Member Info for senseman

we can dream....but HUR does deserve a break..)
galling to consider -
if HUR currently circa 70 mill shy of full bond money
by mid october (next offload - profit circa 25 mill)
had 17 mill not been squandered on 'the plan'
HUR would be shy of only circa 28 mill (70 - 42)-ie. 1 further offload & change if oil stays $75!

Golden
haven't a clue, too much to answer
can't see any of it happening
agree won't peel many more bhs away, but any helps, and never believe they are united team
bhs ain't gonna fork out decent money for what they wanted before for pennies
rb ain't gonna invite reputational damage by selling to bhs
the money in escrow - i wondered also, don't know, would assume can only release after bhs paid. for someone else to answer
it's all about risk reward - my view not worth wasting millions for certainty you seek (which isn't certainty as doesn't cover against well issues)
my view - barring act of god hur already safe from bhs - mind already moved to cost saving and own cash in bank priority -

mariog
are you sniffing glue?
they have just declined to sell them at 78c

Lochy
Been waiting all day for day for someone to crack the joke. Spot on...)

and you want futilely waste HUR cash on legal fees etc?
and have small 4 man HUR BoD waste working days on drivel?

mariog
don't be silly
would be ignored
they ain't scared
the village idiot knows, barring act of god, bond repayment certain
they have always known this - hence 'The Plan'
they can sell at circa 80c on $ on open market

senseman sometimes despairs..)

In marathon running terms it's called 'hurrying slowly' - going as fast as one can without blowing up
As things stand HUR cash may cross bond sum threshold in Jan
Current priorities are more bond buyback to try save further $2 - $4 mill, BW deal, & tight rein on costs
As bond repayment threshold crossed, focus turns to building HUR own cash pile, geology, deciding whether and on what spending cash pile, and partnership deals. No point building $60 mill+ cash pile by July 22 and blowing it on garbage. Espec as cash positive commercial production currently forecast to last till early 2024. Hurr could , doing nothing, be sitting on $200mill cash pile by then, plus assets. Geology and forward plan need careful thought

Peeps
For numerous reasons, it would be unwise to waste millions forward selling 3 tanker loads to pay bonds off now
A waste of time, effort, big money
In rising market zero risk BP would nail HUR to ground in deal - wise to burn up to $10mill?
in just over 2 weeks next offload HUR will effectively be only circa $45 mill shy of bond money
Patience, you b*ggers

golden
and if the p6 well hits temporary problems and we cannot deliver 3 tankerloads on time?
we would then have to buy oil to meet the contract

Analysts & brokers will be awaiting 14 Oct 6 monthly report with interest (hence few writing anything prior)

The recent reversal in HUR's fortunes has been maximally dramatic, minimally considerable.

The single biggest action the CEO & CFO can take to commence reputational rebuild is to set aside all aside all hubris and ego. Not the easiest thing to do, but oh, the reputational benefit! Windows of opportunity neither occur frequently, nor last long. 14 Oct presents such opportunity.

The 14 Oct 6 monthly report should fully & frankly report HUR's change of fortunes. Not merely in stark figures, but in detailed paragraphed reporting form. An occasion where too much vastly better than too little - when all positives need stating and accentuating. Should a BW deal and further open market bond buy-back have occurred by then, such would of course further assist.

I hope that both CEO & CFO take note of this comment which, with certainty, reflects the view of of all PIs. No hint of mea culpa is required. Merely a 6 monthly report inbued with the fullness, transparency and enthusiasm a reversal of such magnitude naturally deserves

senseman

apology - meant forward sell, not forward buy

Golden
enough in your post to keep forum busy debating all day..). which i hope it does
main message is HUR can now see bond finishing line in sight - with oil in AM now just 60-70 mill shy
what a dramatic turnaround
there are many ways to fry a fish
my instinct is never to forward buy in strong market (it costs)
whatever else occurs, i would continue buying bonds at discount
and press for AM deal

how to get strong turnaround message to market?
it strikes me that 14 oct 6 month is ideal opp to transmit the essential message of your post - ie how near HUR are to full cash in bank for bonds. competent ethical CEO & CFO would be wanting shout it from rooftops
if stated clearly enough, would have same effect as your suggestions
question is - can RB, Wright& Craik compel CEO & CFO to write report as should be written? which would effectively be CEO & CFO admitting mea culpa we got it wrong/ tried mislead court

let the debate begin

bloobird
wake up. no one thinks that now

GD
Fair point, always happy to be corrected
But 2 weeks per annum is less than 4%
And historically the well is online nearly 100% of the time outside scheduled annual shut down
So substantive point still stands - if you were a competent, ethical CEO working for the company's interest, you would, as matter of normal practice. report any production level significantly above that budgeted for. Maris did not!

apology
error in writing
budgeted bpd was 9500 (not 9800). Hence 1300 bpd extra, hence circa $2.9 mill extra profit per month

Chaffe & Maris are still at it - big time
Though decent RNS, the glaring omission was a quote from Maris referencing current 10800 bpd exceeding August's budgeted 9800 bpd, ie 1300 x 75 = circa $97500 a day extra income (profit) = circa $2.9 mill a month extra profit not budgeted
any ethical competent CEO would be screaming this out in RNS - it is DEFINITELY material
the reason Maris didn't include such info as stand out point in the RNS was his reluctance to show/ admit how wrong he and fellow scammers were in Court - his ego would not let him
If the info had been highlighted within the RNS - SP would today be 4.0 - 4.5p. Certainty
Maris & Chaffe remain ultra dangerous

On behalf of all forumites
Gentleman & scholar
Fighter & wordsmith
Detester of corruption
The Forum a lesser place

HUR just $60 mill short of full bond cash
Brent $75 - $76 and solid
SP 3.6ish and solid
Another Fruitful Friday
You helped make it so
Thank you

peeps
please, wake up
HUR ain't throwing off 22 mill a month - 22 mill is tanker load
current position - 152 mil owed minus 82 mill cash in kitty = 70 mill shortfall
1 months oil sitting in AM, say 10 mill
current bond shortfall is 70 - 10 mill = 60 mill
ie circa 4 - 4.5 months oil from now
could be debt free by end Jan
or before if early repayment sum + wind down costs held in escrow taken into account as naturally fall away as thing develop

haggis
as you write, it would have given him a real buzz seeing off the scum
explains silence - thought was having natural break
life's a b*gger

aduk
thank you for being a gentleman
it was always a pleasure