Member Info for senseman

simple - making your sermons shorter & less boring would be helpful. since february many regular posters have vacated the forum, and another chunk have departed over to ADVFN. it would be nice to have a forum left when you reach your 20p goal and depart.

pot....kettle....black
immortal words. apology to all...couldn't resist....)
"Your posting history gives users an insight into your honesty and integrity and can be drawn upon for reference."

Gloucester - refreshing post as clean antidote to some particularly condescending drivel posted. Attached is Jamie Dimond Morgan Stanley link for others to read
https://www.cnbc.com/2022/06/01/jamie-dimon-says-brace-yourself-for-an-economic-hurricane-caused-by-the-fed-and-ukraine-war.html

Carpking
It will pop. And HUR will double. End of July. Market likes cash and simplicity. HUR is up for sale. Anyone with spare 10K should spend it on HUR. Period

simple - in june 21 the judge interpreted the Act as I and numerous other posters have always stated. he refused to interpret the Act the way you have always proposed ie: that the proposed nominal survival of HUR at the expense of SH 95% dilution was a correct and appropriate expression of BoD duty of care. ie.he ruled directly against your argument and even refused the BoD leave to appeal. I would appreciate you ceasing to mis-state my words and meaning. I do not propose to enter into a debate with you and clog up the forum yet again. With this is mind, I would ask that others intercede to dismantle any (yet again) rewriting of history that you attempt. The BoD attempted to misuse the Act and place the purported nominal survival of HUR above the interests of it's SHs by diluting the shares by 95%. This when HUR was not at genuine risk of any kind, and the BoD's actions were against the wishes of all SHs, and against both the intent and spirit of the Companies Act

At the risk of handbags with simple I will tell you what THE DEAL is -
THE DEAL - BETWEEN CA & 2 CHIEF EXECS
CA & chief execs CEO & CFO have had a chat. CA - you will be replaced unless you agree to do all that you can to allow (when we have found a buyer) HUR to be sold. You will also write RNSs which essentially are a 'for sale' sign. This will mean the end of HUR - and a complete reversal of your legal argument last June: ie: that your legal duty to 'save' HUR as an entity merited giving away 95% of it. Now - if you were consistent ethical beings you should tell us (CA) now to get stuffed, that your legal duty is to promote & retain HUR as a long term sustainable entity which may in due course reach a 50p-60p share price and that you will have nothing to do with helping us to sell it ASAP because we have to liquidate the CA fund. What is your decision? Thank you very much gentleman for the handshake agreeing to perform an ethical U-turn and agreeing to do all you can to end HUR. I am sure that not having to find a new job for a while and Item 9 in the voting list will help you sleep at night.
I do not blame CA at all. One can piddle about with words and definitions as one wants - but fundamentally (and legally) SHs own a company. It is a complete nonsense that the survival of a company 'in name' carries more ethical and/or legal weight than the wishes of SHs.

thank you simple
always forget whether its 12 or 21
no institution or fund has sold any for AGES
all that happens when PIs get scared and sell is MM buy up cheaply, then sell them back to PIs at later date when SP rises again to fairer value

PIs hold only a small % of shares - is it 12%? (someone please give correct %)
only people selling are PIs
if PIs sell, drives SP down, and circle continues. makes 'false' (lower) SP unrelated to true value
if PIs don't sell, SP stays stable. PIs selling is cutting own throat

NO!!!!

share your feelings ron, don't think our or even all PI votes will change anything, but always think one should never waste a protest vote. at least can look oneself in the mirror. not gonna think about it till after next update cos if i do i'll be kicking the poor cat for weeks instead of for just a few days

ronny - very difficult to argue against any of that. i will leave voting till 20 june to see what next update brings.
whilst i am sure CA's private view mirrors yours, pragmatically they won't have the luxury we PIs do of registering true feelings. for them it's black & white - find new chief execs for limited period, or stick with & controlling devils they know, ie: make best of bad job
the inadequately satisfying luxury we PIs have is being able to vent protest voting spleen knowing it won't alter results and derail CA's pragmatic actions
your visceral angst at the lack of regret or apology for what was tried and failed a year ago is wholly proper and not in the least overstated.

It's just a time for strong nerves and cool heads. We have been there before.

