Member Info for mariog

We are close to a spike up imo. Keep your hats on next week.

https://www.proactiveinvestors.co.uk/companies/news/175426/hurricane-energys-halifax-well-makes-uk-s-largest-undeveloped-oil-discovery-175426.html

Low divi yes. High divi no. Special divi no. Special divi will not benefit old long term holders but only those who are buying it now when is cheap.

correct. Patience needed. One more week.

RNS about that should be out around end of next week.

"The Company, which is listed on the Alternative Investment Market (“AIM”), was incorporated in September 2004 as part of a group of companies whose business is extracting oil stored within fractures in solid rock beneath the sea, known as fractured basement reservoirs. It is the parent company of Hurricane Holdings Limited, which in turn is the intermediate holding company for two subsidiaries: Hurricane GLA Limited (“GLA”) and Hurricane GWA Limited (“GWA”). These hold the following licences from the Oil and Gas Authority (“OGA”), of which the Company is the operator, covering an area to the west of Shetland:

P1368 comprising two areas, Lancaster and Lincoln. Lancaster is owned by GLA, and Lincoln is owned by a joint venture between GWA and Spirit Energy Resources Limited (“Spirit Energy”). The term of this licence expires in December 2024.

P2294, compromising the Warwick area, owned by GWA. The term of this licence expires in August 2023.

P2308, comprising the Halifax area, owned by GLA. The term of this licence expires in November 2024."

It would make sense to explore Halifax and Lancaster asap. One to minimise windfall tax. Other to get some cash from oil before both licences expire.

Watch this space.

and how big is that remaining acreage?

I am sure there is a few companies that can see Hurricane tax losses attractive to them, not only Harbour.

Agree. Good decision

"Oil prices extend gains after EU bans most Russia oil imports"

https://uk.investing.com/news/commodities-news/oil-prices-rise-after-eu-bans-most-russian-oil-imports-2659169

People need to do some calculations. Perhaps will hear from the company about an impact of this tax on them and future cash.
My basic calculations suggest Hur will have to pay windfall tax 25% on profits around 100m this year.
All the other taxes will be offset against previous years losses.
So Hur's profit for 2022 will be based on half year profit charged no tax and second half 25% which they can reduce by 91% if properly invest in development. Not all bad, but BoD need to calm the investors and say that apart of looking for the corporate deal, they also are looking into ways of reducing the windfall tax.

At 8p this is a buy in my books.

It is down from almost 12p now

Lads, they can buy another project and drill in a totally different place

Lads, they can buy another project and drill in a totally different place

“The new 80% Investment Allowance will mean businesses will overall get a 91p tax saving for every £1 they invest – providing them with an additional, immediate incentive to invest. This nearly doubles the tax relief available and means the more investment a firm makes, the less tax they will pay.”

Seems to be very hard to move above this level.

Kind of confirmation of the course here. Looking for the potential buyer imo.

14.84

I paid 11.5

Yeah, but highest trade of the day was very close at 10.18p. Ended too low considering all the other trades today.