Member Info for plumbus

It's not about Greece, it'll be foreign capital going in to develop the site and foreigners that will visit the completed resorts. The principal geek involvement was in obtaining the pp. Greece will provide the sun, sand and service.

What that says is HUR is valued at £1B with no cash flow and unproven assets in a fractured granite basement previously unheard of in UK oil exploration and MIN valued at £8M with an asset in a holiday hot spot currently in great demand from tourists and developers alike.
When you resort to comparing share prices rather than market cap it shows a distinct lack of understanding.
My current investment in HUR is 10 times that in MIN.

What sort of asset you'd rather have is of no consequence, the debate revolves, at least initially on whether the land in Greece has any value to a developer - on that we obviously disagree. After that we have the credibility of the management to deliver; on that we are probably more closely aligned.

Ten or maybe 5 years down the line people will still be flocking to the med, but doubt if the oil market will still be as lucrative.

An asset is an asset whether it be oil in the ground, requiring billions to extract it or a piece of barren land in sun-drenched Greece requiring a few million development. Of course they are comparable.

Hurricane energy have no cash flow they are valued at £1B, Assets in the ground as MIN.
There won't be any investors in the SC project until the asset is in 'safe' hands ie devoid of the 40-50% that are not interested parties (us).

Thanks for the info truthfactory, I'm not expecting miracles here but my opinion is that the directors have collected themselves a nest of shares and for one reason or another they have avoided disclosure, likewise Zachary are well in the picture. I believe the asset is valuable but it's true value will only be outed when the PI's have been bought out for a fraction of its worth. My view is with that scenario there may be an upside of more than 50% here.

Truthfactory, do shares taken as directors fees fall in the same category as buying on the inside? Suggestion is that was what the last placing was for?
The company has always said it was in discussions with developers never negotiations - this again indicates that the company was not in a close period? I agree with everything said about the past what matters now its can we get a decent return from where we are. I personally think the directors have been squirreling away shares in non disclosable accounts and zachary for their part have been protected from dilution of their potential satke. I'm no longer expecting fireworks here that'll come after PI's have been waved bye-bye but I hold aiming for a half decent return.

Meeting report has beent issued to members.

joshua, I'm just relaying what I thought was a useful post elsewhere.

bobsworth on the 'other channel' :

Just had it confirmed that that due to environmental impact safety planning they would have to demonstrate to environment inspectors on board that they can confirm the latch and unlatching facility.

These are all mandatory procedures necessary to tick off the lengthy safety procedure / commissioning check list.

If FPSO has hooked up to buoy and then successfully unhooked as demonstrated by its marine positioning and is now in position again to hook up it's all looking good, weather permitting of coarse.

Presumably the investment will come primarily from sources external to Greece as will the future clientele. Greece stands to make from employment and cash evenues. Win win all round.

It begs the question that are these routine placings a means of the directors increasing their holdings without actually buying in the market and causing a spike. The shares possibly being ferreted away in unnamed accounts in which they have beneficial interest? Zachary for their part get their warrants entitlement increase and we get further diluted.

I asked the company about the £100K placing to a director and shouldn't it be be RNS'd the only answer I received was that directors holdings are not shown on the website but only those shares in non-public hands. He dodged the question of whether the new holding should be RNS'd under LSE rules.

It's unlikely that a RNS is issued saying that directors took £100K of the shares if they didn't. It's where they have gone and no doubt many more besides that is the mystery. At least it is for us mushrooms.

No increase in significant shareholder holdings either today in fact they went down reflecting the dilutive effect of the last placing. So who took up the last lot; paid as directors fees perhaps and then squirreled away in unnamed but beneficial accounts as the £100K worth from the December placing may have been. Who knows?

Directors individual holdings appear not to be listed anywhere all we know is that about 1.8% of the shares are not in public hand.

Hope you are not suggesting it is of archaeological importance. That's all we need! :-)

If they don't get it sorted in the next 12 months it means that there is no interest in the asset and it is essentially worthless. I personally don't believe that to be the case and it will go forward in the next few months. However raising cash when your sp is on the floor is only done in times of desperation to keep things afloat, if a JV comes in relatively soon the loan can be paid off without diluting shareholders to hell. To raise 900K now its a placing of 36M shares, to do it after a JV is agreed you will need to place a fraction of that to raise the same amount of cash. Logic.

The loan has already run for 5 of the 18 months so almost a third of the interest is owing. You don't raise cash at 2.5p when you believe your assets are multiple of this unless you are desperate for the cash and I'd say paying off the loan at the moment isn't that important to the directors. If we don't get a JV or sale in the next 12 months the company is a write off anyway.

But why clear the loan now with lots of very cheap shares when later it in the year it can be settled with the cash flooding in from the JV. (Ho Ho Ho).

You say they have little cash burn, we thought that after travel was sold. Since then they have raised £900,000 for undisclosed liabilities - they are acting like a law unto themselves. There is an opportunity here at this price, i think we'll get bought out at 5-7p prior to any JV or development interest arising.