Member Info for LONGWAIT

... which means, Conkclo, that your smart aleck comment is wrong.

Before the recent interference problem was reported, HUR announced its plan to increase production to 40 kbopd by 2022.

This board is has certainly changed since Double departed and the new crowd arrived.
Endless speculation about 'low-ball' bids - which would be rejected anyway - and short-terms price movements.
I can't say I get excited when I read about an 8p target or that we could hit 9p.
Some of us have been here six years and we've seen the price hit the 60s three times, in 2017, 2018 and 2019.
THAT would be something to get excited about.
People seem to have allowed the fall in the share price and surrounding negativity to get to them.
It is actually common for AIM oil shares to reach single figures.
I never expected it to happen to HUR again after it bottomed at 8.85p in 2016.
The comments with which I do agree are the ones about the quality of the company and its assets and the absurdity of its valuation.
Someone has given up on the SP reaching 100p in 2022.
That's what this market does to you.
People are still talking about the company being destroyed by water cuts, even though the latest is eight percent, and talking of production ceasing, even though the currently-producing well has been producing oil at high flow rates for nearly 13 months.
Fear has definitely taken hold.
Some are talking about current production being 10 kbopd.
Unless and until we get an RNS stating the contrary, production is 12 kbopd.
Many people are talking about problems, as though one cannot have confidence in a company unless it is free of problems.
There is the possibility of increasing production from the current well still further, restarting production from the stopped well, producing from Lincoln Crestal, drilling an L8 well or other wells, and increasing production to 30, 40 kbopd or more during the next couple of years.
If, during the same period, Brent returns to $50, HUR could be earning 15p per share per annum, which will render the present share price unsustainable and leave the poster on PMO today who says that 6p is 'generous' looking rather foolish.
Sometime during the next few years, Morgan Stanley could restate its valuation of 54-214p per share or even increase it, based on a $60 oil price.
In my opinion, the price of Brent and of HUR will both return to the 60s during the next few years.
I don't know when and don't share the sense of excitement of other posters.
I am not expecting any excitement any time soon.
This is a ludicrously undervalued share which will reward patient investors.

What's the going on here?

22 out of the last 39 posts have been by MasterRSI.

Cash Ferret seems to be unaware that Dr Trice is no longer CEO of HUR and Kenni seems unaware that every valuation of HUR ever calculated by anyone of repute has been far in excess of the current price, which he calls generous.

Six months ago, 'Under the assumption of a price of Brent crude oil of $60.0, Morgan Stanley estimated a net asset value for Hurricane of between 54.0-214.0p'.
It is quite obvious that HUR shares are way undervalued.

As for the 'production drop,' HUR was producing steadily at 13,500 bopd before increasing production to 20 kbopd.
It is currently producing at 12 kbopd.

That's not much of a cut overall.

Each of the two production wells has flowed at more than 16,500 barrels (2,620 m3) of oil per day without the need for ESP assistance. The natural flow rates are 211% higher than previous tests for the 205/21a-6 well and 153% higher than previous tests for 205/21a-7Z.

https://en.wikipedia.org/wiki/Lancaster_oilfield

Well 205/21a-6 was drilled in 2014. This included a one kilometre horizontal section. It produced a natural flow rate of 5,300 barrels (840 m3) of oil per day. This increased to 9,800 barrels (1,560 m3) per day with an electric submersible pump ("ESP"). Both figures were constrained by surface equipment capabilities and it was reported that the well could deliver 20,000 barrels (3,180 m3) per day with a modest 120psi drawdown under production conditions.[6] The well had a very high productivity index[2] ("PI") of 160 stb/psi/d.

https://en.wikipedia.org/wiki/Lancaster_oilfield

I doubt whether they would attempt 20 kbopd from just one well.
I think the latest RNS implies that.
If it produces at 12 kbopd without any problems, they may then try 14 kbopd, but I doubt they would go much beyond that.

I doubt whether they are would attempt 20 kbopd from just about one well.
I think the latest RNS implies that.
If it produces at 12 kbopd without any problems, they may then try 14 kbopd, but I doubt they would go much beyond that.

There has recently been a mild resurgence of Corona in South Korea and Thailand, with the number of remaining cases in SK - which had struggled to get below 1,000 - rising steadily from the 700s back to 1,000.

In Europe, on the other hand, the numbers keep decreasing, with Italy on 30,637, Germany 6,599, Switzerland 307, Austria 411, both Serbia and Denmark about 500, and Norway 220.

The numbers of daily fatalities today is just: Germany 5, Italy 53, France 27, Belgium 7 (from a peak of 413), Netherlands 2, Switzerland 1, Austria 1, Serbia 1, Norway 3, Finland 1, Hungary 2, Bulgaria 0.

UK unfortunately reports 151, but at least it's lower than it used to be.

Brazil and Mexico have been suffering large numbers of fatalities recently.

Is that right, Hasiba?

I thought when you filter someone, it means only that you don't see hos posted comments any more.

Sorry, Genghis, but I fell asleep while online and was still groggy when I posted my previous message about this.

Your 22 and 30 kbopd must both refer to the combined output of the two wells.
But the 30 kbopd projected figure was pre-interference.
My question is whether low production from the second well is a possibility, or do they need to fix the interference problem before considering producing from it at all.

Thanks for your reply, Genghis.
When you say there was always a plan to ramp up eventually to 30k bpd, do you mean the combined production for the two wells?
Has HUR ever given an indication of the likely maximum from one well?

I don't think anyone is going to dare offer 25p per share for the whole company, El.
Even 45p looks derisory.
How would they get production up to 22 kbopd?
By trying to get 5-8 kbopd from the shut in well, without producing enough to cause interference?
I have no idea whether that is possible, and can no longer ask Double.

Thanks, JS.
I do recall that they mentioned alternatives.
I don't think I'm being negative; it's just that my understanding is that they need to satisfy certain (or uncertain) requirements stipulated by the OGA and I haven't seen anything to suggest that's going to happen in time.

I haven't seen anything in RNSs to indicate that HUR still hope to tie back LC, SSB.

One or more sub-vertical wells are planned to be drilled and tested in 2020, to determine the maximum vertical extent of the Lincoln field in order to meet the commitment well requirement of the P1368 license extension, Hurricane explained.

https://www.offshore-energy.biz/hurricane-abandons-plan-to-connect-lincoln-crestal-well-for-production-this-year/

In light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence commitments pertaining to Lincoln. The Oil and Gas Authority has responded positively to these requests, extending the deadline for commencement of the GWA joint venture's commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021.

https://www.lse.co.uk/rns/HUR/operational-update-z6ak8q935xji7rf.html

If that's the same commitment well, then it will be too late if it is left till 2022.

Can you provide a link to the webcast, SSB?

'Longwait....

Have you ever met ADUK in person or spoke by the phone/ messenger?'

No, but I don't need to in order to be certain that he is not RT.
You need only compare their use of the English language to see that they could not be the same person.

I read your post with interest, DENSH.
I too have been wondering whether there has been some big disagreement about strategy that is behind RT's removal and the SP collapse then spurred his opponents into action.
The fact that the RNS talks about increasing production AND reducing costs makes me wonder whether they are thinking along similar lines to yours.
If you're right about offers having been made, then that certainly contradicts all the stuff I've been reading for years here that the majors aren't interested.