Pre- war, the new Brent floor was $100 due to then imminent supply-demand shortage (Covid end/ market recovery). Slowly unwinding now are war impact elements - strategic reserve usage, implicit/explicit sanctions, instability. And China Covid recovery. And the still imminent supply-demand shortage. I will be most surprised if the eventual Brent new floor does not provide to HUR an extra income equal to any 25% windfall tax levy payable. Notwithstanding that investment activity may effectively return that 25% levy to HUR as benefits in kind anyway.

So set aside both war and windfall tax - they negate each other. And recall & consider value & SP potential with long term $100 Brent floor. And that though cloudy market mud takes time to clear, it will clear. Then add the added selling attraction that windfall tax adds to HUR.

$80-$100 mill free cash in bank, bonds paid, and +$130 Brent by end July will simplify and uplift market perception. As will any plan to avoid donating 25% tax to government - a plan I would be surprised not to emerge. it is a time for patience and not fretting about SP. And for buying more if one has spare cash.

ooooooohhhh....we love a good ol' guesswork comp...
i'll go $170 and a bag of chips with salt 'n vinegar

Orban, as per Lukashenko, is much weaker with Putin weaker or gone. He will also be on a huge annual Xmas bonus to his offshore bank account from Russia oil funded slush fund. So he's blackmailing EU to pay for Hungary's new everything in sight to give that up, thereby securing himself popular support for the next 10 tears with Putin weakened or gone.

Location - HUR in a place where a big oilco can buy it, take the historic tax losses, and also get government to foot the bill for almost the whole cost of future exploration of underdeveloped acreage. It is thus more attractive to such a buyer.
The perennial problem as ever convincing the market to see the wood for the trees. A donkey can be led to water but it can't be made to drink.

I remain of the view that (now) circa $80mill free cash net of tax being in HUR's account post the July offload, bonds formally satisfied, and increasingly higher Brent will see market sentiment improve significantly. The icing on the cake would be even small development so that tax sums are invested rather than donated to government. Gloucester is correct- until something shows otherwise, it is hard to see how CA's and PI's interests are not identical for the forseeable future. Today's SP is misplaced overreaction to windfall tax news.

Always check before posting..). Whereas Persian's message re structural oil shortage is spot on, can't see $200-$300 oil (life is never so sweet), but would love to be wrong

Ukraine boost effect on oil price isn't going anywhere soon - good business for HUR. Weeks ago after big Russian failures made Donbass Russia's only possible saving grace, Zelensky said we need MLRS +heavy weapons now - not soon, not tomorrow, today! West patted itself on the back, had a tea break and ignored him. French & German doublespeak, Fat Boris skinsaving, US stuff starts arriving next week. By which time half of Donbass already gone and war automatically much longer. And Russian progress allow it to weaponise food & starvation, and further destabilise western markets and societies.. No one can say Ukraine didn't shout loud enough!

I concur with Gloucesters's, Warren's & Persian's summaries:-
1. Oil will go higher. Because of this, we will likely see improvement of Gloucester's net of tax $55 barrel profit, up to $65 (see links - 2nd provided by Persian)
https://oilprice.com/Energy/Energy-General/Oil-Prices-Are-Set-To-Surge-Even-Higher-This-Summer.htmls)
https://seekingalpha.com/article/4513494-think-longer-term-here-what-happens-to-russian-oil-production-from-here-on-out
2. HUR now have NEDs 2 x oil experts, 1 finance expert & 1 tax expert. And CA expertise& drive as a dealmaker. In short, a well equipped 'fast-response' team. Now is the time for NEDs to earn their corn. CEO is weak link- ideal should be experienced dealmaker & inspiring RNS writer. World of difference between main SH banging the drum to interested parties & saying 'pick up the phone to the CEO for a chat - you have to speak with him' when the CEO is limp, and a dealmaker CEO banging the drum as he should.

I would not be selling at this level. The market will self correct over the next few days
Brent today $117 and still creeping up.
If Brent's new floor for a goodly while stabilises at $130/$135 (a fair chance), HUR net of tax would throw off same profit level as at present pre-windfall. So in 2-3 months could have same profit flow as current + new tax-paid-for drilling
and as cat says - always look at what profit HUR makes even with tax paid - perspective matters

Kooba's ADVFN post below likely precis's current situation accurately, given BoD advice is vote for all resolutions. Last year it was clear that at CA's discretion and with PI's support, CEO & CFO necessarily stayed as sole BoD remaining incumbents. This year is clear most PI's zero confidence in both remains. How then to vote, and when?

