Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I have now had the opportunity to read the Deed Poll which lays out our proposed relationship with Prax as former shareholders of Hurricane and my interpretation is that we will be “back to back” with CA and all other major shareholders under this proposed arrangement, so their interests will align to ours.
The link to the document is here https://www.hurricaneenergy.com/download_file/force/731/346 and a lot of the important queries I have read on here since the announcement are answered or clarified within this document and a point for me to look into further is the relationship of either Class I DCU’s and Class II DCU’s to capital gains tax/ISAs.
I know someone posted in the week a query about their SIPP position, my reading of the Irrevocable Undertakings was they are looking into this further, but please do check as this was just a mental note as I am not in this position.
My interpretation of these documents doesn’t change my no vote, however I need to understand what happens if it’s voted through as I need maximum recovery here…
All my own opinion and I more than welcome all thoughts and challenges as it’s important to test this document
Add me into the mix at 288 (288,000 in total) for a no vote
Check out the Prax website as it has the executed copies of the undertakings from all the parties - my reading was they are binding, but second opinion more than welcomed
Hopefully link comes through ok https://www.prax.com/offer-for-hurricane-energy-plc/
Circa 300,000
My concern is that my reading of the irrevocable undertakings referenced today is that they are drafted as binding in all circumstances - I didn’t read any reference that they would cease to be binding if a higher offer is announced?
Link to the telegram page went well…
**********************MDURSBmFvcQekwhg9GkTlQ
Cast your votes if you believe we will see a sale or a capital reduction programme shortly
“Oil and gas firm Hurricane Energy jumped 30.4 per cent, or 1.8p, to 7.5p as rumours swirled that a mystery suitor was preparing to make a bid.
One City source told the Mail that a potential buyer was running the rule over the business.
On online forums shareholders hoped an offer could come forth at up to 20p per share.
Hurricane, which searches for oil and gas in the North Sea, was close to collapse after production issues, but rising oil prices have helped it escape the worst of its problems.“
https://www.dailymail.co.uk/money/markets/article-10939011/MARKET-REPORT-Ocado-shares-slide-taps-investors-578m.html
https://www.heraldscotland.com/business_hq/20101877.shetland-oil-firm-eyes-north-sea-deals-crude-price-rise/
Great article on Hurricane Energy - momentum’s building
https://webcasting.brrmedia.co.uk/broadcast/62544a43e1d0d456b32a681a
Very interesting Q&A session at the end of the analyst’s call. We will all take a slightly different view, but I think the one thing that we can all agree on it’s a very exciting opportunity ahead us.
GLA
Just checked my end and it’s the same for me to sell a fair sized holding via HL - it’s been the same each day this week
A lot of catalysts ahead so I’m happy to hold this for the longer term, it will no doubt have its peaks along the way, but in my opinion a much bigger prize is ahead as the last couple of years events you would like to think are a once in a lifetime occurrence!
Time will of course tell - GLA
As posted earlier, the tax credits alone are worth £16p share, so I suspect the 15p circulating arrived from this.
Some great posts below highlighting the significant value ahead and well worth factoring into any target prices.
I’m with those who are expecting a significant re-rate from here - GLA
I would be happy to see a blended approach of contract and spot prices as part of a balanced risk & opportunity strategy
Someone’s after a sizeable amount of shares in the background - HL will take my holding in one hit
GLA would appear news is around the corner
Familiar with the telegram app here and can’t locate the group under names that would be expected, so I’d suggest due to the popularity of the word “echo” they have thrown a curveball name into the mix
If anyone can get hold of a link from someone within the group that would be a gold star moment and very much appreciated - thank you in advance
I know each will have their own reasons, but I find it difficult to see why anyone would sell one share at the moment as the short term catalysts couldn’t be better lined up here
A serious opportunity here in my opinion and I have positioned myself as such
GLA
Would someone be able to share the link to the telegram group please
https://www.theguardian.com/environment/2022/apr/06/uk-more-oil-gas-drilling-north-sea-energy-security-strategy-kwasi-kwarteng-net-zero-targets?msclkid=3aa3639ab5da11ecaa2d3914fbec4c58
Great to hear the Government are entertaining investors to reverse a decade if moving away from fossil investments and lending. Although there’s a strong case we can self fund, always good to have options
Timeline is looking perfect both short to long term
It’s all coming together now, lovely opportunity ahead
For the year ended 31 December 2020, Group revenue was US $11.1 million (2019: US $2.6million), representing more than a four-fold increase year on year. The spilt between the two commodity revenue sources were
- Oil sales - US $2.8 million (2019: $1.4 million)
- Gas sales- US $8.3 million (2019: $1.2 million)
The Groups realised 2020 Oil revenue was substantially below initial expectations, and its lower value was a result of the necessary action to shut in certain producing wells in response to extreme oil market volatility, including the unprecedented negative oil prices seen at points during the year. With the stabilisation of the markets, and return to pre pandemic oil prices, operations are currently underway to resume this shut in production.
Echo achieved an average net oil price for the period
of US $43.4/bbl (2019: US $51.52/bbl), and an average Gas price of US $2.60/mmbtu (2019: US $2.36mmbtu).
Extract from 2020 Annual Report
Q1 completes itself at the end of this month, so as per an earlier shareholders belief, I too am of the opinion that new(s) will land circa mid April
For some of our fellow shareholders news is long overdue and the regular updates this year have not arrived and the valid anger is that the board have over promised and under delivered on the news front
For others this is a golden opportunity to position themselves in anticipation of the positive catalyst that this news may start, as we have seen with a staggering number of fellow operators in this sector in recent weeks
My personal opinion is that no news is good news at this point in time and the range of shareholder sentiment shared here is typical of that which can be viewed on other O&G shareholder forums prior to their recent companies catalyst events
Exciting times ahead and wishing everyone the shareholder value that we all seek