Member Info for Slift

"Na, if you had a bit of skin in the game I might have read more of your posts."

If I had HUR shares currently, I wouldn't be posting.
I'd be crying in a corner.

fandg2,

"for once"..
Should have agreed with me more!

Can someone please enlighten me why trading this stock hasn't been suspended yet?

mcadder,

It's pretty hilarious.
There's plenty other stocks that are at a discount currently, yet all these deluded contributors are trying to pump an insolvent one. This company is done for shareholder value.

I don't see a viable solution here. All solutions will involve a significant dilution. It's TOO LATE.

Bit like trying to get a racehorse that's broken it's leg to finish the race. The more it attempts to, the more painful it is. Just shoot it and put it out of it's miserty.

"I just pasted the bloody news, believe or not, I really don't care"

I'll only believe it when and if it's reported by Aim Stocks Guru.
No breaking videos up just yet.

"Just shown in my simplywall.st, which I have used for years and announcements have always been 100% accurate."

Also shown on simplywallstreet is a "Fair Value" of 76p/share. (Previously £2.11/share).
Must be 100% accurate.

In principle, it's game over.

"No it’s not right and I noticed no one responded to my message regarding those claiming to be experts on bonds."

Maybe if you didn't have people on filter, they will respond lol

"But tbh, 2C contingent resources have little value. 2P reserves is what matters."
The downgrade in 2P reserves (37.3m barrels to 15-16m barrels recoverable oil) has had more of a financial impact than the downgrade in 2C resources (2.6b barrels --> 80m barrels).

CaptainSwag,

"Slift - I wonder if the CPR company don't take the lead from Hur ? Ie did Hur give any sort of figure ?
If for example Hur said 10m barrels then you could expect erce to say we concur or actually think it is 5 or 15 etc.."

I think in terms of the Lancaster field and the 2P reserves, the CPR cannot be wrong. I will not doubt the CPR for 2P reserves.
But also remember, that the ERCE report provides a 2P reserves of 7.1m barrels.
2P is best estimate, P50 probability of reserves.
However, ERCE have also provided 1P and 3P reserves of 3.3m barrels and 10.8m barrels, respectively. (These are the P10 and P90 reserves).

I really wouldn't go against these estimates (between 1P and 3P reserves) of the Lancaster field as these are based on live data from producing wells, which as it stands is mainly estimated using production from Well 6 and Well 7z. So only way this could be proved wrong for example is if the water turns out to be perched water.. or the assumed infinite aquifer is not infinite but finite in comparison to the oil reserves.

However, for 2C contingent resources (mainly for Lincoln, GWA and Halifax), yes, there could be a bit of taking lead from HUR.. but ERCE can only use the information and data given to them.
There needs to be sufficient information to do a CPR, and everything requested by ERCE must be provided by HUR. Otherwise, the estimates cannot be done.
For Lincoln for example, the 2C contingent resources is based on the aquifer and OWC from Lancaster assuming that the reservoirs are shared and that the OWC is at structural closure - which is a good assumption.. but it's only an assumption, and could potentially be proved wrong with further drills.

But tbh, 2C contingent resources have little value. 2P reserves is what matters. The EPS and the funding secured (from shareholders and bondholders) was for the Lancaster field and the Lancaster reserves. Unfortunately, the 2P reserves are not there at Lancaster.

riproar,

"riproar
Posts: 112
Price: 1.111
No Opinion
RE: Yep it is overToday 18:01
between slift and muc bladder nearly 600 posts in 30 days wow"

Yes, and you have 6 posts in 30 days.

You also have HUR bought in @ c. 14p.
So enough said.

"riproar
Posted in: HUR
Posts: 112
Price: 14.64
No Opinion
RE: Drilling Rumours29 Feb 2020 06:48
I have a mate that's saying on the rig he knows someone on it and it's drilling in Norway soon and to put some coin in at these prices so we shall see I've just come out of sxx lost half my holdings so looking to recover op on this baby"

"Cant see how they would agree to a 3 year fix without penalties which wouldn't get paid, and if it suits them to do 1 year and thats it then thats what they'll do."

Contract options come with Early Termination Fees.
So if HUR do decide to take the option to extend lease of AM, they also take on the Early Termination Fee liability (Up to around $45m) if HUR close contract early.

The liability would be superior to bondholders too.