Re-electing Maris with noses held requires leap of faith that (i) it is CA's pragmatic wish (ii) underlying reasons are sound. CA being unable to communicate it's unequivocal view is an unavoidable complication. That said, at face value it is difficult to envisage full BoD support for Maris re-election being against CA pragmatic wishes. If it is CA wishes; given it is driving the train to raise SP, PI's owe support, however distastefully given.

The caveat being BoD disagreement due to CA BoD member being outvoted, but voting policy being that the majority vote is supported by all in BoD AGM voting advice to SHs. Black luck would then have PIs voting to re-elect Maris, to find CA (& other institutional SHs) having voted against the re-election. Historically, bigger surprises have occurred at AGMs. Also, even if all major SHs vote re-election, there (i) may be merit in PI protest vote against, so that BoD are kept alert (ii) PIs small voting % would not change result & CA would unlikely be offended.

Since AGM is 29 June & votes need be in 5 working days beforehand, I don't see anything gained by voting before we see June's monthly update due around 17 June. Much can happen in 3 weeks, June update & other RNSs may throw surprises, & today's windfall tax news may alter BoD & indeed CA metrics,. I intend to refrain from voting till circa 22 June.

The panicked & immediate reversal of Tory policy re windfall tax, designed to save Fat Boris's skin & Tories at imminent by-elections & next general election have likely thrown a curveball into both HUR's and CA's immediate plans, & given forums enough to chew over next few days in any event.

"25/5/2022
13:47 Yep agree on both points. On Maris,In terms of voting against Maris yes he was in position during the attempt to pillage shareholders but don't really get the feeling he was leading from the front. Maybe wrong , but he had duty to follow board agreed strategy certainly.He has , to be fair overseen a good operational performance by the company since appointment and i believe a safe pair of hands for current operations.He is not however well versed in the world of M&A..But in any transaction i figure the presence of CA and Kerogen will be protecting shareholder interests and can just about get something voted through themselves if they wanted as between them they have just under 50%.I imagine they are happy for Maris to continue in his role but imagine they are looking at ways of capitalising on the improved position of the company and maximising shareholder value and leave Maris to man the pumps. So doubt there will be a meaningful vote against imho.
koob

(cont)
The authority conferred by this Ordinary Resolution 9 shall expire on the earlier of the conclusion of the 2023 AGM of
the Company and 29 June 2023, but the Company may before expiry make an offer or agreement which would or might
require Shares to be allotted or Rights to be granted after the expiry date, and the directors of the Company may allot
Shares or grant Rights in pursuance of such an offer or agreement as if the power conferred by this Ordinary Resolution 9
had not expired.
Ordinary Resolution 9 revokes and replaces all unexercised authorities previously granted to the directors to allot Shares
or grant Rights but without prejudice to any allotment of Shares or grant of Rights already made, offered or agreed to
be made pursuant to such authorities.
Notice of Annual General Meeting
Part II
HURRICANE ENERGY PLC
3 Hurricane Energy plc
Special resolutions
To consider and, if thought fit, to pass the following resolution, which will be proposed as a special resolution:
Disapplication of pre-emption rights
10. To empower the directors, subject to the passing of Ordinary Resolution 9 and in accordance with Section 570 of the
Companies Act, to allot equity securities (as defined in Section 560 of the Companies Act) for cash pursuant to the
general authority conferred by Ordinary Resolution 9, as if Section 561(1) of the Companies Act did not apply to any
such allotment, provided that this power shall be limited to the allotment of equity securities up to an aggregate
nominal amount of £99,593.57.
The relevant authority granted pursuant to this Special Resolution 10 shall expire, unless previously renewed, varied or
revoked by the Company, at the conclusion of the 2023 AGM of the Company and 29 June 2023, whichever is the earlier
(save that the Company may, before such expiry, make an offer or agreement which would or might require equity
securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any such offer
or agreement notwithstanding that the power conferred by this Special Resolution 10 has expired).
By order of the Board
Philip Wolfe Registered Office:
Chairman Ground Floor, The Wharf
Abbey Mill Business Park
Lower Eashing, Godalming
Surrey GU7 2QN