Member Info for senseman

what is the exact deadline for submitting questions to HUR comms?

Note - list can be tidied up early 13 April for PIs to email collectively 13 April before 14 April deadline. Save me hunting - can someone tell all what time 14 April is exact deadline?
1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why were not higher Brent sensitivity figures included in the cash production P6 standalone figures estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has NOW mutated into being major risk?
4. On 27th March, Hurricane communicated to a shareholder 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. Can the board 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. In the Scheme Q&A, HUR stated it would not buy other assets because CA would not support this. If such were not the case, please outline what your future plans would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insistor on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?
10. Will the CEO, CFO & Chair resign if 75% YES is not achieved?
11. What are HUR's expected FSP total costs?
12. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, following the 2021 failed High Court 95% restructuring application, one year later at bond repayment date, it's risk assessment proved dramatically overstated, & and cash projections understated by circa $150 million in a single 12 month period?
13. For Prax. Why do you have confidence in, and plan to retain, HUR's CEO & CFO, in light of Q12 above? Also & in addition, when their relationship with the NSTA is toxic?
14. In the last 2 ERCE reports published, the 2P level of oil in well 6 has effectively increased by around 3m barrels (I.e., it has not materially dropped despite oil being extracted for the last year). As this is vital for finding the lifetime of well 6, has any investigation been carried out to ensure this won't happen again in the future, and if so what were the findings?
15. For Prax - (i) why cannot HUR remain AIM listed until 2026? (ii) how soon will the first added production be brought into HUR?

ron
what's the court motion to be voted on? in lay terms

Text edited to keep as short as poss. We want if poss to keep below the single post text limit to keep copy and pasting easy, and to allow other more questions to be added.
1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why were not higher Brent sensitivity figures included in the cash production P6 standalone figures estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has NOW mutated into being major risk?
4. On 27th March, Hurricane communicated to a shareholder 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. Can the board 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. In the Scheme Q&A, HUR stated it would not buy other assets because CA would not support this. If such were not the case, please outline what your future plans would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insistor on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?
10. Will the CEO, CFO & Chair resign if 75% YES is not achieved?
11. What are HUR's expected FSP total costs?
12. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, following the 2021 failed High Court 95% restructuring application, one year later at bond repayment date, it's risk assessment proved dramatically overstated, & and cash projections understated by circa $150 million in a single 12 month period?
13. Prax question. Why do you have confidence in, and plan to retain, HUR's CEO & CFO, in light of Q12 above? Also & in addition, when their relationship with the NSTA is toxic?

1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?
4. On 27th March, Hurricane communicated to a shareholder that up to another $60m would be needed in wind down costs on top of the $60m already collected, leading to only 0.83p expected dividends per share in 2024. Can the board please provide the reasoning/cost breakdown for the $120m wind down.
5. What is current OPEX April 2023? What is projected OPEX average for 2023?
6. In the Scheme Q&A, hurricane stated that they would not buy other assets because Crystal Amber would not support this. If this were not the case, could you please outline what your future plans with the company would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insister on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?
10. Will the CEO be resigning if the vote does not reach 75% yes vote vote as so much time and money wasted has been wasted ?
11. What are the expected total costs of the FSP
12. What confidence can SHs have in HUR's risk assessment and P6 standalone cash production figures when, following the 2021 failed High Court 95% restructuring application, one year later at bond repayment date, it's risk assessment proved to be dramatically overstated and it's cash projections understated by circa $150 million in a single 12 month period.
13. Prax question. Why do you have confidence in, and plan to retain, HUR's CEO & CFO, in light of Q12 above? Also & in addition, when their relationship with the NSTA is toxic?

