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It seems clear that this board has, yet again, sold us out. Prax has said that its offer was constructed to beat other offers. This fantasy '12.5p' no doubt trumped other offers that may have offered far more in the long run - such as a future for HUR. The board may tell investors that their return will only come if we receive the full 12.5p but this is just smoke and mirrors. As employees of Prax, there are many ways that Maris and Chaffe, may their names go down in the book of infamy, can be rewarded for their 'services' (bonuses, salaries, pension contributions etc) These guys are supposed to represent US but they have never represented anybody apart from their greedy, treacherous, money grubbing selves.
Nobody trusts Maris and, in truth, Maris has never done anything to earn our trust. His scornful, dismissive treatment of rank and file shareholders is a disgrace. He will do whatever he can get away with to feather his own nest as he approaches retirement - one last score. He has already wasted millions of pounds of shareholder's money in a scandalous attempt to gift the company to bondholders. We can only surmise what his reward might have been had he succeeded. Anybody with an ounce of self respect or integrity would have resigned after losing that court case - after facing his own shareholders in court - not Maris. No he endured, shamed, bitter and profoundly hostile to the shareholders who had frustrated his scheme.
Nobody should trust such a man or believe a word he says. We need to doubt everything. Resource downgrade? - paid for by Maris. No chance to drill well 8? - decision taken by Maris. Now Prax and their bogus offer...the best bid... says Maris. Best for who?...Maris.
NO
8 v16
Seems likely that Maris was very active in ensuring his own preservation and joined forces with his Stifel allies to find ways to frustrate CA's plan to replace him. No doubt he could have threatened to delay or block the capital return or replace it with a program of buybacks that would not suit CA. Although CA are influential, they are not all powerful. No doubt if put in the corner, Maris is prepared to act against the interest of shareholders - as he did before.
Hope for future success is fuel for any share price. The success that Tony Buckingham has already achieved as CEO of Heritage Oil is nothing short of spectacular. Can he do the same for us?
Why not? This man has the experience and contacts to truly maximize the value of Hurricane. Oil prices are high and rising, we have a steady income stream - what we lack is direction, leadership, deal making skills, investor relations skills, belief and vision. This is our chance to put that right.
Heritage Oil: $15 million to $1.6 Billion
Hurricane Energy: 7.9p to ?
It's a tantalizing prospect!
Maris & co - have got to go!
For the underhand things they have tried to do and for their woeful ineptitude.
'Shall in these confines with a monarch’s voice
Cry “Havoc!” and let slip the dogs of war,
That this foul deed shall smell above the earth
With carrion men, groaning for burial.
Interesting that the payment of a 3p dividend is still supported and certain safeguards are included in this prospective 'deal'. Apart from the 3p, there is the stipulation that money raised is for the express purpose of developing Lancaster and also, a target of 10p if the new management are to exercise two thirds of their options. So with 3p paid and 10p targeted in the near future, there should be exit milestones built in for those who wish to 'cash out' of HUR. For those who still believe that Lancaster has much more to give, a four well drilling program will certainly find out and the accompanying hype and publicity will almost certainly give rise to trading opportunities for the fleet of foot.
And if no 'credible bids' are forthcoming on January 7th, we will know that the 'excellent traction we are seeing in the FSP' is just weasel speak to string us along. Then we need to have this BOD for breakfast - before they try to eat us for dinner...
What is this 'substantial potential' that our feckless BOD is seemingly unable to see? We don't pay them to wander around shaking their heads being 'simply mystified'.
More charitable posters have suggested that Maris and co are just interested in extending the wind down process and collecting a few more salaries. That after vigorously attempting to shaft his own shareholders, decimating resource estimates, cynically ****ing up well applications and creating an 'orphan asset', Maris will be content to just serve his time tinkering with his CV?
No, one way or another, the sneaky weasels are out to make a killing at our expense. With the for sale sign up and no forward plan we are desperately vulnerable. After paying the dividend, any problems with well 6 and we could be sold off for little more than our remaining cash value. Why else would Crystal Amber take such drastic action?
What exactly have Tony Buckingham and Franco Castelli noticed in the HUR data room that would justify 250 million of new investment? Is the 500 million barrels of recoverable resources from the 'super giant oil field' Lancaster, now back on the table? Well 6 is still going strong. Maybe Trice paid the price for one duff well. Just how much oil does Lancaster really hold and how risky will it be to go after it?
This could have been written for Ryan:
“When you shame oil and gas investors, dismantle oil and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right.” - #Aramco CEO Amin Nasser
@cnbc
Times change...
A few months ago you were a mighty, green warrior and champion of the environment. Few people questioned your zealous stance. In the comfort of your ministerial office, you could confidently reassure like minded greenies with a nudge, a wink and a 'not on my watch!' Barryroe was dead and buried and the average Irish citizen was unaware of your starring role in his spiking energy bills. Hell, some people even believed your 'hydrogen' fantasies. You were able to put principles before economic realities with complete impunity.
Well that's not true anymore. Now the eyes of a nation are upon you. Your reputation (as a statesman not as a mindless, green ideologue) is at stake. Don't you wish to be remembered as a politician who put the needs of his people first?
Make no mistake, this is no time to have feet of clay. Your shameless stonewalling is dereliction of duty! Real people are paying for your policy paralysis.
Times change and you need to change with them.
LET IT FLOW! LET IT FLOW!
DRILL THE OIL IN BARRYROE!
I realise that this post is rather simplistic but I don't understand why PVR can't just go back to the well they have already dug and tap into the ample flow rates that have already been demonstrated. Surely there must be at least one populist politician able to tap into the bubbling resentment of a population that is heartily sick of the patronising 'let them eat cake' approach of 'Minister' Ryan. If enough people DEMAND that Ireland uses its proven natural resources to ameliorate what is clearly becoming a national emergency NOW, then one man, no matter how intransigent, will be swept aside.
He is here because he makes his money from the misfortune of others. A manipulative shorter with an obvious agenda. Always peddling the worst case scenario and shoving it down other people's throats.
'a dirty itchy hemorrhoid'...not life threatening but certainly an irritant.An excellent description of 1cagney and his rather puerile attempts to, in his words, toy with and wind up other posters.
Some press coverage so far this weekend although the Irish Times saw fit to describe Providence as a 'penny stock'. I'm wondering if this good run will continue next week. Here's hoping.