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@ Senseman
@ dflynch
Took your advice and e mailed.
Used points from your e mail which I strongly agreed with.
Had no time to grind out using own words.
Appreciate your efforts.
Ron
senseman
Have sent e mail to all in your list.
Used my own intro. and finish
Ron
Cont.[2]
How Could HUR Be Developed By Events
The BOD did not get assurances from the authorities that flaring would be allowed on a successful drilling of Well 8. Do not believe that any BOD could proceed without flaring permission being indicated.
It is possible that the authorities were waiting on guidance from the politicians on their policy regarding, flaring a sensitive issue in these
times.
It could be that Well 8 could be revisited with a review by the UK government on its domestic energy security. Maybe they could learn from the way Russia’s conned Germany/Europe. Maybe see the benefits to our economy and balance of payments.
There is an obvious way forward in an area like the West of Shetlands. Much as I favour private enterprise and competition a government sponsored gas collection installation for the likes West of Shetlands would be a solution to gas flaring and allow more oil/gas fields to be viable.
The government would benefit from,
[1] The increase in employment and industrial activity.
[2] Increased security of energy supplies for the UK and Europe. Recent events highlight the need for this.
[3] Balance of Payments and the economy. We don’t use foreign currency to pay for the essential energy that we produce ourselves.
[4] Doing our bit in reducing greenhouse gases by not burning off waste gas. This gas would become part of our essential supplies as they reduce and is not additional gas added the global system.
[5] Energy demand will be reducing as time goes on but will the supply/demand balance be managed. There are many pressures on the present energy companies to retreat from oil & gas and ‘go green‘. Pressure groups say ‘leave it in the ground’ others glue themselves to the road, spray paint on banks etc.
The fear must be that as companies leave or are forced to leave the fossil fuel scene demand will start to exceed supply. Prices will rise, economies will suffer, people’s standard of living will be affected. I would not bet on the situation being managed. Experienced workers will be lost as will equipment such as drilling rigs, tankards ,knowledge built up over the years etc.
My take is that the UK Government should be managing the supply side now to make sure we have the capacity to meet the reducing fossil fuel demands over a long time scale. The management to include oil wells, equipment, tankers, man power, expertise. Etc. It is essential that the government is involved in our forward energy planning in a positive role.
All as I see it.
All in my opinion
Ron
Sorry for part repeat.Computer left part out
[1]
Private Investor 220k shares. Will Vote No.
Hope that some of those with the experience are lobbying the Large Shareholders and Institutions on why this is not a good deal.
Surely some will not like this type of takeover.
Very disappointed the way Hur has turned out so far.
Time is limited now for any dramatic change in direction.
Believe we had a good chance to be in a much better position than we are at present.
Crystal Amber/Richard Bernstein CA/RB rescued us from virtual wipe out around the time of the proposed reconstruction.
Where have things go wrong? RB was instrumental in quality people being established as NEDs in Hur
The management around the time of the reconstruction showed themselves to be inexperienced and not competent in the whole affair . It was a very difficult situation in which Hur was almost given away and the shareholders as good as wiped out. We have RB and the High Court Judge mainly to thank it did not happen.
Compare the stances taken by the High Court Judge, RB and many posters with that of the Hur BOD.
Why were the BOD allowed to carry on in their positions after their previous failures?
Put different qualities of people to manage similar difficult situations and you will get very different results.
Keeping the same management after the reconstruction for any more time than was necessary was a fundamental misjudgement.
One of the best assets a company can have is a quality, experienced, and motivated management team. Even one good man in the driving seat can make a difference.
Prax Exploration look to be an oil Co. that have ambitions, drive and plans for expansion in the West of Shetlands. Maybe Hur should have a good look at what they are doing.
Cont.[2]
[1]
Private Investor 220k shares. Will Vote No.
Hope that some of those with the experience are lobbying the Large Shareholders and Institutions on why this is not a good deal.
Surely some will not like this type of takeover.
Very disappointed the way Hur has turned out so far.
