Member Info for Slift

"I'm used to stressful commercial situations."

Guess you're also used to losing money.

Well then, for your sake.. (and others here who have suggested that the court shouldn't sanction the plan).. I hope the court doesn't sanction the restructuring plan.

0% is what you want right? Fine by me.

Well RosieNas,

If you aren't going to come up with an alternative plan, then stop complaining or moaning. There are none.

Attacking me isn't going to get your investment back either.

CaptainSwag,

Well P8 cost: $60m
Well P8 reserves: 1.6m barrels

Assuming Brent stays at $65 between now and May 2022... and assuming all in costs to the company is $40/barrel..
1,600,000 barrels * (65-40) = $40m

Would you invest $60m for the company's FWP when all they've receive back from that investment is $40m? Might aswell give money away to charity lol.

RosieNas,
"If doesn't go through...Shareholders can vote off the board in June and other options can come into play."

Not a single person has come up or suggested a viable alternative to the restructure plan. (Because there are none).

State another option.

Exactly Maestros.

5% or 0%.
Take your pick peoples.

"Shareholders and Bondholders are reminded that in the event the Restructuring Plan is not approved by Bondholders at the Plan Meeting, or if it is approved by Bondholders but not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company. "

"The Company notes that, as at the date of this announcement, the Lock-up Agreement has been executed or acceded to by entities holding in aggregate approximately 83.25% by value of the Convertible Bonds. The Company considers this to be an important step towards implementation of the Restructuring Plan. "

Lol.. Ever since the update, all everyone has done here is complain and moan.

Not a single person has come up or suggested a viable alternative to the restructure plan. (Because there are none).

You gambled, you lost.
Stop moaning and crying lol. If that's all you can do, then i'd suggest investing in a fund :)

Everywhere but here :)

Also, as mentioned by AB..

It's sensitive information when the company is currently trying to refinance the debt.
Could send mixed signals regarding health of the company.

I think net debt will be revealed on refinance. Also it's worth noting that net debt will be higher following refinance as some of the proceeds will be used for the GE acquisition.

Or, put it in the Pelle Pot

I think Pelle should give handouts of his 1m+ shares as dividend for us :')

No doubt we'll get the same question in again from Pelle at the next AGM :)

I think AB answered questions very well.

$50m/month FCF made me chuckle though :')

Lol, I cba to go through your post history, but you've been topping up from 8-10p, all the way down to 3p.

But whatever you say hasiba.

And you keep thinking i've lost on every share I bought haha. Makes no difference to me.

"Simple questions -
How can Magnus perform so badly and the production remain within guidance?
Has the guidance been reduced to accommodate failure? "

Pretty amusing how everyone here is disappointed, but magnus production isn't bad at all.

Magnus produced 13.77k bopd for the first two months of this year.
With an average of 14.25k bopd for the first four months, means that average production for March/April is 14.75k bopd.

Following the well intervention programme and production optimisation for the rest of the year, Magnus will likely produce over 15-16k bopd.
I still have estimates of c. 15k bopd production from Magnus on an annual basis.

Not a bad update at all. Everything within expectations.
Current production in Q2 is at 48k +/- 0.5k bopd.

Not bad at all, with the oil price.

Yes hasiba,

Like you, and many others, I took a stab during the technical review of the assets and the resources/reserves.
And immediately sold once the resources and reserves were below my expectations.

I don't need to deny that at all.

Now tell us about your sp targets, considering you've bought in from upwards of 8p lol

bloodninja,

"Total 39840m shares (for when the shares come into the market, i.e. dilution happens) = 0.126p/share"
"The market is valuing HUR at £50m market cap."
"Therefore, 100% of fully diluted equity = £50m"

Yes, because everything i've typed is saying that i'm valuing the company at £300m market cap........

RichTheNewbie,

Again, No.

"If you had a company worth 100p now than then diluted by 95% at 1p then all the shares are worth 1p basically and trading resumes from there."
"Which means the share price equivalent is £37.24m/39,837,431,120 = 0.09348pence per share."
Contradictory statements.

"$50m for 95% of the fully diluted equity which means 100% of the pot is $52.632m or £37.24m (at current exchange rate)."
You're just assuming here to say 100% of the pot is $52.632m.
But in reality:
95% of equity (fully diluted value) being offered to bondholders (New shares) = $50m (£35m)
5% equity (Existing shares) = Current market cap (£15m)
Therefore, 100% of fully diluted equity = £50m

"If you had a company worth 100p now than then diluted by 95% at 1p then all the shares are worth 1p basically and trading resumes from there."

No. This statement goes against the law of averages.

The market is valuing HUR at £50m market cap.
Before restructuring, and after restructuring. Hence, the current share price is 0.8p.

"Why no net debt figures?"

Possibly because in the middle of refinance and figure will change as soon as refinance approved/agreed.

ENQ will provide net debt with refinance update, hopefully.
But I have no concerns for net debt currently.

Current production is at 48kish.

"As at the end of April, c.6.2 MMbbls of production has been hedged with an average floor price of c.$63/bbl and an average ceiling price of c.$72/bbl."
This represents approx 50% hedging for remainder of the year.