPS)." [my caps]

I cannot agree with the interpretation that casaapinos that 55p is a must now.
imo it only applies at the time of vesting, a table is provided to work out how many shares they get based on the then current share price (>55p for 3months -- bonus!, <55p for three months is zilch), and another table for the %achievement. So, two modifiers are applied at expiry.

Conceivably, the EPS upgrade for GWA offtake could be a termed a maturity event, but if the sp is less than 55p for the 3 months up to either that event or ultimately the expiry in November 2021 it won't just be the VCP participants that are miffed.

jimo
joe

They have started to get the necessary ducks in a row, but iirc Dr T said it would be after FOIL was established (Malcy interview)
The promo today has this on page 5
"We believe a premium listing could happen in Q4'19."

So it seems no rush yet: plus they might want a "convert" to FB...

Some may think that this is the salient bit -

"The cost of producing this material has been covered by Hurricane Energy as part of a contractual engagement with H&P;.."

SG2, It is worth remembering that in the January Finding Petroleum Presentation in the questions (35min onwards) Dr T says that the original concept exploration model was not supported by their well findings. His questioner also challenges the stress direction, HUR claim NE/SW whilst the established view is orthogonal to that. Such views may explain the reluctance of the majors to come onboard.

And for the original thread title, the EPS ES says "..a surface line will be used to pull it into the FPSO."

And as for the tanker timing, they are planning for 40,000bpd capacity on the FPSO, this will need emptying every 15 days!

I thought that they wanted to combine the two holders because the Baverstock holders were finding difficulty in raising their share of the development costs?

As a fully quoted company all funding options were open, as per slide 31 in the presentation, to fund the "We will need" list on slide29.
But @6p, gotta hope they don't dilute too much!

Low 70's on 5th December would probably see PMO out of the FTSE250...

DiveCentre posted:
Biffadog

the post on ADVFN is by puffet
It was his previous post claiming to have news from a contact on the AM that wellwell referenced.Sounds plausible

Slipanchor

If Far Superiors arrival is related the fault or whatever must have manifested itself well before Malta and possibly before Suez given the time it takes to make the trip from NS to Gibralter"

He also said engineers got on at Malta [perhaps with a 13A fuse ;-) ] so they would have needed time to plan and arrive and supports your Suez or earlier suggestion.

And his 14:29 post
Rotterdam for end of month for a couple of weeks before heading for Shetland is the plan. Depends if they have any new issues between now and then that may lead to possible delays but as of today that's the current schedule.