Member Info for Slift

Also, the executive directors are the ones that are on high pay.
But to me it looks like even CA is clueless behind the situation HUR is in, if they need the CFO and CEO to transfer the technical and financial knowledge.

DiveCentre,

Ofcourse I read the RNS.
"Whilst the Fund lacks confidence in the executive directors, it believes that their technical and financial knowledge of the current situation means they should continue in office for the time being. "

Don't forget it's the executive directors that provided the financial forecasts (Richard Chaffe) and the technical solutions (FWP etc.).
Both of which landed HUR with a restrucutre with bondholders that will leave shareholders with 5% equity.

But sure, let's see what CA do with them.

Surely the people in question should be the executive directors?

Why give the benefit of the doubt to Antony Maris and Richard Chaffe?

"The whole point about being an NED is that you take on board the views of shareholders, lead and guide the strategy, and provide robust challenge (and support to the executive)."

And they likely have.
Sandy provided support for the legal and commercial aspects. John van de Welle has little experience in subsurface/reservoir, but supports the board with legal, commercial and financial aspects.

Still don't think they are responsible for much of what's happened at HUR. But hey, still a cost saving exercise, but nothing significant.

I'm totally for the sacking of Steve, Dr Jenkins and Bev.
They're responsible for the bleak outlook.

CaptainSwag,

"guess the question is have they earnt their salary? could someone better be put i their place? CA would seem to think so"
I'm not too sure.
Sandy is the lowest paid NED, and has had nothing to do with the technical aspects of this company and likely has had no influence to the direction of this company. And even so, I think she bought in shares in September.

Same with John van de Welle - little to do with technical aspects and could not be blamed for the downgrade in resources/reserves etc. John van de Welle also bought in shares.

Richard Chaffe on the other hand... - didn't buy any shares, inexperienced, lied (whether due to pressures from the chairman or just on his own accord.. who knows).

And what exactly has Antony Maris done? lol

Dumbly,

Yes exactly. I think the 2.8m hedges (of the 9m) were likely made late last year at lower oil prices. The rest (6.2m) was made following oil price spike.
The 6.2m barrels hedged for the rest of the year represent approximately 50% of ENQ's production for the rest of the year.
ENQ is placed well for this year.

"Mass resignations looming?"

Any reason for kicking out Sandy Shaw and John van de Welle other than cost savings? lol.

Dumbly,

It means that for the rest of the year (from April), the hedges are at $63/barrel floor and ceiling at $72/barrel.

However, if you include Jan --> April, the average floor FOR 2021 is $59/barrel and ceiling at $68/barrel (due to lower priced barrel hedges between Jan --> April).

No, i'm still here.

As I said, nothing has changed for Hurricane's situation.
Don't get too excited just because your losses has gone from 90% to 85% hasiba..

More:

Still 5% or 0%, except decision been delayed.

Tigar,

I think the current credit market is extremely high for interest rates.
If this was a stressed refinance, it would likely have been over 8-9%.

I wouldn't expect anything below 7% for ENQ.
Considering that the new facility will be an RBL facility, the facility will have to take risks on ENQ's reserve base, which isn't very promising. I suggested 7.5% due to the current bond interest rates being higher than usual as well as ENQ's maturing assets - with short life producing assets.

I think LIBOR + 7.5% would be a good result. 6+% would be exceptional.
I wouldn't expect anything below that (6%), at least not in the current market.

CaptainSwag,

"those who have a plan that would create a better future for the company - which presumably the bondholders would want or at least not object to? they would potentiaklly get more of their cash back than a wind down"

Yes, but shareholders will not take any risk for this. They'd want something in return for extension of bond too (some equity, probably not 95% though).
But the biggest problem is funding. Any alternative plan would require significant funding (more than CA themselves can afford alone).
Any sort of funding will also dilute shareholders, so wouldn't really be an alternative. Not to mention limited time to come up with an alternative FWP AND secure funding.

Best option is an overpriced takeover, so no real value accretive alternative for PI's.

CaptainSwag,

"so what you are saying is that you think CA will look to change the bod with no alternative plan?"

This was directed at mcadder but I'll answer.
There is no alternative plan without bondholder approval - (other than an overpriced takeover, which not even CA would be stupid to do (nor can afford), IMO).

hasiba,

"Where is Batman and Robin “ slift and macadder”."

