Member Info for LONGWAIT

ItsallRigged is the poster TSD, who was banned.

Someone did - I think it was PS - but I couldn't open the link.

It still sounds like a conspiracy theory - you're suggesting that Alan Linn decided to team up with a company that pretends to do this kind of work and pretends to work with a consortium?

There's something wrong.
I've read and re-read your post, but I can't see any mention of water cuts.

'Something really doesn’t add up here.'

I'm not happy, either, but it is simply unbelievable that Alan Lynn has chosen to work with a company that pretends to do what it says it does, and that SpotOn have invested in PVR with the intention of selling their shares without making their second investment.
If they don't make their second investment, they won't get a chance to sell them at a profit, and they knew that before buying them.
Although it may be difficult to believe that this project is going ahead, I find the conspiracy theories harder to believe.

I agree with your sentiments, PS.
Let's give SpotOn another week.
If the money still hasn't arrived, it is going to be embarrassing for Alan Linn, to say the least.
If SpotOn are still holding their shares - and I think we would have noticed if 20 million had been sold in the market - then if they don't make the second payment and the farm-in doesn't happen, they could end up making a loss on their investment. The have doubled their money only on paper and probably would not be able to realize their profit now, even if they wanted to - which I doubt.
I think the money will arrive, but let's see.

'...all field developments go through teething problems..'

Would you not agree with me, DB, that whenever HUR encounters such a problem, it is regarded by the market as a disaster?

Best of luck, HappyInvestor100.
We have seen your kind come and go.
TSD, who predicted that HUR would go bust, but said he intended to buy its shares if they fell to 8p, also predicted a rights issue at JOG a year ago (which never happened) and that JOG would be bust by July of this year (share price currently close to 90p).
Petercraigscot wrote similar dirges to yours about HUR, predicting it would be in administration by September this year.
As Modestus pointed out, you were saying similar nice things about TLW before you flopped (as TSD did with HUR).

The administrators haven't come for TLW, HUR or JOG, but they did come for TSD and Petercraigscot, who were both banned.

As I've said before, the thing about posters like you that really disgusts me is that you present your opinion, to which you are entitled, as fact, as though you possess powers of clairvoyance.
You have no right to write, 'The story will end with the creditors taking control of Hurricane'.
That is not something you know, nor could possibly know.

Yes indeed, Modestus.
I was going to add that part of the explanation is negative sentiment.
It reminds of a remark by the late Jimmy Goldsmith which went something like, 'if the media like you, it doesn't matter what you do wrong, but if they don't like you, there's nothing you can do to change their unfavourable view of you.'
I imagine that if in the coming months, we read an RNS announcing that production has returned to 18 kbopd, the share price will fall 'amid continuing worries about HUR's water cuts problems.'

Long-term holders probably remember my comments posted when the share price was considerably higher than it is now, but considerably lower than the highs in the 60s.
I pointed out that the price reached about 60 three times before First Oil, yet collapsed after First Oil.

The price has now fallen 90 percent from 64.5p just before First Oil to 6.79p post-First Oil.
It was 64.5p when HUR had no income and only the hope of income, but is 6.79p because of fears that with only one well producing, its income is under threat.
Another supposed cause of the share price collapse is the prospect of Lincoln Crestal being abandoned.
I would point out that when HUR was 60p, Lincoln Crestal had not yet flowed oil.
Think about it: when the price was 60p, no-one even knew whether oil could flow from LC, but when the OGA threatened to prevent its tie-back, the price collapsed.
Again, when the price was 60p, no-one was worrying that HUR might produce only 13 kbopd rather than 20 kbopd.
When production was increased to 20 kbopd, the SP actually fell.
Now that production is being reduced to something like the previous level, the SP collapses again.
I think by now you get my drift, which is the same point I made long ago, that whatever happens to HUR as a company is interpreted in the worst possible way.

The numbers of reported deaths from COVID-19 in Spain, France and Germany today are 50, 43 and 14 respectively.
By the end of the summer, they should be close to zero, which is what they are in China and Thailand.

I know.
That's why I said you were quoting it.
I'm criticizing HUR, not you.

Thanks, Modestus, although I think the second paragraph you quote should not begin, 'Upon conversion of the Bonds,' but 'Upon maturity...'

If the bonds are not converted into shares, at least certain people won't be able to complain about the ever-dreaded dilution.

Well, JS, there's nothing wrong with DENSH's calculations except, as I said, that he used $27 instead of $26 as the company's overall break-even sale price per barrel.

Yes - you are right that a lower production will result in a higher break-even price, but we don't know what the new figure will be or how long it will last.

$26 is the most recent figure available.

I don't know why you are making that point specifically to me rather than DENSH.
Nor do I understand why you talk about garbage, nor whose garbage you are referring to.

Thanks, DENSH, but I think break-even is $26 rather than $27, so you are underestimating HUR's likely profit.

It is strange that HUR's share price has been behaving as if the company is heading for liquidation, when in fact it is still profitable.

'We live in an age of panic and dis information'

Yes - due to the dominance of the mass media, including social media.

Sorry, but I have no idea what a boomer/gammon is.

I asked the Grammar Police and they said a gammon is a cured ham (and no doubt Double is familiar with jambon, from which the word is derived).

I didn't actually check the size of the bond loan before commenting.
I actually thought it was twice the figure of $230 m cited by a poster today, presumably confusing it with the total amount raised through the placing and bond issue.

It looks like about 9.5p per share or even less - 8.2p if sterling recovered to $1.40 in two years' time.
That's quite manageable, provided production and the oil price recover.
The problem is that we just don't know what will happen.

And I was going to report MYSELF to the Grammar Police?
No offence intended, Yellowman, and welcome, but you may need to write clauses containing verbs before you can consider controlling the world.
There are three verbs missing from your post!
(Then again, Tony Blair managed well enough, even though he used sentences without verbs).

I suppose terribility is relative, Double (with apologies to the Grammar Police).

I just read this:

The 6 well is now producing at 10,300 b/d and will be increased incrementally to determine its ‘maximum sustainable level’. The company previously flowed this well at a stable rate of 14,700 b/d at the end of 2019 (as announced in December) and higher than this during start-up testing so expectations are that the production rate from the 6 well by itself will be considerably higher than the 10,300 b/d at which the test is starting. However, even if the maximum sustainable level that the 6 well can produce is close to prior guidance of 18,000 b/d, the testing period itself would bring down that average for the year and therefore the company has suspended previous FY guidance, presumably until it has established a stable flow rate on the 6 well..

https://www.proactiveinvestors.co.uk/companies/news/920288/oil-price-hurricane-coro-gms-echo-920288.html

Doesn't exactly sound like the end of the world.

That's exactly what I was thinking, Manyana - that if the payment depends on putting the consortium together, then that could mean that it's the consortium's money rather than SpotOn's.
But whose money paid for SpotOn's initial investment?
And if the money for the second payment comes from the consoftium, then why do they need until October to conclude a deal ?

You mean, John, an extension of the winding-up of the bonds?

I noticed that PMO were expected to go bust, but renegotiated the terms of repayment of billions of dollars of debt.

I really do think the main thing is to extract oil, even if it means new drills in Lancaster and Lincoln.

There's no point in saving all that cash now, if it means not being able to repay the debt at maturity.