Member Info for noelpbz

adoubleuk - thank you for that - yes, with Bank of England ( sorry I believe you are Scottish) interest rates at 0.1% how can they extend at 9.4% + 5% PIK !! regards noelpbz

Thanks Slift and Concko - I've added that to memory bank. Noelpbz

Sorry about this but another "question" ;

At the CMD of 27th April 2020 HUR declared an expenditure of $22M on "Gas export and GWA long lead items" - surely these can be sold off at todays prices to enhance the cash balance.

Can HUR advise.

From the RNS ;

1. In the event of failure to implement the restructuring then there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

2. Under NFA it is stated that at the economic limit of February 2024 there is potential future recovery from the Lancaster field of 10.0 MMbbls (at 1 Jan 2021). (10M barrels must near $350m.)

How are these two statements compatible.

Spike501 - why would it not revert to an SP of 2.2p ?? The shares in issue, 1.99B, were worth approx £45M on Thursday. This deal gives them a valuation £2.25M after conversion. Why is the SP running at 1.12p - it should be at 0.12P.

Spike501 - so 1.99B shares equals 5% - CB holders get 19x 1.99B shares approx 38Bshares . This must be stopped - I await CA response.

Have I read this wrong ?? - I believed the 95% share issue to CB holders was an additional 95% of existing stock, ie. 95% of 1.99B shares in issue - that is an extra 1.805B shares - so total shares in issue become 3.795B. Such that the CB holders own 47.5%.

Others on this board believe the CB holders will own 95%.

Do I have this totally wrong ??

Regarding HUR issuing shares in redemption of the CB - the shares are at nil real cost but at the cost of some dilution to existing shareholders. This is to a significant degree offset by the accompanying fall in the company's interest payments, so is broadly a positive.

They had the opportunity to advise on offload details, bopd and water cut, but chose to keep schtum - why do that.??

bond should read bopd

Full Year Results 2020 - the forecast in the Telegraph for April 1st. maybe got confused with the publication of an RNS covering increased reserves, reduced water cut, (trapped water) ,and increased bond. Oh happy days !

The interesting full year results info. can be obtained from the RNS dated 14th Jan2021.

Different Angle - definite indication in the Business section of the Telegraph - Page 7 - Full year results for Hurricane Energy on Thursday 1st of April.

Y11-shx -- it should be pushing $140M.

Assuming the CBs are fully repaid (2022) and Brent crude continues to hover around $68 and CPR eventually appears with 5M barrels reserve of P1/P2 then SP circa 3.4p - however with 15M barrels reserve of P1/P2 then SP circa 18p. 20M barrels reserve of P1/P2 then heaven at SP of near 25p !

Crude Trader - next lift due 20th March - 45 days seems to be the interval - producing 500K+ each lift (12.1K x 45) - although only 8 lifts per annum (90% uptime).

DireEmblem - yes I agree , I think though the CB payment is 7.5% which on $230m should be $17.25m per annum. As we are currently running at 4M barrels per annum (90% uptime) then cost allocated to a barrel will be $4.3.

DireEmblem - yes I happy to go with 10kbod at $35 as TRUE breakeven - even so at 12.1kbod the breakeven cost per barrel becomes $29 - which now gives $35 profit per barrel.

Scottabeme - make that $21, $21M

Scottabeme - FURTHER CORRECTION - to further complicate the determination of the true cost of extraction of a barrel of oil with HUR the H1 2020 Results Presentation on 11th Sept 2020 - p18 the H1 Financial Summary gives cost of production at $18.2 per barrel. However total production was 14600 bod.
Total overhead thus $266K - against earlier calculation of $350K.
$266k with production at current 12100bod will give overall nett cost of $22.

Brent crude now at $64 so gross profit per barrel $42 - 500k offload will generate a gross profit of $21

Scottabeme - CORRECTION - At CMD (Capital Markets Day) on 27th April 2020 during Q AND A, when Brent crude was at $35, we were told that breakeven was 10,000 barrels - ie $350,000. Hence the determination of $35 per barrel as the total cost.

However if production runs at 12100 barrels then using the same gross overhead then the total overhead per barrel becomes $29.

So at current Brent crude of $63 then the gross profit per barrel becomes $34 per barrel.

I will leave you to calculate the gross profit from 500K barrels.