1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?
4. On 27th March, Hurricane communicated to a shareholder that up to another $60m would be needed in wind down costs on top of the $60m already collected, leading to only 0.83p expected dividends per share in 2024. Can the board please provide the reasoning/cost breakdown for the $120m wind down.
5. What is current OPEX April 2023? What is projected OPEX average for 2023?
6. In the Scheme Q&A, hurricane stated that they would not buy other assets because Crystal Amber would not support this. If this were not the case, could you please outline what your future plans with the company would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insister on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?
10. Will the CEO be resigning if the vote does not reach 75% yes vote vote as so much time and money wasted has been wasted ?
11. What are the expected total costs of the FSP
12. What confidence can SHs have in HUR's risk assessment and P6 standalone cash production figures when, following the 2021 failed High Court 95% restructuring application, one year later at bond repayment date, it's risk assessment proved to be dramatically overstated and it's cash projections understated by circa $150 million in a single 12 month period.
13. Prax question. You have stated you have great confidence in HUR's CEO & CFO, and plan to retain them should the bid be accepted. Why do you have such confidence when the same CEO & CFO instigated and presided over a 2021 failed restructuring attempt which if successful would have needlessly diluted SHs by 95%?. Moreover, that within 12 months had proven HUR's risk assessment hugely overstated, and it's cash projections wrong by circa $150 million within that same single 12 month period?.

1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?
4. On 27th March, Hurricane communicated to a shareholder that up to another $60m would be needed in wind down costs on top of the $60m already collected, leading to only 0.83p expected dividends per share in 2024. Can the board please provide the reasoning/cost breakdown for the $120m wind down.
5. What is current OPEX April 2023? What is projected OPEX average for 2023?
6. In the Scheme Q&A, hurricane stated that they would not buy other assets because Crystal Amber would not support this. If this were not the case, could you please outline what your future plans with the company would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insister on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?
10. Will the CEO be resigning if the vote does not reach 75% yes vote vote as so much time and money wasted has been wasted ?
11. What are the expected total costs of the FSP?

18 April GM - those wishing to attend should obtain email from broker confirming they are HUR SHs. Last time HUR said this was required for entry. If not, print off from broker login showing HUR holding may suffice. But be warned, email from broker was required last time. Without such HUR may play hard ball and deny entry

Plenty of time (till 2 May) to vote, so no need panic about voting. Let's prioritize on forthcoming deadlines.
Please can someone answer this question in simple terms?
The 18 April GM presentation is being recorded and posted on HUR website. The Q & A afterwards is not. it is cited it cannot be for legal reasons. Are the reasons given valid? If peeps recall, GMs were previously broadcast INCLUDING Q & As - one immediately springing to mind is when RB of CA from the floor invited R. Trice if he would sell LinWIck for $500 mill to derisk HUR at a stroke. R. Trice declined.

1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?
4. On 27th March, Hurricane communicated to a shareholder that up to another $60m would be needed in wind down costs on top of the $60m already collected, leading to only 0.83p expected dividends per share in 2024. Can the board please provide the reasoning/cost breakdown for the $120m wind down.
5. What is current OPEX April 2023? What is projected OPEX average for 2023?
6. In the Scheme Q&A, hurricane stated that they would not buy other assets because Crystal Amber would not support this. If this were not the case, could you please outline what your future plans with the company would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insister on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?

Thanks flying. Have added Q5, since HUR costs are opaque
1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?
4. On 27th March, Hurricane communicated to a shareholder that up to another $60m would be needed in wind down costs on top of the $60m already collected, leading to only £0.83 expected dividends per share in 2024. Can the board please provide the reasoning/cost breakdown for the $120m wind down.
5. What is current OPEX April 2023? What is projected OPEX average for 2023?

At the last AGM the BoD ignored the questions emailed them prior to the required deadline, and gave vanilla presentation. The forum agreed a list we all emailed. Not much time till 14th deadline but I suggest a list of say 12 most valid is chosen we can all email. Even if ignored at presentation, it will be useful for those attending the GM 18 April. Can people copy & paste then add their question so we have a running list we can edit down at the end. In no particular order I'll kick off with
1. Will DCUs remain under ISA or SIPPS unbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?

Would be appreciated if someone could step up, nurse & monitor till we get a solid 20 question list. We can edit at end - exit commonly agreed flimsies. Job today tomorrow is get decent list. Remember copy and paste the question list hen add yours as next question.

