Member Info for mcadder

RNS - I'm still waiting for my pay cheque because 'apparently' I'm a paid to come on here on post LOL

Senseless halfwit is paid by the insult which explains their pathetic attacks on those posters calling it for what it is - FINISHED, GAME OVER etc etc

Apologised for calling RNS a Tranny have we Captain Dense??
Thought not.

Come Fri when this progresses at court, be lucky if this is 0.5p....

adoubleuk - they have $230M debt they haven't a hope in hell paying it back with those production figures

It's been 8 days since that operational update which to be fair was not great. Production is going to average only between 8,500 - 10,500 for 2021 too

"I would however point out what we said on 22 April:
As soon as Hurricane provides overdue operational and technical information, the Fund intends to assess this
and provide its comments accordingly"

So the operational update since 22nd April was out on 10th May.....average bopd for April was 10,100 bopd, with a water cut of 29% which is seriously high by anyone's standards.

"Hurricanes response hardly a knock-out blow imo. Very weak response."

Err no, it just shows they are being consistent and in line with the recent RNS's

Sorry if it isn't what you wanted to hear ...

There you have it. After all that effort of writing emails huffing and puffing the answer is still the same and the Restructuring Plan still the best outcome.
And it's very very likely to happen imo

"We would like to reiterate that significant time and effort was spent on all available technical, financial and commercial options to address the Company’s inability to repay its convertible bonds at maturity, with the proposed restructuring, if approved and implemented, being the best possible outcome."

It'll all end in tears, this is only being ramped to death now by those that are so balls deep in here that hope they have a chance of stopping the Restructuring Plan. And even if they did the company will still be wound down. So it's either be diluted to oblivion or risk insolvency....

"Senseman you clearly don’t have the first fckin clue about how the commercial and legal world works"..

He doesn't cos he's a complete halfwit ;)))

Smelly halfwit your doing all the work to try and keep this going and I can just sit back and watch and wait and soon will be able to tell you...."told you so". But no need to thank me it's the least I could do. I also take pleasure in showing you up for what you are, childish immature ramper who is so balls deep in this they can't see the wood from the trees.
But carry on....it provides us with hilarious entertainment ;))))

"My instinct tells me the OGA is smelly"

Nah it's just you senseless but you've got so used to your own odour haha

Almost every other post seems to be from the half-wit senseless saddo. You'd think from his non-stop 24/7 posting that this would be back to 1p by now haha
This is now only being held up by absolute chancers and those that are so deep up to their necks in this dog trying to average down just because the price is so low. The price is low for a reason if you haven't all figured it out yet.
Watching and waiting here won't be long till this is down to 0.5p. Had a lovely chilled out day unlike some hey Captain senseless ;)))

Senseless halfwit - can you spell d e l u d e d with your red crayons??

0.5p this week ;)))

Meanwhile back on planet earth senseless halfwit continues to draw with crayons and throw his teddies out the pram and all RosieNas can do is pretend they actually know what they're talking about. Not exactly a great team for the rampers lol

I would suggest you don't have a clue RosieNas having written this on 4th May.
An EGM? No chance. Removal of the bod? No chance. Even CA confirmed this!

RosieNas - 4th May 2021
"Court case will boil down to:
1. Is the company insolvent or likely to become insolvent.
2. Is an alternative available.
There could be an EGM and removal of the board of course, which would doubtless nullify the restructuring plan."

Ouch - from probable 2.6Bn barrels to just 7Mn....

Another twitch in the death throes’ for Hurricane Energy
A major downgrade in reserves, a written-off discovery and warnings of a shareholder wipeout are a “real blow to investors and debt holders” of Hurricane Energy, an analyst has said.
08/04/2021, 12:01 am
By Allister Thomas

major downgrade in reserves, a written-off discovery and warnings of a shareholder wipeout are a “real blow to investors and debt holders” of Hurricane Energy, an analyst has said.

The troubled West of Shetland operator unveiled a new competent persons report from ERC Equipoise on Wednesday, saying there is “no certainty of any future activity” for its assets.

Its flagship Lancaster field, once expected to be the focal point for developing huge Hurricane proven, probable and contingent resources of up to 2.6 billion barrels in the region, has had its proven plus probable reserves cut to just seven million barrels.

Ashley Kelty, oil and gas analyst at investment bank Panmure Gordon, said the write-down is “horrific”.

CEO Anthony Maris said the new report is “broadly consistent” with a huge drop in reserves and resources at the Lancaster and Lincoln assets, which Hurricane Energy updated shareholders with in September.

Extra development at Lancaster is possible, but not without new funding.

