The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Current total = 29
30 mins left till 10am deadline
We need 1 more braveheart to reach 30 target
Current total = 28
Gentlemen, thank you
Current total = 27
Will 3 more brave souls step up before 10am to enable us to reach our 30 target?
Current total = 25
Deadline is 10 am.
I would urge anyone who has not yet emailed to spend a few minutes doing so
comms@hurricaneenergy.com
philip.wolfe@hurricaneenergy.com
rb@crystalamber.com
investor.relations@prax.com
"Dear Mr Chairman
See questions resulting from PI discussion. Please ensure that as many as possible are PROPERLY addressed within the 18 April GM presentation. Thank you.
1. Will DCUs remain under ISA umbrella, if shares currently held there? Such is an issue of fact under UK tax law & should be clarified for PIs. Also, please explain the difference between Class 1 & Class 2 DCUs.
2. Why were not a RANGE of Brent sensitivity figures included in the cash production P6 standalone figures estimates? NB. Brent is today $87
3. Why have the CEO & CFO's 2022 AGM comments that P6 catastrophic failure risk was minimal now been consigned to history, and the risk now been mutated into being major?
4. On 27 March, Hurricane communicated to a SH that up to another $60m would be needed in wind down costs on top of $60m already escrowed, leading to only 0.83p expected dividends per share in 2024. Please explain the reasoning/cost breakdown for the new $120m wind down figure.
5. What is current OPEX April 2023. Also projected 2023 OPEX average?
6. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
7. Which party was the principal instigator of the Irrevocable Undertakings? Prax, HUR or CA?
8. Having restated in a recent RNS it has no confidence in the BoD, have CA made clear what action it will take if 25% vote NO? If so, what action?
9. Will the CEO, CFO & Chair resign if 75% YES is not achieved?
10. What are FSP expected total costs?
11. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, one year after the 2021 failed High Court 95% restructuring attempt, at bond due date, it's risk assessment proved overstated, and cash projections understated by circa $150 million in a single year?
12. Prax - Why do you have confidence in and plan to retain, HUR's CEO & CFO, in light of Q11 above? Also, when HUR's relationship with the NSTA has failed?
13. In the last 2 ERCE reports, the 2P level of oil in P6 effectively increased by around 3m barrels (ie: it did not materially drop despite oil being extracted for the last year). Please explain the reasons, and by how long this extends P6's projected economically viable lifespan.
14. Prax - (i) why cannot HUR remain AIM listed until 2026? (ii) how soon will the first added production be brought into HUR?
15. Why is Court vote being held 15 mins before Scheme of Arrangement vote?
16. When P6 pump was previously changed over, natural flow almost matched pumped flow. What is natural flow rate expected to be should pump changeover be necessary again?
17. If YES vote is 75%, is the deal binding on ALL SHs?
18. Why is HUR confident the NSTA will agree the Scheme?
19. PIs (a 21% block) consider the Scheme horrifically unfair. Why does not Prax immediately improve it's offer to gain greater PI support?
Current Total = 23
Need minimum 7 more
Deadline 10am tomorrow Friday
Some lovely variations being emailed - illustrates what could have been done had we more time
Will repost original email + addresses for sending, to save folk hunting
Remember - can add and vary as last few posters have beautifully illustrated
Current total - 18. A dozen more needed.
Phone call from friend saying 4 family members all holding have emailed
Thanks Ronny & RG for varying
RG - did you send remainder also 'beefed up'? If so possible to post 2nd part of your email as folk will appreciate seeing how other questions may be amended and/or improved?. I truncated my email posted here to fit into a single post.
Millerman - excellent question - will make a note for GM attendees to ask. Meanwhile, (as well as sending a long email), can you send a standalone email with that single question to hurr comms, and repeat/sit on it for a reply?
HEADS UP
it is 5pm and we remain stuck on 12 emails sent to HUR comms re shareholders questions for 14 April BoD presentation.
The deadline is 10am tomorrow.
At present the small number can be dismissed by HUR as 'noisy rabble'. Also, at present there will be a small number of SHs attending 14 April proclaiming they speak for many SHs whereas so far only 12 have bothered emailing HUR comms. Do you want them to attend waiving only their d icks in their hands? Or knowing that 30-50 SHs have written?
Email score = 12 (ADVFN's Agna chipped in)
When sending, please vary intro and signing off sentences, for different forms' sake
NB : deadline 10 am tomorrow Friday
Score 10
Ron - Times today significant financial article re De La Rue just posted 4th profit warning and shares crashing from 110 to 40 in a year. CA 2nd biggest SH with 10% issued AGM request last week. SHs including CA $100 mill fundraise 1-2 yrs ago to rejuvenate which current BoD have squandered. De La Rue worsening likely to have hardened CA's risk averse HUR decision and supporting Prax offer
Broom - problem many PIs including me have is simple - no cash to buy - am sure many see sense of buying at 7.5% but can't buy more and even if have cash the wife says no more or it's spare bedroom time
SCORE - 8
2 emails received from forum readers not posters saying sent
The 11.20 draft email is cleanest, with typo fixed. The email addresses are correct. Folk can alter text as desired. So far maybe 5-6 have emailed. We need a stack more - 30 minimal target. Please post is have emailed. adding 1 to previous score. Current score 5 (Five)
comms@hurricaneenergy.com
philip.wolfe@hurricaneenergy.com
rb@crystalamber.com
investor.relations@prax.com
"Dear Mr Chairman
See questions resulting from PI discussion. Please ensure that as many as possible are PROPERLY addressed within the 18 April GM presentation. Thank you.
