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Reading between the lines of todays announcement, I wouldnt be surprised if Tolmount didn’t come on line until the end of Q1 or even for a further delay into Q2.
Why on earth wasn’t this platform properly tested before being taken out into the North Sea?

The messaging he gave in interviews appears to have been perhaps a bit too optimistic when compared to the tone of the corresponding RNS announcements.
Wasnt Tolmount supposed to be up and running in January? And Dunnottar an exciting well to watch?

The EIG holding is approx 37% of total market cap making it worth around 1.2bn. In itself, this block is the size of a mid ranking ftse250 company like Wood group. Placing this 37% of stock is a bigger sized task than many IPOs so the 3 corporate brokers will have their work cut out. I guess the risk of major volatility and downside to price will exist given the unknown degree of appetite of EIG to sell or the price at which they will be willing to accept. This risk is probably what is stopping institutional buyers adding at the moment and stopping the shares gaining any traction over 400p.
But just my view.

This depends on whether the news meets the tests for being inside information and therefore warrant a RNS. The delay in Tolmount clearly probably was inside information given the shares fell 20% afterwards.
I guess there is no news at Tuna that is material enough to be considered inside information.

https://www.fca.org.uk/markets/best-practice-note-identifying-controlling-and-disclosing-inside-information

Happy to add at 350p

My understanding is the threshold is 3% for a single fund and 5% for and investment manager managing a group of different funds. This is why disclosure for Marshfield is at 4.7 and Fidelity is 5.24%. Therefore logically none of the chryasoar investors could be at the 3% threshold and so could sell if they wanted.
EIG was disclosed in the April 9 TR1 announcement at 37%. I expect this will be placed to investors on a book build after the lock expires. The presence of this big block is enough to stop the shares doing much for the time being but once it’s gone, I’m hoping to see some sustained gains

My understanding is the RNS isn’t a PR channel but utilised specifically for regulatory info and disclosures of inside info - either good or bad. So the absence of RNS on Tuna suggests they have no info either way that would move the price. Meanwhile tolmount delay and downgrade did move the price lower and was presumably released as soon as they knew about it - there are very few circumstances where a delay in disclosure is allowed. The fact that the shares had been moving higher before hand and there were no wobbles suggests to me that HBR run a tight ship and there doesn’t appear to me to be evidence of leaks or manipulative shenanigans at all. A SP dip ahead of a bad RNS wouldn’t have looked good at all.
I’m still adding under 360p today.

https://www.upstreamonline.com/field-development/-source-of-frustration-harbour-energy-fixing-tolmount-electrical-faults-as-start-up-nears/2-1-1120127

Suggests tolmount could be end January

My understanding is Hbr trades on SETS so there is no market maker input into price formation - it’s all done through auto order book matching. The days of market makers setting prices are long gone.
As for the apparent silence from the board - what they say and when they say it is regulated by the DTRs. HBR have 3 corporate brokers to help navigate this area so ought to have good advice on hand. Fairly sure the dtrs specify somewhere that any attempts to change the direction of travel of the shareprice by using the RNS will result in slaps from the Fca.

Well yes, pmo was a disaster unless bought when under 10p which sadly I missed. Can’t remember what I paid for my old Pmo probably around 30p. But I think HBR will come good over the next year or two and my Pmo loss will be forgotten

Had some old PMO tucked away in the drawer but looks to be a good time to add to that position so buying today. Any price around 350s seems good entry in my view. Don’t expect much SP movement or interest from the wider market until the EIG lockup expires in March. Market knows these holders will sell at some point which is keeping a lid on any gains. In the meantime debt reduction might surprise to the upside, surely Tolmount will be online sooner or later and the worst of the hedges only last this year which all points to a good investment case here over the next few years. Buy these dips.

Cash burn on a fixed costs plus capex basis during the quarter was c.£36 million per week on average, coming in under the guidance of £40 million per week.

Bookings are up 140% on the canary island route only - not all routes. There is no guidance in the RNS as to how much of an impact the canary island route will have on the whole business either or even whether they make any money on that route at all.

Has anyone worked out at what point EZJ cash burn is zero? Ie roughly how many passengers need to be flown per quarter?
If is was at 58% capacity and losing £35m a week in q4 then by its own predictions of flying at 70% capacity in next q1, its still burning at an eye watering rate. This is why the market is worried and the price broken 600p.
This is low margin, high fixed cost business with break even point still along way away and a real danger of the RI cash running out before it gets there.

Of course I can see it’s decreasing, it’s that the rate in which it is decreasing isn’t fast enough.

Well at the moment the RI participants are effectively subsidising the passengers to fly. It’s not sustainable. The pick up needs to happen faster.

The RNS is littered with IR fluff about extra passenger seats, disciplined approaches etc etc. which is easy to fall for. The key point is the cash burn which, if carries on at this rate, will see the RI cash evaporate within 6 months and 25% wiped off the market cap. That about 20p a month off the share price. Don’t expect the IR dept to do the maths for you. Their job is spin.
If EZJ don’t get a grip on the cash burn then surely it’s in the £4s in six months time and another RI is on the cards.

The GS position is nothing more than the back end of a technical position with a institutional client. GS are not fund managers and have no interest in the performance or state of the company. It’s simply the hedging to cover whatever position they have entered into with a client (in this case a swap) and is unwound when the swap is. Whether the GS position goes up or down is not indicative of their view on the stock.

“MMs”!!! There are no market makers for EZJ shares. The stock is traded on SETS which is an open order book with automatic matching. Market participants enter their orders on each side and the LSE algorithms match the trades.
Market makers barely exist anymore and are generally only found on illiquid, small AIM and SEAQ shares.

IR trying to put as much positive spin into this statement as possible but can’t hide a thumping great loss and cash burn of 35m a week. Any passenger recovery surely baked in the price so no room to put a step wrong.
45% of fuel costs unhedged as the world heads into a fuel crisis. Doesn’t look very clever.
Shares look toppy at this price.
Where’s the investment case here?

Games radar traffic doubled according to post on advfn. Online businesses and e-commerce doing well amid the turmoil so don’t know what’s going on here