Member Info for schlemiel

The real question must surely be is the development of Lancaster both technically and financially doable? Well, accordng to Doom Monger Maris it is. Indeed he and his cronies submitted these plans to the highest Court in the land. Well, If he thinks it's doable then who are we to disagree

The cash is there, the working knowledge is there, the skill's are there...the plan simply needs the green-light and the bond retirement event will surely allow this to happen

A very positive prognosis of Lanaster's development potential contained within the 'financial restructing scam' and this is based on a now sophisticated, working knowledge of Lancaster. This assessment is from Dr Doom himself. Well, if he can see the upside at Lancaster then I am sure others can as well. Look at the bullish recovery rates post development. Is it any wonder the bondholders tried to nick the company for pennies with such potential upside.......

This is from Maris in April 2021 -

'However, Hurricane believes it now has a better understanding of the well. It has put together updated business plan scenarios and has reviewed future development options for Lancaster with its technical advisors.

Three scenarios are:

+ No further investment in Lancaster, with operations to wind down once production is no longer economic, followed by decommissioning

+ Potential future recovery from the Lancaster field of 10 MMbbl

+ Lancaster production to average 8,500-10,500 b/d in 2021, based on output from the P6 well alone on artificial lift via ESP and a 90% production efficiency estimate. Lancaster is currently producing at 11,700 b/d from P6 with an associated water cut of 28%.

More positive action would include a side track of the existing P7z well (P8) being sanctioned by mid-2021 and drilled in 2022, designed to accelerate production, achieve a higher operating margin and improve production resiliency, and deliver first oil in July 2022.

Estimated capex is $84 million, with potential future recovery from Lancaster field of 11.6 MMbbl.

In addition, a water injector well would be drilled in 2023 following completion of P8 operations to improve the sweep efficiency of the Lancaster reservoir and support reservoir pressure.

Seismic acquisition may also be needed in summer 2022 to optimize design and downhole location of the water injector.

The water injector would be drilled from a seabed location within 400 m (1,312 ft) of the Lancaster manifold using existing subsea infrastructure (flowline, riser and umbilical). There would be a need for refurbishment of the water injection plant onboard the FPSO Aoka Mizu.

Hurricane estimates the associated capex at $96 million, but the additional measures could lift future recovery from the field to 18.7 MMbbl.'

Lancaster can be developed. Therein lies further material production. Someone on here did say that with the right well Lancaster could triple its production though I can't recall the poster's moniker

CA is looking to liquidate all their investments by end Dec 2023.

would not now go amiss

Step up Maris and do your moral duty

Silly and nonsensical suggestion, binned

Bernstein reckons 2025 but he may had pared that back to Dec 2023. Of course if they choose to develop Lancaster through P8 then that timeframe expands by degrees

only partially priced-in by the market which does show a degree of uncertainty and partial lack of confidence that investors may have had in the board especially the not so dynamic duo. I was expecting a degree of shenanhigans surrounding the final bond payment but no, and that's a massive positive and should instill market confidence in HUR going forward that what the board publicly states is sincere of intent

$35 boe I think but I can't for the life of me recall the source

'is attractive to investors'. I wonder what is meant by this?

Bernstein's driving the agenda here

Hurricane Energy PLC Repayment of Convertible Bonds

25 July 2022

25 July 2022

Hurricane Energy plc

("Hurricane" or the "Company")

Repayment of Convertible Bonds

Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that it has repaid in full its outstanding $78,515,000 7.50 per cent Convertible Bonds (the "Bonds") plus $1.5 million of accrued interest by the maturity date of 24 July 2022.

The Bonds will now be delisted from The International Stock Exchange and cancelled.

The repayment leaves the Company debt free, with significant cash on hand, further cash due from the imminent lifting from the FPSO, and ongoing cash generative production from the Lancaster field.

Antony Maris, CEO of Hurricane, commented:

"The repayment of the convertible bonds is an important and key milestone for Hurricane as we move into a new phase for the company, focusing on building a long-term future for the business and creating additional value for our shareholders. The excellent operational performance of the Lancaster field, for which I pay a huge tribute to our whole team, combined with high oil prices has underpinned the establishment of a strong financial platform for the company.

We continue our work to identify the most effective capital allocation opportunities both within and outside of our existing asset base, and which best fit within our growth plans in the context of both our own and the UK's transition goals.

I believe that Hurricane going forward is attractive to investors and well positioned to look for new growth opportunities. Our focus is on creating value for shareholders and we are being very rigorous in assessing which opportunities will best deliver that."

'Algeria-Spain gas pipeline flow halted due to technical “incident”, according to Algerian state-owned company Sonatrach'

Chariot's discovery become a tiny wee more valuable

https://twitter.com/JavierBlas/status/1551337722190745600?cxt=HHwWgMC-nYzcuocrAAAA

I wonder why Maris is labelled on Linkedin as CEO Designate rather than CEO? Designate in effect means 'appointed to an office or post but not yet installed'. His title suggests something temporary

Leemuu

I don't doubt Bernstein will make sure of that. He and many others on this forum and elsewhere haven't come this far to allow any degree of backsliding and corporate shenanhigans. The bond repayment event is evidence of a board being directed by a corporate force that was not in charge prior to the Zacaroli decision.

The court case exposed those who sought to wrench this company's equity from its rightful owners and those who behaved in such an appalling manner know they're under surveillance by Bernstein and the lawyers who represented HUR shareholders...

Debt free today. Let's hope for confirmation of the forward plan of action which was highlighted by the Maris led board during the court case ie develop Lancaster to its full potential

cheers fella

MW

Any idea how long it takes to load that volume of crude from the AM to Scott Spirit? Curious

thanks

NCM would be crazy not to try and buy GGP's remaining 25%. They'd get access to the full leverage from the Havieron-Telfer 'process' and upside exploration potential..

I don't believe the total cleansing of the balance sheet and the removal of an existential threat to shareholder equity can be classified as hype, more relief that this black cloud that has been hanging over the shareholders will finally have been exstinguishe once and for all.

What does the future hold for HUR? It's either develop Lancaster or some form of corporate action. Either way the threat to equity has been removed and that is the most important issue of all

On the issue of posters. I've been doing the boards for decades and I have never truly had a problem with any poster posting what the hell they like. If I find them irritating I'll filter if they become ovewrbearing but contrary voices are vital in this game where tunnel vision can quickly take hold. It's always wise to embrace both sides even if it feels uncomfortable

are on high alert and frisky. They're not quite sure what's coming down the line so they keep stepping off the bid and widening the spread to deter activity and reduce their potential exposure

I suspect the main problem was the bondholders who saw an opportunity to pilfer company equity by exploiting companty law and the convertible nature of the debt. Maris and Chaffe are both complicit in that process but were they the driving force behind the contrived and deceitful restructing plan? I don't know if they were or not but I bet bondholder influence held sway

There's no doubt the price is being managed by a player. Is it Stifel? They are a broker and a major Market Maker. Someone doesn't want the price moving ahead

Either way, the cash pile keeps on building and by Christmas should exceed the entire market cap of the company. It's a gift from god for any company to be in such a position of liquidity