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Mirasol , remember Senseman has two PhDs ,in Sociology isn’t it Dr S.? was it BOGOF at uni that week?
Explains the lack of structured reasoning... 8-\

Sense you claim there are alternatives...but you repeatedly don’t want to share them with the rest of us.
Can you see how this may make folks think you dont actually have one. I’d genuinely love to hear it/them...

Sense
Perhaps I just don’t want you to try and take others down with you on your own class warrior form of kamikaze immortalisation... “I lost it all but I went down with honour”
Very Admirable, but this isn’t Jonestown...

Aduk
You still seem reluctant to put their names down and suggest they’re bent or incompetent...‘frit?

Aduk
To save you time looking them up.
The auditor is Deloittes and the cash flow scenarios were done and signed off by PwC...(oh and a whole bunch of lawyers, they might come in helpful later!)
Go on go for the double .. call them both out...!!

Aduk
So the auditor who is currently preparing the annual report is bent...(or incompetent?)
Would you be prepared to mention them by name and repeat that accusation? I dare you!

Lmfao.

Aduk you still don’t get it:
“ in fact, although I'm not a lawyer, I'm not aware of any precedent for a company going before a court before pleading that they may become bankrupt in 15 months' time., but that the BoD may continue drawing salary in the meantime.”
That’s because you don’t understand the rules, and you really don’t want to...going concern is a look into the “foreseeable future” to see if the company is solvent... doesn’t really matter what the BoD think, the auditor has final say. At that point you need to negotiate with your lenders...if they won’t play ball you require a controlled wind down , if they will you go to court to get approval for the arrangement...shareholders have no say because the alternative is a wind down with, in this case no return to shareholders. You may want to go down with the ship as a matter of principle, fighting until the end, in a futile bit of gesture politics, however the courts won’t let you do that for the sake of the rest of the shareholders who unfortunately hit caught up in the mother of all clusterfks.

. Directors of listed companies incorporated in the UK are required by Listing Rule 9.8.6R (3) to include in their annual financial report a statement that the business is a going concern, together with supporting assurances or qualifications as necessary, that has been prepared in accordance with this Guidance.

The auditor is required to make its own assessment of the directors’ conclusion on going concern. If the auditor concludes that a material uncertainty exists related to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern, it is required to modify the auditor’s report.

Nope, no wailing and gnashing, just wondering how you can be bothered to continue your somewhat cringeworthy diatribe... nothing but the same childish words, no reasoned discussion. Perhaps you’re just not up to it , if in doubt just put your fingers in your ear(s) and go blah blah blah...
Are you a flat earther?
Perhaps you’ve met aliens from Uranus who told you all about the deep state which manifests itself as the HUR BoD.
I’ve had fun with a lot of deluded egotists on the boards, but I have to say you do take the biscuit...

Aduk
You may want to sign up for the same courses as Senseman.
The reason why the bigger oil cos don’t have going concern issues:
1: they have lots of fields so do not have a single asset failure risk
2: They all look 18 months ahead to ensure they are solvent at an oil price less than the current market price (stress test)
3: They have BoDs who know what they are doing.

They don’t tell the auditors that we have one well that’s declining and reliant on an esp. and so could fail at anytime, cutting off all economic production. And We need $90 a barrel to pay our debts when due.
As I said not rocket science ...

Sense man
You should take a few lessons in basic governance, company law and accounting. Most small oilers dont have several 100s of millions of debt to service. Once you have debt and cash flow then there’s always a greater auditor interest in going concern as well as ensuring you don’t breach debt covenants. Most small cap oilers don’t have debt and so the Board can simply say that they have a reasonable expectation to be able to raise funds (or reduce expenditure) as needed, obviously the Nomad/auditor will need to be convinced.
It comes back to the same old question and your same old refusal to answer , exactly how should they or how can they get round the “going concern” issue.

The Court doesn’t act on outrage...just the facts...

It could be of course that they’ve just written it off as a failed investment...
Kerogen deploy significant capital so this ain’t such a big deal in the scheme of things...CA are a micro cap in the investment world and either they have a cunning plan or they were not as smart at oil and gas as some folks thought. I guess we’ll see in the next couple of weeks.
They will need a watertight plan to suggest that all those advisors and their high paid lawyers either got it wrong or were “fooled” by the BoD.
Occam’s Razor methinks....”

Waiting for Godot (Wressle)
At 100bbls/day or whatever it is they aren’t sharing then the free cash from Wressle is minimal...opex will be about $40 a barrel at these rates...leaving $25 of which EDR take $7.50. That’s €750 per day net revenue....They’ve bottled £1mm from UJO, £1mm plus from Yates, and they still haven’t paid the £400k due from Wressle first commercial oil. So they’re £2.5mm in the hole and must be concerned that the bucket has a hole in it.... they desperately need the prop squeeze and soon, and hope that it delivers..if it doesn’t they’re toast...and many of the bystanders will get splattered if the cr@p hits the fan....

"There was a big scaling back on the recent offer"
yup the Corallian shareholders wanted out of the new one trick pony that is Corallian and into something that was actually going to happen (WN well test) and a market into which to freely sell their shares. An extra 470mm shares issued just before a well test which will goose the shareprice...why not wait to do this until the well test, or after, and issue potentially materially fewer shares?

Aduk
The cost per bbl is dependent on the production rate because the majority of costs are fixed. So you can’t go back to when it did 20,000 per day and say it was $25 per bbl then because it doesnt work that way.
By extreme example, if it was producing 1000 bbls per day would the opex Capex and G&A only be $25, 000 per day -clearly not... if you want to discuss cost per bbl, you could at least try to understand how it’s calculated and Huw it changes ...

Here’s a clue if you’re struggling.
Take the daily costs and divide by the number of bbls produced...
Cost $440000 per day, average bbls produced over the next 15m 9600 bbls /day... happy hear your analysis....but presume you’re still not answering questions?

So what is the cost per bbl mr Sense?

and Malcy keeps digging....
"Whilst there is still a way to go before the ongoing geological and technical review is completed and production guidance is reinstated, I remain confident that with its low break-even price and weighty production the share price at below 6p is clearly not in line with any sort of realism…"
"The good news is that there is an ESG report coming out in April which should address a number of key investor questions."

Followed by Malcy's further pearls of wisdom in May:
"This latest challenge is a product of the well configuration which has led to high interference and doesn’t necessarily mean anything negative about the reservoir’s ultimate potential."
"At this stage I am still convinced that there is still plenty to go for in Hurricane even though up until now things have proved to be somewhat more difficult that initially expected. Dr Trice should, despite inevitable frustration in the end be proved right with regard to the fractured basement potential in the Hurricane portfolio."

Insert foot in mouth....

Ah yes Malcy, the original HUR fanboi....and expert analyst!
And big mate of Dr T....

April 2020:
Until the Capital Markets Day Webcast on 27th April where we will get much more flesh on the bones of all this I would say that Hurricane is in very good nick and look forward to reporting back from that.
followed by:
With the two wells, material balance estimates and recent pressure decline trends are consistent with the two wells being currently connected to a with a minimum in-place volume of around half a billion barrels. Bottom hole pressure response suggests that the wells are obtaining more pressure support with increased production, progressively ‘seeing’ more of the reservoir. This was a very detailed event with much more data I can talk about later but this fact along with operating costs of $17 pb and a cash balance of $152m means that Hurricane is in very robust shape with a good deal of potential upside.