Member Info for schlemiel

B80

I want to know if CA (Bernstein's) (so called HUR directors) Non-Exec Directors are working with Maris? If so, what's the tosh about Lanc ending prod in Mar 2022 when only a few months Lancaster was forecast to be pumping out oil for at least 2024?

We need far more transparency here, not dark arts

just put out an updated note but can't access it

clarity needed now to soothe furrowed brows and shredded nerves

'to be had'

The last board spent £17m trying to steal the company on behalf of the bondholders so there must still be value to he had

What's the game being played here? Talk about putting the small shareholders through the ringer as though they've not had enough ccrrapp to tolerate since the recent scam

i'm sure all will become clear over the coming weeks and months

You know what I mean

'Additionally, the Company announces that Alan John Wright and David Ian Craik were appointed to the board as non-executive directors on 29 June 2021. Alan John Wright assumes the position of Interim Chairman. '

'Additionally, the Company announces that Alan John Wright and David Ian Craik were appointed to the board as non-executive directors on 29 June 2021. Alan John Wright assumes the position of Interim Chairman. '

even if production stops at Lancaster in Mar 2022 (unlikely) we would have generated enough cash to pay off the bonds entirely...the entire company and all its assets would then accrue to the shareholders...no creditors

Drill another well at Lancaster

this will get hit today but over the next 6 months, assuming the bondholders are pacified and the POO remains bouyant, we should make gains in company value

enuff verbiage from me..i'll let the real experts proffer up their professional opinion

thanks to sji - 29 Sep '21 - 07:38 - 30142 of 30142

'Isn't it strange that they gave a guidance for the next 6 months (8.5k-10.0k) and did not give the CURRENT rate of production (which was 10.8k just 2 weeks ago)?

Let us be very conservative and say that the average production for the next 6 months would be 8.5k bopd (meaning that in March 2022, our production would have gone down below 7k bopd - very unlikely IMO). If we average 8.5k for 180 days, then total production would be 1.53m. If we take a conservative average price of oil of just $70 for the next 6 months and assume a cash production cost per barrel of say $20 (was just $17.9 last year), then we would generate some $76.5m in cash flow (very conservative).

After our next oil uplifting in the next couple of weeks, we should have some $100m cash at bank. So, I guess that even with today's guidance, taking a very conservative case scenario, we should have around $176m in the bank against $152.5m bonds due in July 2022!

IMO, the situation is much better than the above.'

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Crystal have 2 directors on the board. Yesterday, they called for a 12 mth extension to the FPSO contract. Today, Maris says Lancaster could stop Mar 2022. That doesn't tally at all.

I have no doubt Crystal and the board nominees are driving the agenda here, they evidently have a plan.

Games are being played with the bondholders

That doesn't compute at all. I reckon they're playing a game of cat and mouse with the bondholders but that's just my imho. A positive statement with an odd warning...strange but it'll spook some holders...ah well, let's see what happens

sji
29 Sep '21 - 07:07 - 30139 of 30139 :

'IMO, this morning's RNS is intended to scare off the Bondholders by saying that there is a real possibility that production at Lancaster will cease completely by March 2022. I think that the company might be preparing for a second offer to bondholders.'

Antony Maris, CEO of Hurricane, commented:

"The Company has benefited from higher than expected oil prices and excellent performance to date of the FPSO. As a result of the combined efforts of the Hurricane and Bluewater teams, we anticipate being towards the upper end of our production guidance for 2021 and this is also reflected in our guidance for the next six months to 31 March 2022."

https://uk.advfn.com/stock-market/london/hurricane-energy-HUR/share-news/Hurricane-Energy-PLC-Production-Guidance-Update/86159665

Such a term can have legal connotations -

'In a legal context, the term egregious refers to actions or behaviors that are staggeringly bad, or obviously wrong, beyond any reasonable degree. The term is commonly used to describe conduct of a person, whether a party to a legal action, an attorney or other legal professional, or the court. Egregious behavior may take into account the legality, as well as the morality of a person’s conduct, and is brought to the court’s attention to either bring an end to the person’s actions, or to justify a party’s request for increased damages. To explore this concept, consider the following egregious definition.'

https://legaldictionary.net/egregious/

Punitive Damages for Egregious Behavior

Monetary damages awarded to a plaintiff in a legal action are given to compensate the defendant, who is the person wronged by the plaintiff’s actions, for his losses. Awards of money are divided into two basic types: (1) compensatory damages, and (2) punitive damages.

Compensatory damages are awarded to reimburse the defendant for his losses, which may be in the form of personal property damage or loss, personal injury and medical expenses, loss of wages, and other such economically definable losses. Compensatory damages may also be awarded, however, to compensate a party for damages that cannot be easily quantified or defined by a dollar value. These include such things as emotional distress, pain and suffering, and even disability.

Punitive damages are awarded for a completely different reason – to punish the party that has committed some egregious act. Generally, a court will only consider punitive damages if the party committing an egregious act did so willfully or maliciously. Where compensatory damages are awarded with the goal of making the plaintiff whole, reimbursing him for financial and other losses, punitive damages are awarded for the purpose of punishing the defendant, as well as to deter others from engaging in the same conduct in the future.

-

I reckon Hurricane, if evidence uncovered, would consider legal action or some other avenue of civil or criminal redress in relation to past events. It's telling that none of the non-Exec directors have spoken since leaving some months ago

We don't know what's going to happen to the price mate. It's a question that simply doesn't have an answer.

I know one thing. If we assume the company's assets were deliberately downgraded to sabotage shareholder value when oil prices were a lot lower than they are today then surely logic dictates that the real value of our assets need to return to their true corrected level and at a value that reflects current and indeed forecasted future oil prices. I believe the market will correct that anomaly without the need for an accurate and true representation of those self same assets as per a new CPR

There's far too many company developments to even consider selling at these levels but I understand why some do and they'll sell to take decent profits or simply because they fear something bad might happen and snatch their profits away. It's whatever serves a purpose for you at the time.

I'm staying in and awaiting news. For myself as I can't speak for others I will reassess my holding before Xmas and take it from there

3H

Drilling at H3 must be going well

EEG up as well

'Our take: Following an extremely challenging year for Hurricane, today’s update is much more positive on outlook. Production is in line with expectations, and the August lifting from Lancaster, and higher oil prices combined to deliver a US$22m million increase in net free cash at the end of August compared to end July. A continued recovery in oil prices would further enhance the value in the Company’s West of Shetland portfolio.'

https://www.spangel.co.uk/research/?#/portal/sp-angel/research/7_2021091704465165952

Well, it's interims on Thurs, 14 October so we may get more updates on events maybe before or contained with the interims.....hopefully it contains further value enhancig news