Member Info for senseman

Same as post 18 April - neither time nor juice to post till now. And no inet

ATTENDING

Computershare (Invigilator)

HUR BoD (all)

Stifel (several)

Dentons (1+)

PIs (circa 9) – dflynch, picsmaister, joe black, Ramesh, senseman + others

TACTICS

Arriving in good time we decided that given it was too late to affect voting & questions would be vanilla batted back by the BoD, to adopt the Olympian approach, enjoy coffee and biscuits, watch/take notes and limit questions – dflynch & picsmaister a couple of technicals apiece, and me a couple of curly ones. Given we knew PIs were effectively disenfranchised from the (crucial) court we put the odds of HUR not winning both votes at minor miracle level.

MEETING

Chair stated he held numerous proxy votes, which we interpreted as meaning the +$3.6million Stifel document bundles had persuaded institutions & grannies to row in behind the BoD.

We asked no questions pre Court vote - astonished Chair. Formalities concluded with flynchy (newly on HUR SH register), Chair & one/two others handing votes & proxies to invigilator.

Turning to Scheme vote, pics & dflynch each fired a couple if technical queries which they will report if minded (apology, I cannot recall details). I asked CFO one question and CEO another:-

Me (to CFO Chaffe): Please explain why, as CFO, you did not in 2021 buy bonds at 30c/40c in $ when HUR held $60-$80 mill cash that already was decided not to be risked on drilling? Particularly when the then Chair agreed with CA that doing so was a no-brainer and would be done. It was not done. Had you as CFO done the common sense an intelligent 10 year old would have, none of the ensuing mayhem would have occurred. and we would not need be here today.

CFO Response: Vanilla rhubarb x 5 minutes (buying bonds is not easy etc)

Me: Thank you for the expected vanilla response which I reject. You did not then buy a single bond. I can tell you now that the vast majority of PI’s consider your decision then as being criminally negligent.

CFO & Chair (indignant spluttering): Now look here……

Me: Having made clear PIs’ view, I am happy to withdraw any word which offended. It will not change the meaning and everyone’s understanding of what has been stated.

Me (to CEO Maris): Following HUR’s 2 May RNS, oil journalist Malcom Graham Wood wrote in Malcy’s Blog, which I assume you read:-

‘the fact that Hurricane was lying legs akimbo waiting to be hoovered up is a travesty of business justice that should never have been allowed to happen. ……. As a result, somewhere a company that could have been really something has ended up on the scrap heap of the wonderful North Sea, that shouldn’t have happened, honestly…’

What is your response to that comment?

CEO Response: We used to pay Malcom Graham Wood to write about us. But we haven’t for a while. He can write whatever he chooses. We don’t agree with him.

(to cont)

The Science Suite
Royal Society of Chemistry
Burlington House
Piccadilly, W1J OBA
Nearest tubes: Green Park & Piccadilly, location 5 mins walk from either
Arrive: Latest 9.30am (to allow time to chat with other PIs), cup of coffee and a biscuit

It is the last opportunity for those SHs on the Hurricane Energy Register of Shareholders, who have not yet voted, to vote.

Though unlikely to be a formal presentation or Q&As, there will undoubtedly be opportunity to ask Chair and other BoDs questions (i) before voting (ii post voting. Including specific details/information concerning the Sanction Hearing (date as yet unset), in the event HUR, against majority PI wishes, win both 4 May votes. Remember - HUR must have a judge consider all Scheme details and voting results before sanctioning (giving Court approval) for the Scheme to proceed. Hence 4 May is not fat lady singing time - that comes, if it does, 3-4 weeks later.

IT IS YOUR COMPANY - ATTEND IF POSSIBLE - MAKE THE EFFORT - DO NOT LEAVE TO OTHERS

PIs will likely decamp to The Clarence 4 Dover St W1S 4LB, 3 mins walk from meeting, when usual post meeting speaking with HUR execs/BoD ends.

Bloomberg
'The assessment aligns with the view of Bloomberg Economics, which estimates Saudi Arabia needs an oil price above $80 and perhaps closer to $100 to meet all spending commitments and ensure the stability of the social contract between the government and the citizens.6 hours ago'

Saudi (and most if not all OPEC+ countries need minimum $80 oil to balance budgets. Russia currently needs $110. OPEC+ will cut production further to maintain $80 if it does not recover from latest US banking squall within reasonable timespan. Also, India currently importing 4x Russia discounted crude than usual, refining, then onselling to EU (UK is biggest buyer) as petrol or diesel thus infilling 1mill bpd recently lost via Russia sanctions. Whereas this currently legal, Baltic states won't let this continue thus expect soon political pressure to close this India sanction loophole.