Available on HUR website.

senseman,

"Slitty
Och, dinna be stupid - Bluewater do not conduct negotiations with feet fixed in concrete - no company of that size does. Nothing would please them more than to leave AM in situ indefinitely earning then what it is now
You do tell the most ENORMOUS porkies"

If you think otherwise, why not ask Bluewater themselves?

In fact, emailing Bluewater and kindly requesting that they allow Hurricane an extra 3 months for formal notification of extension of the lease period might provide some help.

Not that they will ofcourse.

CaptainSwag,

"they should have estimated resources in my opinion."
I think the well itself (205/23-3A) should be classified as "Unrecoverable" (as the oil did not flow to the surface).
But yes, they should have provided Prospective resources for the field for future exploration.

That's a question for ERCE tbh.

adoubleuk,

"I wouldn't question the 'reputable' (nor potential disreputability) of ERCE as a company. However I do question the 'Competancy' suggested as regards analysis of Fractured Basement Reservoirs.

The only name I find appended to the CPR is that of a certain Dr Adam Law, CEO of that company, and admittedly with certain qualifications. None of which, however, relate to FB."

Seriously, do you even know how a CPR is conducted?
Well i'll tell you. CPR's (in the UK) for 2C resources and the 2P reserves are conducted in accordance with Petroleum Resource Management Systems guidelines, endorsed by the Society of Petroleum Engineers. I.e. this is the standard for CPRs.

HUR and ERCE have re-iterated this:
"Standard
Reserves and Contingent Resource estimates for the Lancaster field contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers."

You talk about fractured basement reservoirs, but the standard is suited for fractured basement reservoirs too.
Print this out and read: https://www.spe.org/industry/docs/PRMS_Guidelines_Nov2011.pdf

But since I know you struggle with large documents...
"8.1.1 Assessment and Classification Issues.
The Petroleum Resources Management System (PRMS) resources definitions, together with the classification system, are intended to be appropriate for all types of petroleum accumulations regardless of their in-place characteristics, the extraction method applied, or the degree of processing required. However, specialized techniques often are employed in assessing in-place quantities and evaluating development and production programs of unconventional resources.Estimations of recoverable resource quantities must include an estimate of the associated uncertainty expressed by allocation to PRMS categories using the same low/best/high methodology as for conventional resources. Typically, the assessment process begins with estimates of original-in-place volumes. Thereafter, portions of the in-place quantities that may be potentially recovered by identified development techniques are defined. In some cases, there are no known technical methods of recovery and the in-place volumes are classified as Unrecoverable. "

senseman,

The BoD are in discussions with Bluewater.
It's all documented in the Explanatory Statement.

The BoD need to go back to Bluewater regarding Aoka Mizu by 4th June 2021 - but this will have obviously been extended a week to ensure that the sanction hearing takes place before confirmation.

Bluewater doesn't do 12 month rollovers.
HUR has a 3 year rollover option with Aoka Mizu. So it's either 3 years or 0 years.

CaptainSwag,

"i certainly would question how the new cpr could completely dismiss the previous data on halifax as residue and now apparently there is absolutely nothing there? without any further drilling?"

I don't think ERCE have said that there is nothing there. I think it's more down to the fact that Halifax likely doesn't share similar the model of Lancaster or GWA/Lincoln.
Therefore, for ERCE to evaluate the 2C resources (under SPE guidelines) would require more information regarding the field.

Having said that, the ERCE CPR only states that no 2C resources are attributable to Halifax. But since there is oil (even residual), there is oil, but either non-commercial, or requires further drilling.
I think ERCE should have at least given Halifax prospective resources on what the future drilling may uncover though - which they have not provided.

But then again, they have only analysed the well 205/23-3A (rather than the whole field) and have given no 2C resources to the well.

Starchild,

You may be right, but it all depends on the Aoka Mizu.
That's what this boils down to, and why the restructure has been early.
The result of the restructure will be used to either:
1. Extend Aoka Mizu contract
2. Not extend Aoka Mizu contract

Without the Aoka Mizu contract being extended, the company is insolvent.
The deadline for extension is 11th June (unless BoD get leeway with Bluewater)

"Slift
Posted in: HUR
Posts: 3,227
Price: 4.50
No Opinion
RE: The clear positives.....13 Dec 2020 14:52
"We will be engaging with all our key stakeholders regarding our forward work programme and financing arrangements and updating the market on these efforts in due course."
Money tree?
Cash raise via shareholders?
Farm down?
Dilution?"

Shame it wasn't from a money tree.