Member Info for Slift

"the company that has the option to continue the FPSO arrangement"

Yes, but the problem is the option is 3 years.
HUR are looking for a reduced option (therefore an amendment to the option/contract).

CaptainSwag,

As RNS has pointed out, the Judge can only sanction or not sanction the scheme.

Any changes to the scheme (as a result of these hearings) will require adjournment and the required documentation being issued for sign off to all relevant parties - before it can be sanctioned.

Adjourned to September.

Emotional attachment.

It really does explain your obsession with this share.
Keep holding I guess.

Also, worth noting from the same document:

"Thus, to produce ~40-50 MMstb, it could require up to 6 producers and 3 water-injectors"
I had suggested something like this before, but clearly Xodus/CA do not consider cost for this..

6 producers and 3 water injectors.. $500-550m

"Any alternatives must be submitted to all parties before the hearing."
Looks like CA HAVE submitted documents. It's on HUR's website.

The document by the expert, Xodus Group (on behalf of CA) is quite funny, particular page 24.
The "expert" doesn't realise that a larger scale water injection will require more investment... laughable really.
HUR couldn't even secure funding for small scale development.. and thinks that there is room and consideration for a larger scale project.

Fair enough if CA back this up with funding for the larger scale project - but providing $0 for any future investment and still wanting a larger scale project is just being desperate to save their own skin.

So three outcomes:

*Four outcomes:
4. Adjournment in favour of CA.

"CA will more than likely lay out their alternative tomorrow."

... yes, and ofcourse the judge and everyone else is gonna sit there for hours reading and analysing the comprehensive plan put forward by CA during the hearing...

How deluded you must be.
Any alternatives must be submitted to all parties before the hearing.
Similar to how HUR had provided all parties with information on their restructure plan before the hearing (presentation, plan documents, explanatory statement etc.)

"you think I am the only one sitting at a loss?"

Even Sam isn't sitting on a loss anymore..
But at least you've confirmed that you're sitting on a loss...

*by "of course the judge may not take such a threat favourably but what can he do to negate it"

CaptainSwag,

I don't understand what you mean by "So why the hell did they not buy in the market. It beggars belief."

The judge cannot do anything but two things:
1. Sanction the Restructure (in which case 95% dilution and bondholders extend bond to 2024)
2. Not sanction the restructure (in which case HUR will wind down the company and finish operations by June 2022).

HUR is running the company, not the judge. HUR have proposed the two options available. The Judge has no authority to do anything else.

However, judge can prevent sanction of the restructure (provided there is an alternative put forward).

So three outcomes:
1. Sanction and dilution
2. No sanction and wind down
3. No sanction and alternative

However, no alternatives have been put forward.

And you wonder why you lose money then call it a "scam"...

"So why the hell did they not buy in the market. It beggars belief."

Lol, DiveCentre never learns.
The answer is obvious and provided in the bond document FOR THE LAST TIME.

I sold at 44p...

"I always say....any trade where you don't make a loss is a good trade."
Exactly.
Only person sitting on a loss here with Tullow atm is Jubileey.

CaptainSwag,

I haven't been following this much, but did notice a mention of $170m cash in bank posted here.
Was that mentioned?

I expect over $20m of that to be gone by the end of this month on quarterly bond interest payments and outstanding liabilites for the quarter (AM interest, salaries, etc.).

No matter what happens, it's game over.
I really don't think the bondholders will budge. If plan isn't sanctioned, then wind-down and bondholders will take what's left. Simple as that.
CA have been given enough time for an alternative, and nothing.

Whether sanctioned or not sanctioned... the issue is complicated further with BOD removal set for July.
I don't think the BOD have anything to gain at this point, they'll be voted out soon, and there is no hope for a turnaround.
Time is ticking.

Bare in mind that I also bought in here with my own estimate for reserves/resources during downgrade.
And immediately sold following September update as the company no longer fit the fundamentals I bought it on.

"but when i bought i expected all reserves to be on place (as they was researched)"

Sure. You bought based on evaluated reserves.
However, reserves are no longer there as has been the case since September 2020.

So your basis for buying has not been there since the technical update. So why are you holding? Lol

Time ticking, no alternatives proposed, quarterly interest/liability payments approaching.

Expect production to be <10k average for the rest of the year.
Oil is only saving grace, but how long will that last, not long give it 3 months max before OPEC take market share.

They are very proud.

Are you proud holding this bag of hur-****?
What's your average 0hmarko?