Member Info for Mirasol

"Whereas the BoD bringing in a completely new set of hired guns intent on trashing all that's gone before just doesn't work, especially when their 'CPR' is such a bunch of a**-licking stuff with almost no technical evidence as backup."

RPS might not have wanted to admit they'd got it wrong; the job may have been bid as well. ERCE have a very good reputation - about the same as RPS - maybe not quite as good as Gaffney Cline or a couple of the US outfits who are known to take a very conservative view of the data - so you might have finished up with something tougher to chew on

Nobody cares

Ocelet - when the price of oil goes up costs also rise (greed, cost of transport, cost of living, cost of maintenance....)- operating margins do not double if the price of oil doubles

For all the letter and email writing I can't see any sign that The Cause is gaining any media attention. Google it and the first page is all about the fact they may go bust - nothing about wiping out the shareholders.

When Sirius hit the wall the press and TV were fill of stories about how small investors were going to lose their cash but nary a peep about HUR

NOT 22 or 20p - its 0.22p - 2 thousandths of a pound...........................................

" useful researched info from anne37, skyrider and senseman"

Senseman being Adrian aka Fool on the Hill of course - someone who raves and pours abuse on one and all - hope he has his day in court...........

When people like Ashley Kelty says it's all over = it's all over folks - he's very pro offshore and has a lot of experience of raising capital...........................

"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.”

People want to be sure the cash is delivered - and they'd probably like to see the FINAL detailed terms as well...............

and maybe a new CPR

"UKOG's payment of 100% of the 1st drill and seismic instead of 50% constitutes the premium for entry into 50% of the licence."

A 2 for 1 in oil speak - possibly a bit of a high promote at current economic conditions but they needed to do something fast so not out of line

Trice was selling a dream - just like Sanderson over at UKOG or Encor or.... lots of small oilers - problem is that the facts eventually intervene......................

"who are the 2 major shareholders? is there a shareholder register?"

And you're invested on AIM?????

"Not a single company BoD did this in uk by excluding their shareholders interest in the way these BoD did.."

Sirius Minerals?

"Not a single company BoD did this in uk by excluding their shareholders interest in the way these BoD did.."

Sirius Minerals?

"there’s no oil, we’re winding Hurricane up now”

They've said that now and no-one believes them............................

" as in the past I've seen 4 in a day"

Some may have been water or waste tankers but on when they were producing 200+ bopd then at say Easter they couldn't run tankers from Friday to Monday inclusive (Planning Restriction) - so yes, on Easter Tuesday you might see 4 oil tankers taking away the oil from the long weekend.

The proposed reduction to 49 tonnes storage (less than 400 bbls) means that over an Easter they'd now be restricted to around 90 bopd - which isn't too far from the last OGA figures

"A valid question would be why existing shareholders weren’t kept completely in the loop and then more importantly given an opportunity to understand where this was heading"

the field doesn't produce what they say it would, the Messianic CEO who is behind it all is given the shove, a warning is given of possible massive impairment - what more do you want to know things are likely to go pear shaped? A personal call from the MD? A brass band and parade down your street? The voice of God as you travel on the Road to Damascus?

"Dont OGA have connections with BP and Shell ?"

As in they deal with them the same as they deal with the other 100+ companies offshore?

Some of their people probably worked for Shell and BP in the past but then most of them worked for other companies. And the bulk of those taking decisions came are long term civil servants who came from the Dept Energy/DTI or whatever was running the offshore for the last 60 years.................

Again - what do the OGA have to gain here? In fact they have some egg on their faces for believing Trice and Co originally?? Just like the rest of us.................

"" or do you think the OGA are part of the scam too?" Yes, of course I do. Why P&A Lincoln ?"

Total and absolute madness - what do the OGA have to gain? They originally bust a gut and drove a coach & horses through normal procedures to get the field on production. Like everyone else they wanted to believe Trice.
Are you suggesting they're active in the market, investing in stock??

at least 12 weeks for any results

“How is it possible that an independent assessment carried out in 2017 is able to produce in place volumes for Halifax amounting to 5,143 MMstb (best estimate), up to 9,043 MMstb as a High case, when only a few years later, without any more wells having been drilled on the discovery, its volumes essentially disappear from the radar?”

Because in those "few years" they actually got data from the oil and water flows from the reservoir. Real data, not an estimate. The estimates were wrong and there data is right.

It's the difference between looking at a racehorse at 1 yr old when you're basing a lot on opinion and the same horse at 3 when its run a few races. In this case it's one for the knackers yard