Member Info for RNSTranslator

Write to Dentons telling them you’re jolly mad at the BoD for not talking to the shareholders (except those they did) and that the Bondholders are actually a cover for a Chinese Triad looking to steal our oil. The Chairman was complicit in the scam, and that Maris is a very very naughty boy....
that should get them to switch sides...

Toast?...thanks, wholemeal, butter and just a scraping of Marmite...

“Disagree. Lawyers don't care whether their clients are guilty or not. They'll follow the money. And if they feel they're on a 'tricky wicket' will bail out and support the other side, instantly, if their own reputation might be seen to be at stake”
Senseman you clearly don’t have the first fckin clue about how the commercial and legal world works.. ooh my client looks a bit iffy, can I represent the other side?
Bizarre stuff... I’ll collect all of these, put the best ones in a montage and post them to a journo who covers the city, fir their weekly “off beat” section. Did it once before and got thanked by the journo for lightening up the column with a bit of humour.

Senseman
“ What do you think Hurr's lawyers are going to do with them”
Pass them round the other partners in the coffee break and p*ss themselves laughing.
What a shambles... no evidence, no rationale, just angry shareholders who didn’t read the RNS’s....you’ll be emailing Prince Charles (Duke of Rothesay - that’s in Scotland) ... asking if His Mum can intervene and threaten the Judge that he won’t get his Knighthood unless he stops the scam!

Senseman
Dentons are a firm of lawyers representing Hur along with Evercore/Stifel/PwC/Deloittes etc...
Be careful they are, as you said before, part of the “scam”

Mule
I think maybe you're smelling something closer to home!

My My Mr I you are excitable today.
Of course you're free to ignore the negatives and only look at the positives, just like the poor bggers did at HUR.
Had someone go through the full accounts not the highlights in the RNS and indeed it is still yet to pay.
Indeed Wressle at 500/day will produce year one annual income of a fraction over £2mm at $60/bbl.
Year 2 thats £1.5mm @ $60.
I'm still keen to see how even with that income stream, the hinted at big royalty deal in the works, a well at Biscathorpe and 2 at Keddington he discussed in his "30 day" podcast how all that will be paid for?
UJO has form and he simply wont resist a quick placing after WN test... they have averaged one every 8 months since they started.
He has bills to pay and flipping WN if indeed it turns out commercial will take 4-6 months minimum after the CPR, which will be at least 2 months after the second test...
You may not want to listen, so just ignore...

Mr Mule
I put posted earlier today:"free cash is essentially £3.7mm, plus the £1mm they are owed by Egdon to be repaid in the next year"

Senseman, back on form today after a quiet weekend I see....
Did you write to the assorted authorities?
You seem keen to get others to do this?
Is that because Stifel know who you are...?

Alavib:
"Remember as per the law of the land the shareholders interest comes above all else"
This is just untrue, when a company is in financial difficulties, that means that there is no credible scenario which means their creditors get paid when due and this causes a material uncertainty as a going concern, it is a matter of law that the BoDs first priority are the creditors... FACT... so if you want to rant about stuff, try and be truthfull.

you all know where this is headed folks!

Heid its in the annual report as £2.08mm payable on commercial oil from Wressle. They bought out Humber who also had the same £1.04mm payable. Making $2.08 in total. Having looked more closely at the accounts its clear this hasn't yet been paid.
31/12/20 Cash was £7.26mm (this was before Wressle oil flow) they show the 2.08 as payable from 2-6 months, in the RNS they state that cash was £5.7mm as of 1/5/21.
The difference is £1.5mm i.e. less than £2.08mm so the payment cannot have been paid. This means the £2.08mm is to be paid after the prop squeeze. And so the cash after the "Imminent" prop squeeze will be £3.6mm, add to this the payment of £500k due to humber on Bisc planning approvals and its down to £3.1mm. Of course the business has ongoing expenses and capex and opex calls (£1.5mm for the first 4 months of 21) so I'm just wondering what they can achieve with the cash thats left.

Thanks Heid,
Do you have any info on whether the £2mm has been paid to Calmar yet or is it still waiting commercial production?
I know you speak to David regularly.
Its quite important in calculating the free cash for Biscathorpe etc...

Yes Heid you are correct:
From inception( almost 9 years) the company has raised £28,550,000 and currently the market Cap is £35,000,000.
However as you say they have made progress on the asset base and we now have significant potential at WN.

Sorry Heid, you are right of course its about making money and adding value for shareholders....

Perhaps your Uncle Stephen is taking the P*ss?

GKB re your comment below....
Salary Update 2020:
Year................ £ ................Increase
2014..............59,167
2015..............80,000..........35.2%
2016..............80,000..........0%
2017..............86,667..........8.3%
2018..............110,000........26.9%
2019..............160,000........45.5%
2020…………215,000……34.4%

Salary 2014 - 2020: £800,834
Value of Shares bought 2014-2020: £159,823

gkb47
According to the release the Wressle production is still in the "test" phase and it appears they haven't yet paid the $2,080,000 due on "commercial" production to Calmar (page 69 of the AR). Happy for any accountants to correct me on that. The presumption is that his will be once the prop squeeze has been successful and commercial rates established.
Does this mean that free cash is essentially £3.7mm, plus the £1mm they are owed by Egdon to be repaid in the next year or does the £5.7mm excluding the £2mm? This could explain why Bisc and Keddington not included.

Mr Cat
"Hur bod decided to fist not bother with trying to raise funds from institutions":
Do you know this is true? Did their Broker take market soundings? Absence of evidence is not evidence of absence.

"bypass, and subsequently not even engage with it’s own shareholders on this plan"
This is factually untrue, they engaged with both large shareholders, one (Kerogen) engaged and saw the plan, but refused to help finance alternatives. The other (CA) refused to engage via the brokers market soundings.
"bondholders who could be Kerogen/Chinese":
No evidence for Kerogen being a Bondholder, in fact the evidence points to the fact that they are probably not, (why be wall crossed to understand the plan when you already know it as a bondholder). Not sure what the Chinese thing is about, other than it looks a little like a xenophobic conspiracy theory.
"with regular and often unnecessary overt negative updates":
The updates are factual, the NOMAD is responsible to the market not the company for that, you may see them as negative because you don't like them and would prefer them to put out positive (but misleading news) pointing out on at least 4 occasions that you may be diluted or have no value for shareholders was fair warning as far as what eventually happened, if you chose to ignore that then that was your choice..

Mcadder.
Unfortunate Senseman has form when it comes to abuse .
Here’s one he prepared earlier:
“ Liz. VD is an ethical, nasty, incompetent cripple. Ergo so are you”
VD Victoria Derbyshire and Liz is Liz Gibbons head of news at the BBC. Nice - I like the reasoned rational approach.., he’s just an angry man...