Member Info for malrees

Daltry
I am in a similar position except that I invested in early 2014.
I am experienced in investing in oil exploration, going back decades with reasonable net success.
I have always followed data from RNS's avidly and my experience has taught me that that is a solid approach. In Hurricane we have been misled by a CEO who produced RNS's with incomplete data, even though he must have been well aware of the implications of what the drillings actually showed.
Until Slide 11 last Friday, I had convinced myself to believe what Trice and later the new bod had said, in spite of the possible 'put up job' with a paid broker which continued the positives even when the truth was known by then, as disclosed only days later.
I am over 80 now and unlikely to invest in Aim or oil explo again, even though previous profits had provided the huge sum I have lost here.
I give credit to those more technically cognisant, including two in particular who suffered much abuse for setting out their positions on the Company based on their knowledgeable extrapolation from what data we did have.

Correct.

You won't receive notice when he has sold. He may well have zero shares now and we wouldn't know.

JAdam
" before us mushrooms are told anything in the afternoon, good or bad."

Why won't you have watched the 0900 presentation?

Greenmachine67
I recommend that you revisit your understanding of Malcy. He is not an 'oil analyst' and describing him as such is insulting to the those who are.

Sauerkraut "Mmmmm, they should practice first"
The main issue here is managing productivity and water cut from fractured basement. Maris has 15 years direct experience of doing this, using different techniques, so I would rather he was in charge than a 'corporate' type. Who would you suggest would be a better alternative, as it's always easier to criticise than solve problems?

ADUK
"(All written through pale fawn fluff at the usual sort of ungodly hour in the morning. But glad to see that a small minority remain interested in the nuts and bolts of the thing.)"
What I know about the sharp end of drilling is negligible, but I will add just one thing....
Maris was 15 years as COO at Soco in Vietnam. Nothing I observed of his teams actions during that time lead me to think he will be influenced by any Shell ideas on how to make FB work . May be worth you looking at CNV 3X and associated wells in Ca Ngu Vang if you haven't already, esp at the shallow entry into basement there.

Daltry
Re your "97%" drop...
Not sure you should ignore the >£1 in Divis paid to shareholders during that same period though.
I think we should give AM(unfortunate coincidence) the benefit of our patience until end of Q1 2021.

Marcus12
Don't overlook the more than £1 in dividends paid in that period though.

Those of us who invested early were putting our money into the first UK's FB exploration project. Of course we are in an experiment. The fools are those who think they have invested in production. When I put up cash for explo I am prepared to lose it. When success occurs it can be and has been big. On balance I am well ahead, having invested for some 50 years and retired for 27. People need to get real and understand that those of us who are long termers here are likely to be disappointed that we now have a Board which looks as if it is P oriented. I would have preferred RT to have stayed on in a technical capacity, but understand that was not possible.

Ron...
Clare Slightam the fractured basement geologist, has been working on the Rona Ridge fractured basement for 15 years. there has been no suggestion that she has left the Company. She is joint publisher of some of the papers. All being well, she has all the data and understanding that RT has and is still employed as as Subsurface Tech Director I believe.

With current cash flow assumptions, the bondholders could be paid with an RBL, probably at a lower interest rate than the 7.5%. The RBL would be the Company's only debt, so could well raise more than the required amount to create some leeway for explo. I am assuming current oil price and costs.

Dr_Kaboom.
You are wrong about the Acting CEO, but I am not about to explain on here.
This below is from before her election to President of the PESGB :

"I left BG at the end of 2016 as VP Exploration and Growth for Europe, after 27 happy years travelling the world and working many different basins. I intended to take a sabbatical and have spent the intervening months consulting, travelling and volunteering. I have worked with a not-for-profit campaigning to get more women into leadership roles in the energy sector, chaired a charity and am currently a trustee for the fabulous Etches Collection in Dorset. My semi-retirement has given me the time to volunteer for causes very close to my heart with this in my mind I am delighted to be proposed as your President-Elect. It would be both an honour and a privilege to represent you and help move this organisation forward in ever-changing times"

I have just read the background of Philip Corbett, Head of Investor Relations.
Very pleased to read of his 20 years experience, which rather suggests to me that he has been brought in to dramatically improve communication with shareholders.
I recommend reading his background on Linked-In.

jointhedots
My belief, subject to seeing an overall plan from the new Board, is that we are now simply in the same situation as nearly every other oil exploration company. At the moment, companies are more willing to buy existing productive assets, even with high water cuts and production problems, than to explore. Much depends on what level of production we can achieve at a stable level of water, along with the matching Brent price. The more exploration is on hold, here and elsewhere, the higher the price of Brent, come 2022/3. There sits the basis of why I believe this new Board will not be content to be a production company. Not to mention the the Chairman having paid over 40p/sh cash for his holding.

jointhedots... may I suggest you try thinking of HUR as an oil Exploration company which has become viewed by some as a Production company. It then looks rather different. The new Board has a job to do and without RT the explo will be more difficult, but the technical knowledge is still in the Company for the Board to use. That is the only way forward to get real value for our assets I believe, particularly Halifax. It will take time, but unlike many I think we have that. Three years should do it, during which time we will have re-financed the Convertible.

Well I have no idea who this new poster 'Swazers' is, but 135 posts since 24th June tells me all I need to know to justify filtering him. Meanwhile, in the real world, we await the latest offload to complete, followed by real news from OGA before month end.

Remember that the Chairman p[aid over 40p cash for his personal substantial holding.

Manager
You surely win the prize for the meanest, most hurtful post on this board. Daltry was an investor from the 'shed' days in 2005. Without his input and you might allow me to say so, those of us who invested at the time of the original Public offering, there would be no Hurricane and therefore no board here for you to use to insult others, for that is what you surely do.
You seem to know little about Hurricane, even less about oil exploration and consequently you say nothing of value here.

Hasiba
The 'all'in' cost of $26 barrel was the correct figure when we had a 2020 estimate of 20,000 bod, effective 18,500 bod. If you care to study all the figures, you will find that at 12,000 bod the right figure is around $34 barrel. The other relevant point is that we do not receive the Brent price, but a calculated amount based on that at the time of each offload. This probably means that we need a Brent price of $35-$36 barrel to cover all costs at our present rate of production. Due to continuing volume related costs, this will move up or down depending on what happens next re our daily production average.