Have you got an alternative to the restructuring yet?
Like I said, 5% or 0%. Doesn't matter if court doesn't sanction the restructuring proposal. There is NO alternative. You can wait another 12 months and watch the company fold instead.

Don't forget, you're still 90% down lmao, so keep quiet.
Call for me when HUR rises above 6p (your buy in price).

LIBOR + 7.5%

"Marcus-Antonius
Posts: 27
Price: 1.20
No Opinion
Out for the time beingToday 12:01
I sold out first thing this morning as I think the shares will be suspended in the morning (much like AMGO). If the judge does not sanction the Restructuring Plan then I will be buying back in. The price maybe higher but c'est la vie.
GLA"

Also Marcus:

"Marcus-Antonius
Posted in: HUR
Posts: 26
Price: 0.79
No Opinion
RE: Large Buy04 May 2021 19:20

I decided not to crystallise my loses in HUR on Friday due to the continual buying by CA and the buying since Friday's capitulation by the BoD . Due to price action, the SP was bound to be lower today but what I have learned is that the stock market is well and truly corrupt. If this proposal was a done deal then the SP would have been 0.12p on Friday at the open. It wasn't and there is a reason for that.

mcadder (and people like him) want you to feel the same pain they are going through, which is the reason why I continue to hold. There is always an agenda and mcadder has demonstrated this over the last few days with his incessant negative posts.
The proposal by the BoD is wrong on so many levels. They know it and so do CA and the current holders of HUR. Do not take the advice of someone that is as bitter and twisted as mcadder. Instead, make up your own minds and stay strong in adversity."

"Marcus-Antonius
Posted in: HUR
Posts: 26
Price: 0.79
No Opinion
mcadder or Crystal Amber04 May 2021 20:57
There is no doubt that the future scenario for HUR is currently not good. However, who would you trust at this juncture... mcadder et al or Crystal Amber?"

What a wet wipe lol.

"lonestag
Posts: 2,104
Price: 1.28
No Opinion
RE: Blinkers onToday 09:35

I m not in anymore but was here for long time- but I d advise any current holders- tomorrow I d expects a Trading Halt to be issued due to the Court case and today maybe the last time you will be able to trade the stock"

Yup, probably.
If not tomorrow, then at some point in the near future - especially if annual accounts aren't audited and released by end of June/Sept.

"LegalEagle1
Posts: 8
Price: 1.38
No Opinion
RE: Blinkers onToday 08:35

Take some time and carefully read the well thought of, coherent, and extremely clearly outlined Crystal Amber Fund RNS Number : 0568Z (19 May 2021), it will address many of your raised points; CA are on the ball, and HUR should clearly worth much much more here and I believe this will become apparent in coming weeks/months and SP here could well be a serious 2021 multibagger from current levels, so well done shareholders and best days ahead."

Who does this account belong to then?
Elementary
TopCat81
DifferentAngle
GroundHogDay1
RagingBull2
LuckyDog1

Take your pick. Strange, most of them have a "1" at the end of the username too. Not creative enough to find a username that's available?

adoubleuk,

"Just a while ago I 'urged everybody to access this'. And still do, if you're prepared to wade through a 651-page document (which is way longer than any CPR) and have the time to spare. Also, beware, if you may suffer from some sort of colour-blindness, because it's written in various text colours, and also includes all sorts of 'crossings-out' which haven't been edited out of the the text."

This is just proving that you're just a "roughneck" as you described yourself.
The document is clearly labelled a "draft".
If you're not used to Microsoft Word, the change tracker allows tracking any changes (in colours, including strikeouts) when changes are made.

The explanatory statement provided today is an update on a previous revision, and the changes are clearly highlighted in the "colours".
Just saves everyone having to read a 651 page document all over again. Also worth noting that this isn't a 651 page document, but rather multiple documents all grouped and provided as one.

"I've only managed about 50 pages so far, and am unsure whether to burst into tears or fall off my chair laughing."
Clearly you've not understood it. The document is very clear on the position HUR is in and clearly states that the company is insolvent.
There's even a presentation by PWC included amongst the documents, with up to date oil prices (as at 5th May 2021) modelling the cash flow.

If you're laughing now.. will you laugh more when this is all over and the shareholders are left with 0% or 5%?