Time is limited now for any dramatic change in direction.
Believe we had a good chance to be in a much better position than we are at present.
Crystal Amber/Richard Bernstein CA/RB rescued us from virtual wipe out around the time of the proposed reconstruction.
Where have things go wrong? RB was instrumental in quality people being established as NEDs in Hur
The management around the time of the reconstruction showed themselves to be inexperienced and not competent in the whole affair . It was a very difficult situation in which Hur was almost given away and the shareholders as good as wiped out. We have RB and the High Court Judge mainly to thank it did not happen.
Compare the stances taken by the High Court Judge, RB and many posters One of the best assets a company can have is a quality, experienced, and motivated management team. Even one good man in the driving seat can make a difference.
Prax Exploration look to be an oil Co. that have ambitions, drive and plans for expansion in the West of Shetlands. Maybe Hur should have a good look at what they are doing.
Cont.[2]
Very well done Sensman. That showed drive, courage, and tenacity. Fancy a job on the BOD.
Ron
Senseman
Have sent the e mail to Rees Mogg and the C.Cs
Ron
Should read 'raised by Senseman'
and just 'Ron'
This is worth a read for info. on the Windfall Tax. Look under Recent Updates.What is a windfall tax....
Will it be scrapped by Liz Truss? That is the big question. She does not like Windfall Taxes.
A point already raided by Senesman
www.bbc.co.uk/news/scotland/scotland_business
Ronh
From Today's BBC News Scotland Business.
ANALYSIS
By Douglas Fraser.
Business and economy editor,Scotland.
Almost 10 months since COP26 put a severe chill through the offshore oil and gas industry, today's industry report feels very different.
Oil and Gas UK had changed its name to Offshore Energy UK, to show its enthusiasm for marine renewables alongside hydrocarbons.
But President Putin's invasion of Ukraine has pumped life and hope back into the drilling business in British waters.
The argument is not over whether oil and gas should be burned. It now has evidence of what happens when supply is disrupted by an unreliable trading partner many years before the economy is ready to replace it. So the argument is about the reliability of where that energy is sourced.
A further argument is whether a lower domestic price should be charged for British-sourced energy. OEUK senior executives say its corporate members are talking to government about that, but also warned how difficult it would be to implement dual pricing.
There's a confidence returning to the industry, now that a new prime minister sounds fully up for embracing the case for energy security. The Tory leadership race was not notable for its concern about climate change, instead closing on a reported desire by Team Truss to issue up to 130 new drilling licences.
OEUK says some of these are projects that could be completed quickly. Others are areas of seabed where seismic surveys and exploratory drilling have yet to take place.
Six billion or so barrels of oil, or its gas equivalent, has been found. Of the claim that there are 15 billion barrels yet to be extracted, most of that is yet to be found, and to prove commercially viable.
There is now leverage with Downing Street to help with the tax stability and regulatory support to make it so.
Gives some cofidence in the future for HUR
Ron
Have forwarded my e mail to all parties as per your original.
Agree with all your points.
Ron
Cont from previous
This would increase the oil/water contact area and slow down the rate of water intake.
The rate of water intake is now only increasing slowly [much less than generally predicted] so maybe there is something in that.
The increasing gas cap pressure and the piston effect on the oil will also be having the effect of reducing the rate of water intake.
Could we have a period when the rate of water intake stabilises or even reduces?
A side-track on well 7 does look to be an attractive proposition.
It would be in a known oil bearing area and so lessen the risk.
Could be done in conjunction with the annual maintenance and save some shut down time.
The vertical well is there. A lot of the pipe work, valves fittings etc. are also there.
Any oil found has a storage vessel very handy and eager to take it on board.
All as I see it and in my opinion
Ron
Getting down to filling in the resolutions for the A.G.M. I reflected on past events and pondered on the future of Hur.
THE RECONSTRUCTION
The reconstruction of Hur’s proposed by the BOD and the group of Bond Holders is the outstanding past event for me.
