Member Info for RodneyT

P8 and Lincoln are valuable additions to P6 which itself continues to feature reserves which persistently stand the test of time far better than projected by the Board of Hurricane. As and when the company is sold, current shareholders will say goodbye to so much exciting upside which, if developed with enthusiasm, could result in many years of strong production. Halifax and Warwick are also areas of interest given what is known about these already.

Please review the 16th March announcement from HUR. A number of options come to the fore should the vote be 'Against'. The fate of the current Board and the fate of HUR are not the same things.Further, what if HMG make supportive comments prior to 4 May covering a relaxation/abolition of EPL? Doing so would only align this legislation with comments made by NSTA on 28 March.

Not sure of the protocol with voting. If one lodges a 'No' vote now then sells the shares in question, can the new owner of those shares reverse the vote applicable or is the original vote ('No' in this instance) binding and therefore an integral part of what the new owner has purchased? Apologies if this has been covered before.

I recall the idea of open pit at Tandy alongside a multi year civil engineering project at Cascabel. The former is plausible for production by 2025 I would imagine.

Many thanks needalife

560% up since the 2016 Brexit vote and that's not too bad at all for investors. Trading a bit more tricky.

Up just under 21% year to date (including the drop yesterday).

Pretty sure that's about right. If so, an interesting holding. Those shares can be managed by the Board as they wish. Already in issue. No need for shareholder approval. I wonder what Mitsui are thinking at the moment?

About 6% of Solgold market cap back then I recall so maybe 120 million shares give or take Quady? Happy to stand corrected on that of course.

Quady

I think those were the SOLG shares held by Cornerstone for many years which then became part of SOLG post merger. Interesting strategic chip tucked away in the background perhaps?

Thank you very much indeed Fort. Nicely positioned there.

Good morning all. The RNS refers to no shares held in treasury. I recall the ca 6% of Solgold market cap held by a Solgold subsidiary post merger. Is that the case and, if so, how are these shares accounted for as they are, in reality, equivalent to held at treasury. Many thanks.

So sad to see this. Writing down of resources, 'down to the wire' High Court case and the efforts of so many (on here) at that time whose dedication we all benefit from right upto this very day. And now it is proposed that we give up all that we own in return for about the equivalent figure that we have in cash plus the POTENTIAL for a small share of the 6.6 million barrels reserve HUR stated as at 31 Dec 2022 (the 6.6 million that 'should' have been 0.3 million barrels based on HUR 31 Dec 20 projections). What about the RESOURCES of 31.6 MMstb? That is a big number. The sale(s) document on page 24 refers to 'Prax will continue with Hurricane's assesstment of commercial options surrounding the extension of life and EXPANDING OPERATIONS at P1368 (note:Central Lancaster)'. Would that be a bit like HUR's failed attempt to gain approval to develop P8? How about Lincoln where HUR also failed to get approval? Another look at Wawick and Halifax perhaps? oh dear, oh dear, oh dear...

Slide 16 of the IRP made by Mr Maris in March refers to NSTA and NSIA approval 'anticipated by mid May 2023' but is that really realistic?
The NSTA did not approve either P8 or Lincoln with Mr Maris and his team at the helm of HUR so in the event that they are to remain at the helm of HUR operations for Prax, why might one be confident of approval by NSTA of the proposal?

The National Security and Investment Act (NSIA) came into force on 4 January 2022.

The Act gives the government powers to scrutinise and intervene in business transactions, such as takeovers, to protect national security, while providing businesses and investors with the certainty and transparency they need to do business in the UK.
An article in The Guardian published on 21 October 2021 by Rob Davies stated the following:
"As of this year, Trafigura also has a significant interest in the Lindsey oil refinery in Lincolnshire. In March the French oil company Total sold the refinery to Prax, a unit of a little-known outfit headquartered in Surrey called State Oil, which has grown at meteoric pace, its revenues surging nearly tenfold between 2010 and 2020.

Its controlling party, Winston Soosaipillai, who goes by his middle names of Sanjeev Kumar, is rarely spotted in public or at industry events and has almost no public profile. The company said it was a “natural progression” to acquire the Lindsey refinery but did not answer more detailed questions.

In March 2021, the same month that the company bought Lindsey, it registered charges in favour of Trafigura, the global commodities trading house based in Singapore, part of a supply agreement.

If Prax were to default on payments due to Trafigura via that agreement, the charge documents say, the commodities trader is entitled to seize control of contracts to supply fuel to BP, Asda and Certas Energy. In May 2020 the Guardian revealed that Trafigura was under investigation by authorities including the US Department of Justice, which is looking into suspected corruption and market manipulation. Trafigura declined to comment at the time.

Officials in Westminster are understood to have become uncomfortably aware of Prax’s ties to Trafigura in recent months, particularly in light of the US investigation."
In light of the above, is it a mere formality that approval by the NSTA and NSIA will be granted?

Board members would lose their salaries on resignation. Not so bad if they each had somewhere to go offering similar packages. Would Prax want them without HUR in tow?

Good morning all

Sense has previously referred to about 21% of the ordinary shares being in private investors. Institutional investors come in all shapes and sizes. Larger IIs could well wave this proposal through due to a combination of decision making process their end, a wish not to rock the boat their end, the approval of HUR's Board, main shareholders and so on. But there could also be significant numbers of shares in the hands of 'smaller' IIs with more direct executive control (by an owner/director, for example). Such an II could easily see the true potential of HUR (Resources not reserves) and therefore conclude that all this potential will be lost were the Prax proposal to succeed. ( The 17.5% reference is set aside making this comment insofar as resources such as P8 and Lincoln have potential for many years of production let alone another look at Warwick and Halifax which I understand remain with HMG after HUR relinquished them and could therefore be available). Anything is possible with a new team of executives. Were the decision to be 'Against', perhaps Albion would be interested again? The CRS RNS of 23 Dec clearly demonstrated that they see great potential in HUR's resources. If the vote is Against, perhaps this would free CRS and other main shareholders to support renewed interest from Albion? The team there has an excellent record. Times seem to be changing in the UK with respect to Oil and Gas in UK waters. There seems to be renewed spring in the step. Politicians seem almost compelled to accept the reality that we will need oil and gas for years to come and therefore it is best that this comes from our territory employing our workers. Just look at the post on the NSTA website of 28 March 2023. Also, consider the political capital of a bold statement supporting oil and gas made by a government minister in Aberdeen sometime soon. We do not know why CRS have given the pledge they have. We also do not know how things could change were the vote to be Against. It is certainly not impossible that it will be Against. A statement from HMG soon on EPL could be significant were this to broady support what the NSTA stated just over a week ago.

Thank you for your work Sense. Appreciated.

You make your point very well sense. So much so that I feel persuaded you may well be right.

Let's give RB the benefit of the doubt. Is it not possible that he acted in goodfaith then something happened for whatever reason within CA or perhaps connected with CA which resulted in a (sudden) change of decision by CA? If this is what happened then it would be very hard for RB to speak about it at such a sensitive time.

3. In the event that attractive news in forthcoming from HMG in relation to the EPL, could this make HUR’s assets all of a sudden much more attractive and prompt a bid for the company by Albion, one of the other participants in the FSP or another party?
4. A proposal of this type seems to be a much more dynamic and forward-thinking approach and one in which current HUR shareholders could look to the future as part-owners of a business seeking to prove up resources, increase production and de-risk reliance on one production well.