Member Info for mcadder

We're never far away hasiba. Just waiting for the next negative update either by way of court hearing or production update. Something along those lines

Slift some good posts there thanks for your input and knowledge...

The writing has been on the wall here for some time

Not a bad little contract for starters....

Here you go stokey

https://www.nwemail.co.uk/news/19292633.barrow-targeted-area-30-000-new-jobs-uk-steel-fabrication-gmb

News
10th May

"BARROW has been highlighted as a location targeted for 30,000 new jobs in UK steel fabrication to build approximately 300 giant wind
turbines each year"

"Up to 30,000 new jobs are required in the UK steel fabrication sector to build the approximately 300 giant offshore wind turbines each year every year to meet official UK net zero carbon emissions electricity new capacity by 2050."

"The areas with existing steel fabrication skills and/or access to the sea that the Renewables Development Authority should look at are: Clydeside, Western Isles, Dundee, Fife, Tyneside, Wearside, Teesside, Humberside, King's Lynn, Great Yarmouth, Lowestoft, Felixstowe, Harwich, Medway, Portsmouth, Southampton, Weymouth, Plymouth, Falmouth, APPLEDORE, Avonside, Milford Haven, Pembroke, Anglesey, Merseyside, Barrow and BELFAST"

"Task forces should be set up in these areas to identify suitable sites and develop the political pressure for these areas to get a slice of this steel fabrication work. Steel communities also need to join the political campaign for UK steel in the new wind turbines."

"unfortunately i see this going to 0.1p ish - at which point i would enter"

Captain swag - I agree re where this is going although I'll be generous and predict this hits 0.2p but difference for me I would no longer touch it with a bargepole at any price!

Adoubleuk - good for you, good for you....all part of the continued denial process for you

Senseless sid - jealous at the size of my todger I see. Still in attack mode denying that any of this is happening and still labelling recent developments as a scam. I suppose your going to say Proactive is in on the scam too? Dense or what.....
Proactive Investors
"Hurricane Energy PLC (LON:HUR) has announced a financial restructuring that features a debt-for-equity switch that will massively dilute the value of existing shareholdings.

A deal struck with a 69% majority of the group’s convertible bond holders will see some US$50mln of the total US$230mln debt swapped for new shares in the company.

These refinancing shares will equate to 95% of the group’s fully diluted pro forma equity immediately following the restructuring.

The bondholders – and subsequently the majority owners of the company – agree to amend the terms for the remaining US$180mln of outstanding bonds to extend the maturity date out to December 2024.

“Following the significant downgrade to Lancaster Field reserves and future production profiles, coupled with oil price volatility, current financial projections show we will not be in a position to repay our convertible bonds at maturity from Lancaster Field cash flows,”

senseman
Posts: 97
Price: 0.78

RE: Revenues and profitsToday 18:42
"Tranny & SlackyBladder
The PInky & Perky virgin act doesn't suit you
The village idiot know one can feed highly paid professionals whatever cherry picked date & financials you want and they write report on what is placed before them
Costing Hurr $45 to produce a barrel of oil - what a crock of cr*p....!!))"

With another of your many examples of childish immature language like the one above you wrote tonight it doesn't take a genius to figure out who the village idiot is.....

Senseman clearly is totally lacking in sense just like several others who just can't accept what's in black and white and the reason for that is they hold onto this illusion the whole thing from start to finish is a scam.
It's turned out to be one big failure as a business because they simply took on too much debt and the man in charge at the time made catastrophic errors in interpretation of the data which led many to believe in the sheer amount of oil down there. The bubble on that interpretation was finally burst further down the line but by then it was too late.

Agreed CA have clearly been outmanoeuvred here but they most definitely are not baffoons and no one has ever suggested they are.
To just quote the production figures and assume that you can attach all of that as revenue to Hur's pot without taking into account any costs is extremely naive hasiba.
It simply doesn't work like that.

I'm afraid some of these posters who are like ostriches burying their head in the sand will still be hoping for another alternative or rescue from someone when this is either at 0.2p or just simply suspended.

That's exactly what I thought Spike.

What's happened to Captain Sensible has he gone for another lie down or has he actually gone to read the RNS this time?

No I mean exactly that just 1 of 2 things could have stopped Hur getting into financial difficulty.

As in just one of those factors happening could have made the difference. If both of these things had happened we wouldn't even be having this conversation because there would never have been an issue with them paying back the debt and making a healthy profit. But as we are presently with production in long term decline and such a high water cut % it just goes some way to confirm that the latest CPR is much more accurate with what oil is probably left down there.

"The BoD needs not put the past oil prices in the document and reflecting on this to declare that we are heading into insolvency if tge restructuring plans did not succeed."

Why not? It's one of many reasons why the company have ended up in financial difficulty in the first place so it's extremely relevant.

Just 1 of 2 things 'could' have stopped Hur getting into difficulty :-

Either oil staying at between $60-$80 throughout 2020 (which it didn't)
OR
Production remaining stable at between 15-20k bopd (which didn't happen either)

They 'could' just about have afforded to pay off the huge debt without having to enter into negotiations with the bondholders if either of those scenarios had happened but it didn't. And that's the sad reality here.

I've checked and the average price of Brent crude for H1 2020 is $39.58
Crude Oil Brent US Dollars per Barrel
Date Price $
January 2020 $63.65
February 2020 $ 53.35
March 2020 $32.20
April 2020 $18.38
May 2020 $29.38
June 2020 $40.27

Which explains why they said for a time that they were only just breaking even at one point.
The bod have not lied. The situation is just as they say it is and the nomad would not have allowed any release of false or inaccurate info

Do you lot not read the RNS's or something?

The restructuring plan most certainly does NOT base it on $34!!

This is what it says....

(1) Based on YTD actual Brent price and Forward Curve (as of 23 Apr 21)

2021 $63.4

2022 $61

Forward Curve
(as of April 23, 2021)

Any more nonsense you want to pedal Mr Sensible?

I didn't realise JR had such a good WiFi connection at his dusty Dallas ranch lol

Captain Sensible is back after his long 2 day lie down in his garden shed. I'll just let the SP speak for itself

Err the bod have said previously that bopd would drop and average between 8.5k - 10.5k during 2021 so today's update should come as no surprise. That's why I've said oil price increases are not going to help Hur. The bopd still have further to drop

The amount of people on this bb still in denial about just how much trouble Hur are in is beyond belief. The company are in financial difficulty. They have been warning of potential little or no return to shareholders for months. The proposed restructuring plan has pretty much put to bed any chance of a recovery plan. When are you going to wake up and smell the coffee?

Yes but imo the recorded drop of bopd to just 10.1k will be classed as a "material change" and therefore they were required to release it.
I have to say it doesn't look good from here...

Well it ain't great. Apart from 1 or 2 minor corrections the proposed restructuring plan RNS still stands plus production in April was only 10.1k bopd which pretty much matches their production decline forecast for 2021