I found it hard to believe at the time and still do that a B.O.D. could go along with the Bond Holders on a scheme that would virtually exterminate the P.I.’s shareholding [what would have happened to their remaining shares] when there was a considerable time left before the Bonds were due to be paid. A reconstruction scheme that cost HUR an enormous amount of funds in fees [would be great to have these funds now] and a bonus was also offered by HUR for a successful result [unpaid].
The price of oil was at a very low level at the time and predicted to recover. Recover it did and to a much higher level than most people expected. The BOD did not communicate to any degree with shareholders and did not modify their position as Hur’s fortunes and prospects improved.
The efforts and stands taken by Richard Bernstein of Crystal Amber [ A major shareholder ] were in stark contrast to that of the B.O.D. He saved the P.I.’s shareholdings/investments for the future and also those of Crystal Amber.
The High Court judge’s analyses and summing up of the proposed reconstruction was a master class.
INTERNAL INVESTIGATION ON THE B.O.D’s
HAND L ING OF THE RECONSTRUCTION EVENTS.
Another event which had a big influence on me was the internal investigation on the B.O.D.’s handling of the reconstruction.
Again a waste of time and funds.
What was the investigation out to establish? Was it to see if the BOD had broken any rules, the law, conventions etc? That appears to be what happened.
The investigation should have been based on the B.O.D.’s ability in handling and controlling the situation and dealing with the Bond Holders
Their efforts and stances taken should have been compared with that of Richard Bernstein and that of the High Court Judge‘s analyses and summing up.
Were they competent and did they have the experience to handle that very difficult situation, I think not.
We need people in overall charge who have some of the qualities and experience of Richard Bernstein to get a forward works plan, look at deals, make the right decisions, employ suitable people for the job.
We also need the right people to organise and make decisions/ plans etc. regarding the oil assets and that cannot be over stated.
It is a case of horses for courses.
FUTURE FOR HUR.
The future for Hur will unfold in the next year or so, if not before. In the near term the best advance may be in the development of Lancaster.
Some time ago [ having no O. & G. experience ] I offered the thought that the use of pumps and chokes on well 6 was perhaps having the effect of drawing oil from more parts of the reservoir than before, in a general horizontal direction.
Cont.
Ron
E Mail sent
Thanks to you and all for the effort put in.
Ron
What a difference a few months makes. We now ,after a some time, have our incumbent politicians on board with,
[1] The need for Britain to produce its own oil requirements, as demand gradually reduces. This to prevent negative effects on Balance of Payments and the Economy in general of importing oil.
[2] Producing our own energy needs to ensure security of supplies for the U.K.
[3] Actively encouraging oil companies to explore and produce oil from our own waters, mainly the North Sea and West of Shetlands, to meet Britain’s demands and possibly some of Europe’s needs.
The sooner this happens the better.
Note: Suggest the Lancaster Field could be a source for a quick increase in the supply of some oil.
The invasion of Ukraine by Russia and the resulting sanctions imposed, countries weaning themselves off Russian oil etc. will impact on world oil supply. The E.U. has set an excellent example by setting a target to eliminate the use of Russian oil. Germany after ignoring advice from many sources, over the years, about relying too much on Russian energy supplies now join the measures to support Ukraine.
The resulting effect on the price of oil is very difficult to predict and will be heavily influenced by Russia’s invasion of Ukraine Russia will offer heavy discounts on their energy prices with some countries buying the discounted oil [some have already ] while ignoring the Russian invasion and other countries banning or moving towards ending the use of Russian energy in support of Ukraine.
It is to be hoped that the production of Russian oil will be substantially reduced and so impact on their operations in Ukraine.
It will take some time to explore and produce oil to replace the reduction in Russian output. Wanting and getting oil out of the ground has big time lags. Bound to be spikes in the oil price.
Make your own predictions on oil price. Can anyone be sure of a prediction with the sanctions on Russia.? My take is it will average around the present levels for some time.