Hurricane Energy, which has to pay or refinance a £180million convertible bond in 2022 – and had just £64m cash reserves in November – issued a warning that restructuring could mean “limited or no value being returned to shareholders”.

Mr Kelty, who has long been a supporter of the West of Shetland pioneers, said the outlook is grim.

“It certainly looks like debt holders will get very little in return, so I don’t know what viable options are available”, he said.

“Debt for equity may be an option, but this wipes out current shareholders completely, and would require a large haircut for bondholders too. I can’t see there being any appetite to give Hurricane management further funds – investors are wary of highly indebted companies (cf Premier and Tullow) who have diverse portfolios – which Hurricane doesn’t.

“I think this is just another twitch in the death throes of Hurricane. It’s very sad as I was a big fan, and had high hopes for the basement play.”

So according to Mr Pye’s claims he disputed Hur's interpretation of the data that there was 1Bn barrels of oil down there in the first place.
So it's not a case of the oil just disappearing, according to Mr Pye the oil in huge quantities was probably never there to start with?....

But unfortunately this doesn't help the simple fact that the company is now in financial difficulty, thanks to massive downgrade in reserves, problematic and declining production and huge debt that simply can't be paid back now without doing a £50M debt write down. The rest is history as they say.

According to this article you could either lay the blame at the door of Robert Trice or the OGA, take your pick......

https://www.energyvoice.com/oilandgas/north-sea/280759/oga-geologist-clashed-hurricane-west-shetland/amp

Exclusive: "Lancaster climbdown no surprise to geologist who clashed with OGA and Hurricane management
A retired geologist has claimed Hurricane Energy’s huge climbdown on its west of Shetland oil resource estimates could have been avoided if his warning had been heeded in 2016-17."

Malcolm Pye accused his former employer, the Oil and Gas Authority (OGA), of not challenging Hurricane’s plans for its Lancaster field strongly enough because it was afraid of killing a “golden goose” potentially bearing billions of barrels of oil.

He was involved in the regulator’s review of the field development plan (FDP) for phase one of Hurricane’s Lancaster project, which started production in May 2019.

Mr Pye alleges he was kicked off the review process in 2017 after a “stormy” conference call in which he claims to have challenged the company’s interpretation of the reservoir and expectations for production.

His removal from the process was specifically requested by Hurricane’s then-chief executive, Robert Trice, in an email to the OGA in February 2017, seen by Energy Voice.

Mr Trice said feedback from his team indicated Mr Pye was “inexperienced” with respect to fractured basement reservoirs like Lancaster and that the geologist was “unsuitably placed” to do the job.

He also complained about Mr Pye’s “demeanour”.

In a response to Mr Trice, Gunther Newcombe, the OGA’s then-operations director, said Mr Pye’s technical capability was “highly respected”.

But Mr Newcombe acknowledged Mr Pye’s “line of questioning was not helpful” during the call and that his behaviour may have been overly and uncharacteristically “robust”.

Mr Pye worked as a geologist for 37 years under the employment of the likes of Britoil, BP and the UK Government.

In his CV, he cites several examples of his “specific experience of working” on fractured fields in the UK Continental Shelf (UKCS).

He worked for the OGA from 2015 until August 2017, when he was sacked.

Mr Pye took the regulator to an industrial tribunal in 2017, but was unsuccessful.

The OGA said it didn’t comment on internal staff matters, but it’s understood the regulator does not agree with Mr Pye’s assertion that he was removed from the Lancaster review process at Mr Trice’s insistence.

In his email, Mr Newcombe said he had asked Mr Pye to “fully uphold the OGA’s values of being fair, robust, accountable and considerate and focus his technical questions on the issues in hand” in future meetings with Hurricane about the Lancaster project."

Senseless sid the only tears to be shed here will be when this drops further - 0.5p incoming

Senseless halfwit - is exactly that. Far too thick to make well reasoned sensible posts based on the FACTS.
His past time is drawing in red and blue crayons and generally making an arse of himself. It's the naughty corner and 100 lines for him

littlened - are you really that naive? Lol

All we are doing is repeating and copying official information in RNS's and documents released by the company and putting our take on the situation. It's not our fault that people refuse to accept what is in black and white.
I was invested until the restructuring plan RNS came out and have been quite justifiably negative and doom and gloom since because there is not one bit of good that will come here now.
I wouldn't even be tempted to buy back in at 0.2p!! The ones that perhaps need investigating are the ones that without any evidence continue to accuse the bod of corruption and that the whole episode is a scam.
The warnings have been there for 12 months! The 30th April RNS finished off any chance of a recovery here for shareholders. It's finished in the sense that shareholders will either only have 5% of the company or nothing if this is allowed to wind down.
Don't shoot the messenger...