1. Will DCUs remain under ISA umbrella, if shares currently held there? Such is an issue of fact under UK tax law & should be clarified for PIs. Also, please explain the difference between Class 1 & Class 2 DCUs.
2. Why were not a RANGE of Brent sensitivity figures included in the cash production P6 standalone figures estimates? NB. Brent is today $87
3. Why have the CEO & CFO's 2022 AGM comments that P6 catastrophic failure risk was minimal now been consigned to history, and the risk now been mutated into being major?
4. On 27 March, Hurricane communicated to a SH that up to another $60m would be needed in wind down costs on top of $60m already escrowed, leading to only 0.83p expected dividends per share in 2024. Please explain the reasoning/cost breakdown for the new $120m wind down figure.
5. What is current OPEX April 2023. Also projected 2023 OPEX average?
6. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
7. Which party was the principal instigator of the Irrevocable Undertakings? Prax, HUR or CA?
8. Having restated in a recent RNS it has no confidence in the BoD, have CA made clear what action it will take if 25% vote NO? If so, what action?
9. Will the CEO, CFO & Chair resign if 75% YES is not achieved?
10. What are FSP expected total costs?
11. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, one year after the 2021 failed High Court 95% restructuring attempt, at bond due date, it's risk assessment proved overstated, and cash projections understated by circa $150 million in a single year?
12. Prax - Why do you have confidence in and plan to retain, HUR's CEO & CFO, in light of Q11 above? Also, when HUR's relationship with the NSTA has failed?
13. In the last 2 ERCE reports, the 2P level of oil in P6 effectively increased by around 3m barrels (ie: it did not materially drop despite oil being extracted for the last year). Please explain the reasons, and by how long this extends P6's projected economically viable lifespan.
14. Prax - (i) why cannot HUR remain AIM listed until 2026? (ii) how soon will the first added production be brought into HUR?
15. Why is Court vote being held 15 mins before Scheme of Arrangement vote?
16. When P6 pump was previously changed over, natural flow almost matched pumped flow. What is natural flow rate expected to be should pump changeover be necessary again?
17. If YES vote is 75%, is the deal binding on ALL SHs?
18. Why is HUR confident the NSTA will agree the Scheme?
19. PIs (a 21% block) consider the Scheme horrifically unfair. Why does not Prax immediately improve it's offer to gain greater PI support?
comms@hurricaneenergy.com
philip.wolfe@hurricaneenergy.com
rb@crystalamber.com
investor.relations@prax.com
"Dear Mr Chairman
See questions resulting from PI discussion. Please ensure that as many as possible are PROPERLY addressed within the 18 April GM presentation. Thank you.
1. Will DCUs remain under ISA umbrella, if shares currently held there? Such is an issue of fact under UK tax law & should be clarified for PIs. Also, please explain the difference between Class 1 & Class 2 DCUs.
2. Why were not a RANGE of Brent sensitivity figures included in the cash production P6 standalone figures estimates? NB. Brent is today $87
3. Why have the CEO & CFO's 2022 AGM comments that P6 catastrophic failure risk was minimal now been consigned to history, and the risk now been mutated into being major?
4. On 27 March, Hurricane communicated to a SH that up to another $60m would be needed in wind down costs on top of $60m already escrowed, leading to only 0.83p expected dividends per share in 2024. Please explain the reasoning/cost breakdown for the new $120m wind down figure.
5. What is current OPEX April 2023. Also projected 2023 OPEX average?
6. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
7. Which party was the principal instigator of the Irrevocable Undertakings? Prax, HUR or CA?
8. Having restated in a recent RNS it has no confidence in the BoD, have CA made clear what action it will take if 25% vote NO? If so, what action?
9. Will the CEO, CFO & Chair resign if 75% YES is not achieved?
10. What are FSP expected total costs?
11. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, one year after the 2021 failed High Court 95% restructuring attempt, at bond due date, it's risk assessment proved overstated, and cash projections understated by circa $150 million in a single year?
12. Prax - Why do you have confidence in and plan to retain, HUR's CEO & CFO, in light of Q12 above? Also, when HUR's relationship with the NSTA has failed?
13. In the last 2 ERCE reports, the 2P level of oil in P6 effectively increased by around 3m barrels (ie: it did not materially drop despite oil being extracted for the last year). Please explain the reasons, and by how long this extends P6's projected economically viable lifespan.