Maybe at long last Hur may be getting some overdue good fortune in events. Such as the price of oil, the greatly increased interest in the West of Shetlands oil and gas potential and the need for security of supply to the U.K. and say Europe. The value of our F.B. and Sandstone assets must have taken a turn for the better.
Have mentioned before about the measure of optimism I saw for long term share holders [ LTSH ]. Would think that has been justified.
Now believe we can move to the measure of confidence for LTSH.
All as I see it.
Ron.
OIL PRICE
Have mentioned before re Russia selling its oil at discounted prices to the likes of China and India and others.
There are reports that China is becoming more compliant. Biden had warned them there would be consequences if they did not.
There have, since the war began, an increasing number of oil firms, technical advisers ,trading companies etc. washing their of the Russian oil business. This done as a matter of principal regarding the Russian invasion of Ukraine and at a serious business cost to themselves.
It is a complicated situation, everyone will have their own take on the outcome.
My own take is that it is likely serious damage is being done to the Russian Oil and Gas industry and the oil price should not suffer as a result.
Frankly looking at the trouble their O & G industry is running into and Ukraine’s very clever and able war resistance we might be seeing the end game for Vladimir Putin
All as I see it.
Ron
HUR OIL UKRAINE
The price of oil is going to be heavily influenced by Russia's invasion of Ukraine, the sanctions taken by the 'West' and how effective they are.
Can the Russian aggression against the Sovereign Country of Ukraine be anything but war with Ukraine in the position of defending its self on its own.
This war has developed and broadened with the 'Western/Democratic' countries supplying arms and provisions to Ukraine and exercising severe and increasing sanctions against Russia. Russia in turn has threatened the use of weapons of mass destruction against any country who interferes.
This conflict does not look set to finish soon.
Looking at Putin and Lavrov I feel contempt and revulsion at what they say and do. They show no integrity, honesty or humanity.
Think Putin think Hitler. Not identical but have a lot in common.
The Ukrainian President showed good leadership qualities early on in this war. He is now showing world class leadership.
The situation in Ukraine will be resolved when Russia is beaten in what could be described as WW3. A different sort of war to what we have been used to. A traditional type of battle with Ukraine defending its territory and Russia carrying out an unprovoked and illegal invasion. The Western Democracies limiting themselves so far to severe sanctions and an increasing supply of weapons.
Ukraine is fighting a lone battle at the moment with Russia targeting individual civilians, civilian buildings, hospitals, railway stations. towns similar to what they did in Syria. All while the 'West/Democracy' watch it happen on their T.V. screens. Russians + do not get the chance to watch the reality of the war or get unbiased comment.
Oil is one of the main sanctions being used against Russia. How effective will these be? Russia will discount its oil while the usual culprits China , India + others will buy their cheaper oil. How much will go this way?
The oil sanction will work to a degree as Russia will get less for its oil and probably sell less of it. A lot depends on how many countries like China and India ignore the bloodshed in Ukraine.
How will Opec + try to control the oil price now and at what level only time will tell . Russia did cooperate on the supply side but wont now. Thoughts of swing producers controlled supply etc. will be kept for the future.
The future for Hur does look a lot better now with the focus back on home produced oil being encouraged rather than Britain importing oil to the detriment of the balance of payments and the economy.
All in my opinion.
Ron
Seneseman.
Well said.
Appreciate your posts.
Keep up the good work.
Ron
Senseman
“Now, please may we have the rest of the stuff the West could and should be doing.”
Germany have at last agreed to send arms to Ukraine and allowed other countries to send German made arms.
The West should be sending the arms etc. that are needed to fight the Russians as soon as possible by any means required.
The Ukrainian army and civilians are an inspiration to people in the free world and to
many in the likes of Russia.
The President is showing great leadership qualities.
What Ukrainians are doing and how they are behaving could lead to the downfall of Putin.
Ron
I doubt it. Spirit have already sold a lot of their Norwegian assets. Still you never know oil & gas plays in the West of Shetlands is a lot more attractive now with the high oil and gas prices and very recently after Russia has shown the value of Britain securing its own supplies.
Ron