Member Info for NGR1616

In reality nothing has changed in the short term. You’ve just swapped debt for cash. Long term it may be beneficial as no one likes companies that are indebted particularly if it’s to bond holders…..look at Xcite.

So are you saying that HUR managing their outstanding debt shouldn't be a key focus and there are no current economic climate challenges nor volatility in the oil price? Also that HUR has no remaining challenges of bridging any funding gaps for the repayment of the bonds, That they are not continuing to look at all options to maximise value from their assets as they focus on meeting their debt repayment obligations and beyond?

Senseman. Since when is a CEO to be encouraged to paint a picture that is not an accurate reflection of reality? Madness.

Why would you try and ban someone with an alternative opinion. Surely removing voices that others may find helpful flies in the face of the purpose of a bulletin board?

Futhermore it's dangerous and not dissimilar to the doctrine of governments in certain parts of the world.

Suggesting that type of control on here is what should lead to a ban, not just because you don't like listening to comments that are not in line with your thoughts.

Oh yes I recall it alright Bill. Heady days.

Would you rather I was writing fantasy stories despite the backdrop?

Ok here goes.....this is a nailed on winner. The single well will see an increase in BHP and 7z will soon be re-started after the water boiled off. Following some crowd-funding on facebook, money has been found to run a pipeline to export gas although that's not likely to be needed now the bubble-point issue has been addressed, it's still a nice to have. With the increasing BHP the problems with the ESP's are moot.

Fast forward 5 years and the price of oil is set to rise to $200 barrels with BP adding on 10% for good measure. The Aoka Mizuno FPSO has been turned into a theme park onshore after being replaced by the bigger boat the HUR holders always said they'd be needing. Crystal Amber, the former activist fund come independent oil company, boss Richard Bernstein commented that he always fancied going offshore and reading the bulletin boards on LSE have him the confidence to completely abandon his investment ideology and take a right good punt on HUR. And it worked. Now everyone with a basement has an oil well given the ease of extraction.

By your rationale TC81 my efforts to destroy the share price by undermining investor confidence is in fact making people believe even more that this is a sure fire winner. You should be thanking me and encouraging me and my fellow naysayers to spout some more facts about the precarious position you find yourselves in.

As for how nervous I am about this, I think we've covered that before.

Wake up sleepy Jean......

Sensless you wrote "to canary posting HUR saved by PoO - you are a cretin - PoO is the raison d'etre and lifeblood of ALL OILERS EVERS - INCLUDING BP SHELL ETC ETC -NOT their saviour! Historically bloody obvious oil cyclical and vaccine success would herald rapid economy recovery. Why the feck don't you write something which means something?"

I was not aware Shell only had one functioning well relying on the only ESP that they know works producing from a depleting reservoir with declining bottom hole pressure about to reach bubble point, an increasing water cut, saddled with debt they can maybe, maybe not pay off and owned by an activist fund focused on delivery the best returns for ITS investors. My apologies.

Also you are correct , my postings are poor in comparison to your clear efforts....which come across as someone who is simultaneously high on methadone whilst dealing with rabies.

EasyP - the 'bubble point' has nothing to do with production rates or water cut. Its about reservoir pressure. And that is declining meaning that the gas is closer to coming out of solution. That's the same for every oil well in the world. 6 just happens to be close to it according to company guidance.

Paying this money against the bonds is a good thing but it reduces your free cash to develop.

Alternatively not paying the bonds gives you free cash options to develop but leaves a large debt overhang and doubt about how you can service the debt long term.

This, I'm afraid, is the dance you are involved in. And the only reason you have't been handed your hat to leave the ballroom is down to the price of oil.

GLA.

Correction Nano just got in touch to correct me it’s actually
Rama Lama Ding Dong

It’s an audio response I believe. If you have covid it plays the Imperial March (Darth Vadar) and if it’s just the common cold it’s shamalamadingdong.

Senseman - your 08:03 post - excellent.

Fred - correct.

"The Lancaster field is currently only producing from the P6 well, which utilises artificial lift via an electric submersible pump ("ESP") to support production. In March 2021, pressure variability was observed in the P6 well while utilising the lower ESP, with subsequent investigations suggesting a potential partial obstruction to fluid flow above the lower ESP. Production was restored to prior rates after a well intervention which switched over to utilising the upper ESP in the well. Investigations are still ongoing into the root cause of this issue. Should the upper ESP in the P6 well fail in the future, there is a risk that the lower ESP cannot be restored to full function, in which case the Company might need to flow the well at lower rates."

In the same RNS is the only thing that might save this company. Drilling well P8 in 2022.

Might I suggest.....subtlelty, that Senseman is a far more dangerous a poster than me and the so called pariahs?

I post about real risks and he only speaks of ignoring ESP reality, shouting down anyone with a less than positive views about developments like Cambo, calling out "canaries" using derogatory terminology about posters with genuine concern about the viability of HUR's play.

Please everyone be careful and do your own research and definitely don't listen to people who have no idea what they are talking about.

what is the status of the back-up pump?

Thousands? Millions! But I'm not intimately knowledgeable in those shares. I was once invested heavily here. hmmmm.

As for CA. Sometimes gambles work. This is a gamble, a roll of the only dice they have left; and CA are doubling down. Their resident geologist was even more bullish than Trice! What happens if it's wrong, and it fails and waters out?

A. RB starts again and all you cufkers are cufked.

because I'm not invested I view it differently.

The issue is the term "fossil fuel". It's not all a "fossil fuel". It's a feedstock for vital products.

The perception is it's dirty. It's not. In fact in small measures, it's good for the environment, just not in large quantities.

But- to produce oil in the NS you need large platforms burning gas through GT's for power and that's cheap but environmentally horrendous. Some run huge pumps for water injection using oil/gas to power them. Yet the sit alongside wind turbine arrays.

We're limiting flaring (look at the shale fields in Texas where they flare all day long x 10000 wells)

If we can run cables to local platforms and produce a clean product, cleanly, the industry has a huge future as subsea fields are prolific and the cost per barrel subsequently lower.

Rosebank will be next. FID May 2022.

No. The world has moved on. Shell realise it. SNP has nothing to do with it.

Cambo has been around for years, it was discovered in 2002. It is dependent on high oil prices. It's dependent on investment mantras that no longer fit. It's at 1100m water depth, that's not far from ultra deep territory - my company is involved in some of the FEED - it has significant challenges fiscally and environmentally it's also a challenge. Better to divert investment to nearer shore where you can at least electrify the topsides - but at Cambo it's simply too far, too deep and too expensive for the world we now live in.

It's also a basement development.