14. Prax - (i) why cannot HUR remain AIM listed until 2026? (ii) how soon will the first added production be brought into HUR?
15. Why is Court vote being held 15 mins before Scheme of Arrangement vote?
16. When P6 pump was previously changed over, natural flow almost matched pumped flow. What is natural flow rate expected to be should pump changeover be necessary again?
17. If YES vote is 75%, is the deal binding on ALL SHs?
18. Why is HUR confident the NSTA will agree the Scheme?
19. PIs (a 21% block) consider the Scheme horrifically unfair. Why does not Prax immediately improve it's offer to gain greater PI support?
british - is there a spec email address referred to in any of the scheme docs or the prax online docs for contact?
idc you are correct.
FOLK -
it's comms@hurricaneenergy.com
philip.wolfe@hurricaneenergy.com
rb@crystalamber.com
if someone can seek out prax (mainly) & kerogen email address (both will be in scheme docs somewhere), i will repost all in single post with whole email text incl Q19
please someone post prax &
sorry doing this whilst working other things
short comms email address works (received auto reply). think long one works also
idc correct - i missed an e - it's philipwolfe@hurricaneenergy.com
if someone posts prax email and ker email addresses I'll clean up and post as single post
(Important) Add as:
19. Private Investors (a 21% shareholder block) predominantly, almost unanimously, view the Scheme as horrifically weighted in Prax's favour, and horrifically underselling HUR. Essentially, that Prax obtains a valuable vehicle - debt free, significant cash, significant tax credits, P6 cash machine, licences & huge potential - for FREE. In light of visceral PI opposition to the Scheme, of which it must be aware, why does not Prax immediately fairness-improve it's offer in order to persuade more PIs of it's merit?
Note: I would also cc email to rb@crystalamber.com
AND - please could someone urgently post Prax email address and Ker email address so folk can email to 5 email addresses total. Matters that CA Prax & Ker see them also. Prax will attend on 18.4.23
Have sent my email as below
2 typos
1. title (also email title) should read - GENERAL MEETING PRESENTATION 18.04.23
2. system chopped off ending. Last sentence should read ....... '....given it's failed NTSA relationship.' Followed by the usual, Yours sincererly. Joe Bloggs. Shareholder
Deadline is 10 tomorrow Friday so there is a day and an hour. Folk should send to both comms & Chair email addresses. Let's try for 30 and see where we end up - report here if sent just by adding one to current total.
Current total 1 (ONE)
Title as above. To:
comms@hurricaneenergy.com
philipwolfe@hurricanenergy.com
deadline Friday 10am
"Dear Mr Chairman
See below questions resulting from discussion amongst numerous PIs/ LTSHs. Would you please ensure that as many as possible are PROPERLY addressed within the 18 April GM presentation. Thank you.
1. Will DCUs remain under ISA umbrella, if shares currently held there? Such is an issue of fact under UK tax law & should be clarified for private investors. Also, please explain the difference between Class 1 & Class 2 DCUs.
2. Why were not a RANGE of Brent sensitivity figures included in the cash production P6 standalone figures estimates? NB. Brent is today $87
3. Why have the CEO & CFO's 2022 AGM comments that P6 catastrophic failure risk was minimal now been consigned to history, and the risk now been mutated into being major?
4. On 27 March, Hurricane communicated to a SH that up to another $60m would be needed in wind down costs on top of $60m already escrowed, leading to only 0.83p expected dividends per share in 2024. Please explain the reasoning/cost breakdown for the new $120m wind down figure.
5. What is current OPEX April 2023. Also projected 2023 OPEX average?
6. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
7. Which party was the principal instigator of the Irrevocable Undertakings? Prax, HUR or CA?
8. Having restated in a recent RNS it has no confidence in the BoD, have CA made clear to the BoD what action it will take if 25% vote NO? If so, what is that action?
9. Will the CEO, CFO & Chair resign if 75% YES is not achieved?
10. What are the FSP expected total costs?
11. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, one year after the 2021 failed High Court 95% restructuring attempt, at bond repayment date, it's risk assessment proved overstated, and cash projections understated by circa $150 million in a single 12 month period?
12. For Prax. Why do you have confidence in and plan to retain, HUR's CEO & CFO, in light of Q12 above? Also, when HUR's relationship with the NSTA has failed?
13. In the last 2 ERCE reports, the 2P level of oil in well 6 effectively increased by around 3m barrels (ie: it did not materially drop despite oil being extracted for the last year). Please explain the reasons for this, and by how long this extends P6's projected economically viable lifespan.
14. For Prax - (i) why cannot HUR remain AIM listed until 2026? (ii) how soon will the first added production be brought into HUR?
15. Why is Court vote being held 15 mins before Scheme of Arrangement vote?
16. When P6 pump was previously changed over, natural flow almost matched pumped flow. What is natural flow rate expected to be should pump changeover be necessary again?
17. If YES vote is 75%, is the deal binding on ALL SHs?
18. Why is HUR confident the NTSA will agree the Scheme, given it’s failed NSTS relat