For these reasons (there are others) I would be most surprised even astonished to see Brent below $80 at next offload 2 months time (2 months is huge in oilspeak). Hence dismiss kevers at al's oil scaremongering. 2023 oil demand remains set to be highest ever. Always retain faith in bigger picture. We got $82 April offload. At $80 going forward HUR's P6 standalone cash projection figures remain nonsense.

And rattling ASI's cage so much is a bonus
x

Have a lovely evening Broomy
Been lovely to have rattled your cage so much
x

Yawn
You writing night is day fairytales will never make night into day, Who's doing all the ranting, Broomtree?

......knows he's gotten it spot on and pressing the right buttons when he gets such lovely comments from the con artists and liars
big kiss x

The Science Suite
Royal Society of Chemistry
Burlington House
Piccadilly, W1J OBA
Nearest tubes: Green Park & Piccadilly, location 5 mins walk from either
Arrive: Latest 9.30am (to allow time to chat with other PIs), cup of coffee and a biscuit

It is the last opportunity for those SHs on the Hurricane Energy Register of Shareholders, who have not yet voted, to vote.

Though unlikely to be a formal presentation or Q&As, there will undoubtedly be opportunity to ask Chair and other BoDs questions (i) before voting (ii post voting. Including specific details/information concerning the Sanction Hearing (date as yet unset), in the event HUR, against majority PI wishes, win both 4 May votes. Remember - HUR must have a judge consider all Scheme details and voting results before sanctioning (giving Court approval) for the Scheme to proceed. Hence 4 May is not fat lady singing time - that comes, if it does, 3-4 weeks later.

IT IS YOUR COMPANY - ATTEND IF POSSIBLE - MAKE THE EFFORT - DO NOT LEAVE TO OTHERS

PIs will likely decamp to The Clarence 4 Dover St W1S 4LB, 3 mins walk from meeting, when usual post meeting speaking with HUE execs/BoD ends.

Broom
You're as cra p a con artist as kever and as big a liar. You're both a disgrace. I didn't say kever SAID anything. I wrote:-
'Malcy writes HUR being given away it's a crime, only good for Prax - Kever thinks Malcy saying it's good deal for SHs.'

Take your time - you'll get there eventually.
PS. Did Kever post Macy's comment believing it didn't support his argument that deal is good? Of course not

The next relevant HUR oil date is start July 1st 5 days - full 2 months away. Today's matters squat

Malcy writes HUR being given away it's a crime, only good for Prax - Kever thinks Malcy saying it's good deal for SHs.
There is thick, thicker, then thickest.

Just read RNS
Didn't get start of April $84/$85 5 day average. Got end April $82 average. No disaster, we can live with that. Oil will rise. Storm been weathered.
Cash $132mill (end March) + $43mill = $175mill = £140mill = 7p p.sh
For accuracy deduct $10mill (HUR figures) April costs, April end cash ACTUAL $165mill = £132mill = 6.7p p.sh
Add circa $20mill escrow 6 months AM rent (yes it's ours, real) - ACTUAL CASH = 7.5p.p.sh = MCAP
Ergo - HUR CASH AS OF 31 APRIL = HUR MCAP

Disregarding AM 6 months escrow rent paid
Deduct $10 mill May costs + $10 mill June costs = $20mill (HUR own figures) - end June $165mill -$20 mill = $145mill.
BUT end week 1 July - offload (with all costs paid till 30 June), adds (at $80, will be higher) circa $40mill)
Ergo - end week 1 July: CASH = $145mll + $40 mill = $185 mill/ £148mill = 7.4p.p.sh
Add AM escrow circa $20 mill = $205mill/ £164mill = 8.2p p.sh

I refer readers back to my 26 April 10.28am post wherein it is showed that, using HUR's own $10mill pcm cost figures, even at $80 Brent, by end Dec 2023 HUR would hold circa 7.87p cash, NET of AM escrow 6 months rent circa 0.8p p.sh
"ACCURATE, TRUE P6 FIGURES - 7.8p cash @$80 by end Dec 23 - compared with HUR P6 standalone 8.07p 2026 figure
Cash at end March £130mill (HUR figure)
Costs $10mill pcm (HUR figure)
4 offloads due rest of 2023 - April, start/mid July, end Sept/start Oct, Dec
At $80: 80 x 92% = 73.6 x 540000 = $39.74 mill x 4 offloads = $159mill
Costs 9 months (Aprl-Dec) = 9x $10mill = $90mil
Cash increase April-Dec: $159 - $90 = $69 mill. Less $3mill FSP costs = $66mill
Current cash $130mill + $66mill = $196 mill
$196mill = £157.5mill (today's exchange rate)
$157.5 mill divided by 2 billion shares = 7.87p p.sh END DEC 2023 at ONLY $80 BRENT

