Member Info for schlemiel

HTTP://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/334219/bluewater-very-keen-to-discuss-longer-stay-for-fpso-on-hurricanes-lancaster-field/

This article is on Linkedin and has been 'LIKED' by 92 Linkedin members with many of them Bluewater employees (both working on board the Aoka Mizu and in Bluewater employees in Holland in tender and contracts) and other oil and gas employees operating in the North Sea sector

I reckon an extension with the AM-FPSO is in the bag. News on this would cement optimism and point to the further positive developments elsewhere across the company's operations

Fingers crossed

Special resolutions

There are a small number of business matters that are considered so important as to require a 75% majority. They are “special resolutions”.

A special resolution will be effective only if: not less than 21 days notice is given to the company, and not less than 14 days given to the members; and the the intention to propose the resolution as a special one is specified. The business transactions listed below require a special resolution:

where the article of association of the company require one
an alteration to the articles of association
a change of company name
reduction of paid up or issued capital
** a sanction of an arrangement between the company and its creditors**
** a voluntary winding up**

Bernstein (CA) took his stake to 25.11% on the 21 July 2021. Is this significant. Well, yes under UK corporate law as per :

''Over 25% : Power of minority to block special resolutions or a takeover by way of a scheme of arrangement (can arise with smaller stakes)''

https://www.informdirect.co.uk/company-records/special-resolution-what-is-it/

I'm not a corporate lawyer but I do understand the importance of the above and it seems so does Bernstein

As an aside. I checked out Linkedin but not many clues though two Bluewater employees employed at Lancaster on the FPSO Aoka Mizu did 'Like' the article regarding Bluewater's direct contact with Bernstein regarding an extension.

search on Google as per :

'linkedin bluewater energy services aoka mizu'

'linkedin hurricane energy aoka mizu'

to see if there's any news or hints from those who are workion the AM-FPSO

I'm sure production costs are around $18-$22/bbl so Lancaster is throwing off cash like a proper good 'un

Now 2.9825....the market's now a little more eager,

Good support at these levels, hopefully, though 'famous last words' and all that so the usual caveats apply

so there's still a buyer lurkin' though on the surface it all looks quite mute

'Is this who Malcy'

is New York based. Is those who Malcy's was referring to when he wrote 'that another predator is lurking in the wings and comes with a strong Big Apple accent'

'Crystal Amber Fund Limited Letter from Saba Capital Management - 25 June 2021'

'The Sanction Hearing was convened on 21 June 2021 at 2:00 p.m. and concluded on 23 June 2021. Judgment was reserved and was handed down today, 28 June 2021. '

The timing of SABA's news release stinks and the date and timing of the Zacaroli decision not to sanction the scammers plan are deliberate and coordinated. The timing of SABA's intervention is not coincidental.

Someone's playing silly games and Bernstein knows it. He's not come this far to allow SABA to muddy the waters.

SABA's actions are destructive, malicious and designed to harm the company and its shareholders. Scummy fecking reprobates

Oil now $75.60. Is $80 an achivevable target? It wouldn't surprise me

'ERCE is the United Kingdom's leading employee-owned Oil and Gas Reservoir Evaluation firm. ... Our privately owned status enables us to give truly independent insights whilst working on reserves evaluation, commercial analysis, unitisation/expert services and technical studies.'

'truly independent insight'. If you say so.

I do find it curious that a reserves valuation company should feel the need to state this point so emphatically. One would assume that a client would believe the independence of such firms are a given.

-

the advertised bid-offer is pure bullox. Wide spread is a sign of defensiveness and no doubt they don't wanna be caught shortwhen decent news is released

that the previous board deliberately reduced production at Lancaster and therefore regular cashflow to create the circumstances leading to a call of insolvency to corroborate and provide evidential weight their court case.

Did they engineer Hurricane's potential and perceived insolvency to support their push for their restructuring scam?

All opinion of course but worthy of consideration considering how production fell away just before the court case

I do hope the new board can find any documents that may reveal intent

According to HUR's admittedly dated website Kerogen still own 16%.

Been reading through a March updated from CA. It seems this paragraph questions the validity of ERCE's CPR report and asserts a state of affairs in direct contradiction of ERCE's most recent CPR.

'On 8 January 2021, the Fund shared its updated technical report with Hurricane. This stated
why the Fund and its consultants believe that the board of Hurricane does not seem to be
focusing on the upside potential of the fractured basement play within Hurricane’s licences. The Fund sought an explanation as to why Hurricane was not keen to tie back the existing Lincoln Crestal well which was reported to have tested at a sustained commercial rate. Production from Lincoln could significantly increase overall output with minimal pressure drawdown atLancaster.The Fund believes that the Lancaster basement play may contain resources greatly in excess of the pool currently being developed by the Lancaster EPS'

But the most optimistic and uplifting paragraph is this one which is of direct importance to the bond redemption issue -

'Hurricane Energy plc (“Hur r icane”) (continued)

A trading update in Januar y 2021 highlighted how cash generation has recently improved as a result of the recover y in the oil pr ice, with the company generating $19 million in the month
of December 2020 alone, taking cash to $106 million. The Fund notes that the pr ice of Brent
cr ude has recently continued its strong recover y, from $38 per bar rel in October 2020 to more than $60 a barrel. The Fund believes that in 2021, this increase alone should add more than $100 million in cash to Hur r icane. It should also significantly increase the value of Hurricane’s other, hitherto, untapped resources if this level is maintained.

The Fund regards Hur r icane as a tremendous UK asset. It is now essential that its potential is
fully maximised.'

-

I wonder if CA heard a rumour about a potential bid from the US which explains why they rapidly built up a 25% stake to prevent a low ball bid?

The following is a brief summary of some of the most important Rules:

'When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).'

https://www.thetakeoverpanel.org.uk/the-code/download-code

GB1

It's an historical cost now fella so I'd dismiss it. $17m pistt down the swanny for no reason other than grubby graft

One thing is for certain is that the massive (relative to market cap of HUR) multi-year cashflows from Lancaster will attract some form of bid

Well, I hope there isn't a bid. All that huge FCF for years to come after debt is removed, and of course the assets to boot, makes HUR a very undervalued business.

Malcy's reference could be to the 'Ad Hoc Ctte' of Bondholders. Aren't these feckers all based in NY?

And what does he mean by 'another predator'? Is there more than one and if so is he suggesting CA is the other one?

Well, the share price needs to get a move on before any bid materialises otherwise over time such a bid price would be seen in hindsight and indeed with foresight as a total steal akin to highway robbery

Allow me my flight of fancy here but a 'somewhat longer stay' may also suggest further drilling at Lancaster, water injection at Lancaster. Yes it needs funding but a hefty extension deal in the FPSO does infer possibilities that have been discussed that may now become a reality. It's all speculation though but positive nonetheless

'a somewhat longer stay'? Well, one would assume with this email to OE that Bluewater is looking to keep its FPSO at Lancaster for years to come which may suggest there's longevity at Lancaster beyond what we see today

And fingers crossed we do see a new deal with Bluewater then does this suggest other developments elsewhere at the now pro-shareholder Hurricane ie bond issue resolution? or Hurricane is now safe from existential threat? or that Bluewater would be confident otherwise they wouldn't agree to an extension if they thought Hurricane was on the verge

It's all to play for