Member Info for Slift

Hasiba,

"Slift is thick and sick at the same time..
Any one can call the investors relations and confirm the above…but avoid listening to slift the troll.."

Sure, say what you want. But I'm not the one with 85+% "paper loss" here lol.

garyn - one of the few on this BB who can actually read.

"We need to think of class actions at a later date"

Sure, and make yourself look stupid for not being able to read LOL.

DiveCentre,

I have, with quotes from the CB document.
There are provisions to prevent BOD, Hurricane, or anyone associated with Hurricane from buying bonds on the market.

There is a possibility that either Kerogen or CA bought bonds in March on the market. Likely after talks with BOD.
If not Kerogen/CA, someone else has.

Adoubleuk,

"The necessary cash was in place. But instead of using it to progress operations, nothing was done."

Two words: Bond Covenants.

DiveCentre,

There is a bond covenant. I've clarified it to you multiple times now.
Be deluded all you want.

Tigar,

I did consider the Sculptor loan and you are right to make that comment. "Why would they?".

However, the new RBL provides simplicity in terms of the lending base. ENQ will have more flexibility in using the liquidity headroom.
Also, the interest rate (LIBOR + 7.5% as I suggested) would only be on the drawn amount. The undrawn liquidity headroom under the debt capacity will have a much lower and insignificant interest rate (if any).

The LIBOR + 7.5% I suggested was my opinion based on the current bond market conditions and would still be competitive for ENQ.
Also, bear in mind that the net assets for ENQ currently is (as I estimate it) neutral (+/- $100m). This also makes it difficult for lenders to offer even more competitive rates, as the lenders are also having to take a more significant risk in offering the loan.

"KKR"

First I thought it was a typo by the lot of you.
But to have this go on for a week is painful.
Seems like people only type what people want to hear here, without any questioning. Lol.

Adoubleuk,

"Exactly. Rock and a hard place, isn't it ? Because without extending the lease, and continuing production, the bondholders are likely to see an even smaller return on their investment !!!!!!"

....
You're making it sound like shareholders are doing bondholders a favour..
but in fact bondholders are doing you a favour by willing to extend the bond and provide you 5%.

I think bondholders will be happy without extending the bond and taking on that risk. The bondholders will get whatever cash available AND the assets.
Sure they might lose out, but will not have to take on that extra risk and their losses will nowhere near be as much as shareholders.

The equity is worthless, so there's also that, they don't have to swap debt for equity over extending the bond.

For shareholders, it's 5% or 0%.
For bondholders, it's get back majority of the money, or take the risk and get back even more.

CaptSwag,

"i doubt the am contract would not be renewed as there would no doubt be a transition period when they lose income"
The AM contract comes with an "Early Termination Fee".
Which makes it difficult. Unless there is a plan to extend the bond, the contract for AM won't be renewed.

adoubleuk,

"Now you're bloomin joking ! What are they going to do ? Bring in a lightweight unmoored drillship, punch a few hundred feet into the seabed, and say "we haven't found any oil yet" ???????? !!!!!!! :-))
Don't be silly. You can blind some people with brilliance, baffle some others with bullsh**t, but that ?
Pull the other one."

$20m NET. $40m GROSS.
HAPPY?

I'm not a shareholder. Not my problem init.

British,

Absolutely. The UK Restructuring Plan is relatively new (Implemented in 2020).
Sure it's good to get shareholders approval.. but it doesn't change the situation Hurricane is in.

There is essentially no alternative. Okay, if there was.. it will still result in a significant dilution.
But I agree that it should really be shareholders' choice whether they want 5% (accepting the proposal) or 0% (declining the proposal).

mcadder, exactly.

All people have to do is read the document, which sets out all of HUR's obligations and liabilities in black and white. Sure they may not agree with brent price or other figures stated, but the contractual liabilities and requirements are fully set out.

Also this from the Explanatory Document:
"If the group wishes to activate the lease extension option (at Jun-22, Jun-25), it must do so with one year’s notice to Bluewater, therefore, if the vessel is required from Jun-22 onwards the group will need to commit to a lease extension no later than 4 Jun-21. Consideration must be given to the contractual cost increase of the lease from Jun-21 onwards."

Basically, they have 13 days to decide whether to extend the lease or not.

Also worth noting regarding Lincoln..
That if they don't drill a commitment well under the license by 30th June 2022, they lose the license altogether.

Commitment well estimated gross cost at $20m.

adoubleuk,

Sure doubt it all you want.
But HUR/Spirit have a license obligation under OGA to start Lincoln well P&A by end of June.

I think I read that OGA will approach Spirit, and then Spirit will claim for HUR's part of the decom costs.

adoubleuk,

"A quick trawl around my usual sites indicate no activity proposed by Hurricane"

If you really want all the details, i'd suggest emailing Gordon, or calling him.

Gordon Brebner
Contracts & Procurement Lead
Gordon.Brebner@hurricaneenergy.com
01224 608906

adoubleuk,

"I think you're confusing Hurricane with Harbour Energy, who have indeed grabbed the PBLJ for three months."
Absolutely not. I specifically stated Stena Don.
https://www.oedigital.com/news/484781-stena-drilling-finds-ukcs-work-for-stena-don-semi-sub

adoubleuk,

Just had a look, got my figures wrong. It's $13m total for Lincoln decom. $6.5m cost to HUR.
The decommissioning of the Lincoln site is projected to complete in October 2021.

CaptSwag,
I think any sort of somewhat attractive FWP we're looking at $200m+.
Will still lead to significant dilution, but think it'll maybe leave shareholders with 10-15% equity.

76 days, 2.5 months.
I rounded up :)

Stena Don.
Due to start in July.