At $85 Brent = $209mill = £168mill = 8.4p p.sh
At $90 Brent = $219mill = £176mill = 8.8p p.sh
NOTE - Above using HUR's OWN FIGURES CORRECTLY - position end Dec 2023

2024 - 4 offloads. Costs same (costs constant, production falling). NB - Likely actual 4.3 offloads, but figures for 4.
Brent $80: Add $39mill cash (£31.3mill) = 1.56p
Brent $90: Add $59mill Cash (£47.4mill) = 2.37p"

dflynch & others earlier opined the Scheme to be toxic, abusive, poison. I concur. And go further:-

The deal has been Stifel puppet-mastered to keep all happy - save for 21% Pis
Prax - get gifted circa $500 mill
CA - get it's 12.5 minimum necessity derisked exit price (over time) - CA's shares ain't in ISA or SIPP
HUR CEO & CFO - think they will remain in place - err...no u won't. At 18 April post meeting chat Mr Prax made clear to PI Prax not so stupid as to retain execs without brains enough to buy bonds at 30c/40c in $ in 2021 and save HUR +$150 million & near ruination AT A STROKE. In short - Maris & Chaffe deluded and Prax will sack them PDQ

Last - CEO & CFO bleated 18 April responsible BoD guided by worst case scenario. BALLS!. Fundamentally flawed. BoD job to make informed judgement cal

kama - well done on the 3.7 average

18 april CEO stated P6 now economic till Feb 2026 ie: 2yrs 9 months from now.
what's the bet it will be beyond Feb 2026? the CEO only states on sure things
it keeps extending (quelle surprise). part of the BoD 2021 argument was that non-economic would hit circa June 2022 roughly same time as bonds due

good flying summary

The Science Suite
Royal Society of Chemistry
Burlington House
Piccadilly, W1J OBA
Nearest tubes: Green Park & Piccadilly, location 5 mins walk from either
Arrive: Latest 9.30am (to allow time to chat with other PIs), cup of coffee and a biscuit

It is the last opportunity for those SHs on the Hurricane Energy Register of Shareholders, who have not yet voted, to vote.

Though unlikely to be a formal presentation or Q&As, there will undoubtedly be opportunity to ask Chair and other BoDs questions (i) before voting (ii post voting. Including specific details/information concerning the Sanction Hearing (date as yet unset), in the event HUR, against majority PI wishes, win both 4 May votes. Remember - HUR must have a judge consider all Scheme details and voting results before sanctioning (giving Court approval) for the Scheme to proceed. Hence 4 May is not fat lady singing time - that comes, if it does, 3-4 weeks later.

IT IS YOUR COMPANY - ATTEND IF POSSIBLE - MAKE THE EFFORT - DO NOT LEAVE TO OTHERS

PIs will likely decamp to The Clarence 4 Dover St W1S 4LB, 3 mins walk from meeting, when usual post meeting speaking with HUE execs/BoD ends.

kever has limited intellect
he fails to grasp the essential point that CA are for obvious reasons necessarily now operating to a different risk threshold that most PIs. most PIs have made clear they understand the risks and are prepared to accept a higher risk threshold than CA. until and unless he understands and accepts this fundamental intellectual point, it will be akin to debating with a penguin.
similar could said for the other 2 pedants. unless it's all just play-acting
hats off eski for making the trio work overtime

Broom no one bullies Kever who keeps digging his own deep trench. He would do so less if you ceased wading in behind him with the trite and easy hoary old chestnuts. This is a sober forum of sober folk, not one of mad deluded get rich quick investors.

keve - the problem is u know the price of everything but the value of nothing.
There are many scared and worried LTSH PIs deeply underwater, through no personal fault, who that aside consider the deal toxic via sound intellectual reasons
To them you are a johny come lately bought in cheap for whom Prax deal sees you fine, who does not apply intellectual rigour, and is gobby
You exhibit less empathy than a goldfish. If you can't grasp that, you will never change
Have a pleasant evening

Machin - it's already showing there, good man
HUR in 2021 didn't just blow 20 million
They blew $150-$180 mill
Not buying bonds at 30/40c in S started it all off. That cost a fortune, huge capital sum + huge wasted bond interest payments
That cause AM not be renewed at 25K a day, but 75K a day paid since
Add 20 mill failed plan costs
The list is longer - but net was 150-180 mill wasted
Not counting share price and credibility destruction

kever
why don't you just grow up and grow a set? if you dish it out don't whinge when you get it back. whinging because of a namecall - sticks and stone will break my bones etc! folk are sick of you peeing on them and telling them it's raining