Eust - there are others doing more than at present. am buried under unavoidable work stuff
If may be an idea for 1-2 to email RB with straight question suitably worded - if 75% is achieved are dissenting SHS obliged/forced to accept the deal, or must usual 90% be needed to force 100% SH compliance? If the former, why? I can't see anything but a straight answer coming back. At present I lean towards kooba being correct.
If so, means it all hangs on 75% and if the deal scrapes home where will be no Prax increased bid as no requirement

If 75% is achieved are those voting against obliged to receive cash + DCUs, or can they opt to remain SHs in private HUR? Crucial question.
2 weeks ago a forum member with retired professional M & A experience opined me by phone that they were not, and the usual 90% was needed before non-sellers became choiceless. It not being my field, I opined he should place his expertise on the forum. He said he was not minded to.
The question has become live on ADVFN & kooba (with knowledge of such matters) has opined & explained why the normal 90% requirement is not needed and 75% is sufficient. My advice is to pop over to ADVFN for a read. My query posts on ADVFN are below.
ADVFN senseman
bodger - i agree, with only circa 20% shares in PI hands, even if ALL voted (they won't) and all voted NO (they won't, the NO vote would need a chunk of inst invests to vote NO.
Kooba - a PI forum member purportedly with (retired) expertise in the takeover field phoned me recently and opined that 90% was needed in order for Prax to be able to force those voting no to sell their shares. Otherwise they could elect to remain private SHs in 'private HUR'. As it's not my field I advised he post his knowledge and view but he was reluctant to 'get involved' on the forum. And to date he has not posted.
If and when you have time could you post/opine in lay terms for all to ponder why the normal 90% level need not be obtained by Prax to force unwilling sellers to sell and thus enable Prax to get 100%? Thanks
senseman
From Burges Salmon 'Guide To Public Takeovers in the UK'
3. Minority squeeze-out mechanism
Under the Companies Act 2006, bidders making a contractual takeover offer have the right to acquire compulsorily the shares of minority shareholders if they have acquired, or unconditionally contracted to acquire, both 90% of "the shares to which the offer relates" (i.e. the shares which were not held by the bidder at the time the offer was made) and 90% of the voting rights in the company to which the offer relates. This therefore means that any shares held by the bidder before it formally makes an offer for the target company will not count towards the 90% thresholds. The minority squeeze-out mechanism is not relevant to a scheme as the scheme will bind all shareholders when it becomes effective.

can someone clarify?
aren't ceo & cfo remaining in position as ceo and cfo? only chair & directors to be replaced by prax nominated chair?
my memory from the docs is they are

p6
9 jan 7800 bpd water 51%
2 april 7530 bpd water 53%
so production falling circa 90 b per month, water increasing 0.66 a month
IF linear, production end dec 23 6720 bpd, water 60%
p6 currently holding up beautifully.

senseman neither likes nor courts attention
he just won't runaway from a fight if big bad guys to screw decent little guys
he handles strife exceptionally well. and does not indulge in underhand tactics
he was a world champion aged 22 at one of the toughest sports on the planet
he has an illness - it's called ethics
now - 11.18 poster - any more cheap drivel shots to throw, for gullables to latch on to?

johns
you need to sit on this and bring it up again if it becomes relevant, treat it like your baby

I point out that Stifel are hardy independent. And also research notes must always be cautious. Would you trust expect Stifel to issue a research note (paid for by HUR) which ever puts it's fee paying milk-cow HUR BoD under any performance pressure? I have a long time uni friend now fairly senior in PwC who opined to me months ago (I posted it here) that for the right company he would expect 80%-90% of the credits to be utilised and if they were not he would be asking the company accountant why not. Prax appears to be in position to use the credits as maximally as any company.
Also a buying company, norm is to pay 35%-50% of credits value in a deal, depending oh what % they expect to be able to use them. If 18.5p (£370 mill divided by 2 bill shares) is full value, 8p is 43% of full value. RB a year/15 months ago ascribed a deal value at circa 6p a share (8p - 2p to make sweeten the deal), in extremis 4p. At 6p one is down to 33%, at 4p down to 22%.
Kever - oldman is not a rude B. I hazard that most consider his comment valid

Should Prax be so near to such, it will mean they are near to be able to utilise is it $350 mill tax credits? ie. 17p a share.+ our cash + P6 future income.
Which begs the question why the poor initial deal, and afters capped at 12.5p? Why not a fair deal up front at the outset?
The Q & A refused to answer the fair question - is the deal Prax's final offer. So reasonable conclusion is it isn't.
Even if one is minded to accept a Prax deal, surely tactically the wise move is to vote the initial deal offer down to force an improved Prax offer