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Just a bit miffed. Hopefully the market can see through the RNS contradictions and find the obvious positives to take from the production update.
I should be reading headlines of:
“Hurricane Energy on target to pay off debt early.”
Not: “Debt deadline looms.” *
* Energy Voice
Not getting the positive vibe from this morning’s RNS and neither apparently is the market. Down 5% on what should essentially be good news - production ahead of target and £26m added to company funds.
Who wrote this RNS? Maris/Chaffe?
It has all their hallmarks. Some good news, but more than a fair amount of doom laden ‘worst case scenario’ messaging slipped under the headlines, including bringing the so-called ‘bubble point’ forward by 1.5 to 3 months EARLIER than recent worst case estimate, and introducing unquantified liabilities.
The key thing in all this should absolutely be the positive Aoka Mizu discussions, production is up, £26m extra funds, HUR well on target for paying off the bonds. At the current rate, bond holders could be paid early in spring 22, never mind July. HUR looks months ahead of target, regardless of whatever security & decommissioning monies are ring fenced. Where was that message in the RNS headlines? Instead I now read in Energy Voice article in relation to Aoka Mizu: “Failure to do so would result in the company being wound down sooner than expected.”
Horrific interpretation, from what was supposedly positive progress.
Then there’s the future liabilities (not given a figure), to reduce chances of paying bonds on time. At least that’s how it reads. Nothing mentioned about the large tax monies HUR could claim back, which should more than offset these ‘liabilities’.
It was a rubbish RNS. Annoyed again and would like answers, preferably from CA.
“You clearly know zero about how the oil business”
I know the judge threw the HUR giveaway attempt out.
We know half the BoD resigned.
I don’t trust the data. Is that alright? A decimal point out of place, etc. We had a thread about it recently. Easily done - either accidentally or deliberately
“Are you saying they didn't report the correct production figures to the OGA and the Offshore Taxation Office? These are the same sources that we're now looking at and forecasting the probable survival of the company.”
I’m sure it will come out in due course.
Hopefully CA will dig into the details. We could do with equivalent of a forensic accountant to look into the figures and data. The vanishing WoS oil is akin to a master illusionist to make that key asset disappear.
I don’t trust any of the data provided to ERCE during a period when HUR BoD were actively seeking to give the company away for next to nothing.
I don’t trust any of the underlying data used to inform the last CPR.
Need to clear out Maris & Chaffe and a new HUR CPR in 2022. I predict the WoS estimates come out much closer to the original CPR.
HUR sp has been flat all week.
Expected more fanfare and comms following the 14 Oct Half-year Results and recent lift. This sp needs & deserves several RNS boosts - soon.
There’s still a plethora of bad news lingering from the period of the failed giveaway.
A quick glance at 1st page of Google news search reveals:
- Hurricane Energy posts H1 profits of £31m
- Hurricane Energy debt restructuring rejected by High Court
- What type of shareholders make up Hurricane Energy
- Analysts cut Hurricane Energy revenue estimates by 13%
- Glass half full at Hurricane Energy
- Hurricane Energy shares down 16% as uncertainty swirls around P6 well
- Miners a millstone around FTSE 100 necks
- Auditors have doubts about Hurricane Energy
"why we've never heard of why the difference between the 2 CPR's."
“The main difference was that ERCE were looking at a great deal of production data wand later wells which weren't available to RPS. The data comprehensively sank Trice's model of the field so the numbers were going to crater . They may have taken a "rigorous" view as well - but I really, really doubt there is an error in their calculations”
———————————————————
I have a problem with any data produced during 2020 / early 2021.
How do we know the data can be trusted, given we now understand what the previous BoD were up to? Thrown out by the court… CA investigation pending. What if the 2nd CPR was driven by false data, with one aim. This is all part of the wider investigation imo
“potential problem though - if a 3rd CPR is produced, what faith will the market (and indeed SHs) have in it? thoughts please?“
Ideal scenario = 3rd favourable CPR, timed around an announcement into the CA investigation of the previous BoD.
Something needs to back up the disappearing/ reappearing oil story that the market and buyers can understand. Would also seem like justice being done.
I used to have a budgerigar that enjoyed perched water. And Trill.
Warned me about HUR and other cheep stocks.
Guaranteed to succeed that bird. RIP Beauty.
It’s clear that AIM market trust levels in HUR have been seriously & understandably eroded by the previous BoD and disastrous news stories (which are still out there), the accuracy of which should now be challenged.
The sp needs more positive news. A great half yearly report on 14/10 and the excellent appointment of Philip Wolfe, yet the market pessimism in HUR still exists. I imagine many were burnt by this sp falling off a cliff since end of 2019. The ERCE report and the disappearance of vast west of Shetland reserves is a trick worthy of the finest illusionist. All the 2020/21 reports from the previous BoD should be challenged. A new CPR wouldn’t go amiss. Oh, and some positive RNS updates not released by Maris.
The appointment of NED Philip Wolfe is a major boost for HUR. Just need to oust Maris & Chaffe, by whatever means, asap. Must admit - thought the sp would jump more than it has, given the half year results & NED update of 14/10.
What we continue to see from Maris is negative messaging inserted into what should essentially be a positive news story. Given what we already know, I no longer trust him to act in the best interests of HUR and see his continued presence as counterproductive
Still two bad apples in BoD imo. Need to find urgent replacements for Maris & Chaffe. The 29/09 RNS was like the bad old days of doom & gloom predictions. I still look today on the Apple app stock news feed and the last update on HUR was an article about the Lancaster “bubble point” RNS paragraph.
Frankly, I’m a bit concerned the 14/10 half year results will contain some more surreptitiously placed negative messaging, when they really should be a joyous read to long term HUR shareholders and future investors.
Been reading the messages with interest.
Only a small HUR shareholder by some of your standards, but still have a keen interest in this stock and as a local to the Lancaster area, I genuinely hope the company can turn its fortunes around.
Email sent. Let’s hit that 100 mark.