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Malcy says that Brent touched $70 before slipping back slightly, this must give encouragement in our fight against the BOD .
My guess is that the BOD were planning to hand the company on to the Bond holders in future months but with CA increasing their holdings and committing to take action forced the BOD to scuttle the good ship Hurricane ASAP.
My small purchase is showing as a sell.
I suspect that a number of fixed costs are recognized at the start of the year which meant that there was only $127M at the end of March, if this is true there should be another jump in free cash at the end of this year.
A big increase in Gas
I was surprised that the cash balance was so low at $127M, I now wonder if some of the annual fixed costs are front end loaded towards the beginning of the year which explains how they jumped from $87M to $106M in December.
The $127M free cash is too low, it should be above $140M how much did that CPR cost?
Hi Slift,
Perhaps if you show your calculations you'd get more acceptance.
As a former US President advised, "Trust but verify"
Ah they maybe unkind to little old Ladies but CA have skin in the game and a lot of it.
CA must have some sort of plan, it's as good as any other ramblings
To P&A Lincoln Crestial seems such a waste but official interference and Spirit moving on seems to have scuppered it, as a wild card imagine if CA were looking to buy the Spirit share of Warwick and Lincoln.
In the 14th of Jan 2021 RNS, the BOD announced.
Year-end net free cash1: $106 million, compared to $87 million at 30 November 2020.
"Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio. As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding, in order to maximise the potential value of our assets."
Does this mean that each lifting should give free cash of $19M or more depending on a POO being the same or higher than the December 2020 lifting and assuming all lifting volumes are currently being roughly equal?
Raise money in hast, repent at leisure. How do we sign up to be future CB Holders ? It's more rewarding than being a PI.
Does the CPR mean that there is no oil on the sandstone flanks or that there was no usable data provided by Hurricane to confirm the existence?
Are we not due an Operational update from the BOD?
Many thanks Slift
Hi Slift, "prior to the date falling 12 months after the Closing Date"
does this this mean 12 months before the July 22 date or 12 months after?
Did I read that Hurricane cannot take out loans while the bonds are unpaid? If that's correct then we are totally reliant on well 6 providing another $90 to $100M clear profit by July 22 to free the company from the bond holders clutches. We urgently need a well 6 performance update as well as a reasonable CPR.
Keep them low it will be pessimistic but with a wide range of lowest and best case. Our survival lies with pumping enough well 6 oil at a good price.
I suspect that the core problem here is poor communications from the bod.