Member Info for Slift

RetiredFella,

5% of the company is better than 0% right?

RNSTranslator,

I have similar figures for cost.
Upwards of $45/barrel at production guidance.

The company needs an average of $90+/barrel between now and May 2021 to be able to have enough free cash to pay bondholders.

Try persuading a Judge of High Court that the oil price will be over $90/barrel for another 12 months lol.

Good one hasiba,

I don't think I even lost on PDL when I did invest a year ago.

Also, I bought some HUR at around 5.8p and sold at 3.3p.
What about you? LOL

hasiba,

"hasiba

Posts: 4,450

Price: 0.79

No Opinion
RE: WhereToday 15:46

SR123...
Please don’t mention PDL as ..our poster Slift lost another small fortunes there last year...yet another one he was ramping then with HUR ( his average here 5.8p declared by him)..."

LOL.
Can you provide proof of this mention?
I don't think I've had PDL in a long time.

But you sure are desperate to prove your investment choices.. but then look at HUR.
Keep holding.

hasiba, no, to all your points.

hasiba,

"We haven’t lost money yet until we sell ....our loss still a paper loss "

Better keep buying to reduce that paper loss.

hasiba,

You're simply in denial.

It's Game Over.

The fact that HUR have announced annual report date means that they now have 75+% support for the restructure.

ENQ.

Bottom hole pressure almost at bubble point pressure.

HUR need approval from OGA on amendments asap.

CA don't work for any of you.

They work for their own shareholders.

"the question is why they didnt look at alternative forms of funding?"

They probably did, but who would want to fund and invest an unattractive FWP like that?
3.2m barrels for $60m. How will any investors get any return on that?

Yes incompetence potentially, or maybe trying to cheap out.
They couldn't even secure funding - BOD probably didn't have any links to instituitional investors, and that's not surprising (no comms with CA, no interviews, never "sold" the FWP).

Think about it:
- The recent CPR indicates that the HUR acreage has 81m barrels of RECOVERABLE 2C resources net to HUR.
- The AM (already existing infrastructure within the acreage) has a 2nd and final option - a total of SEVEN YEARS.

The plan that HUR came up with:
- Spend $60m on a low chance of success drill (sidetrack) to recover 3.2m barrels.

Would you invest in that??
I certainly wouldn't.

It was game over when HUR BOD decided to downgrade reserves massively without a decent back up plan.

The "back up plan" (FWP) that they came with is very unattractive and doesn't even deserve any funding.

Game Over. Wasted.
Time to start a new game.

*c. $220m liquidity

Typo, obviously.

Very simple maths for you using 31st December 2020 data:

$805m cash - $300m CB - $650m senior notes - $1430m RBL + $1.8b new debt = +$320m liquidity
But current liquidity is more like $500m from cashflow, EG sale, etc. Which is enough for ongoing operations.

Still don't understand?
This bbc link for 6 year olds might help you: https://www.bbc.co.uk/bitesize/topics/zwv39j6

The balance sheet has also improved here following the acquisitions and cashflow from higher brent prices.
This company is no longer at negative equity - which bodes well for the refinance.

The value here really isn't very much appreciated by investors, and I look forward to the trading update next week to provide this company with support in share price it deserves.

noelpbz,

"Assuming all the agencies and the Law courts let us down, then come the 21st May, with 39.8Billion shares in issue, the SP will be 0.113p."

This is misinformation.
The shares won't be diluted until a later date, but no later than September 2021, IMO.

"All bad news baked in & shorts bailing out. Selling at these prices is a bad move IMO. we'll see."

Meanwhile, the backlog has continued to diminish with no order coverage of significance since start of April.
Backlog estimated at c. $4.5b at end of April.

Current month is huge to ensure backlog is kept at sustainable levels. Otherwise, further downsizing of the company would be required.

Skystocker,

The moment you panic, you lose.
But if I was in your position, I'd hold onto the shares and sell on a spike.

There is still time before the restructuring plan is accepted and sanctioned. So the 37.9b shares won't be in the market until the plan is sanctioned.
Hurricane have until end of September 2021 to formally get the restructuring completed (could be sooner, but cannot be later). Between now and then, there will be significant volatility here, both up and down - especially with noises from CA.

So don't panic and do what you think is best by September 2021/sanction date for restructuring plan.

Not advice, just my opinion and thoughts to what i'd do.

"How dare you! Senseman aka Adrian, aka Fool on th Hill aka "the Man of a Thousand identities" is not "just another""

Aka "Aim Stocks Guru"
https://www.youtube.com/watch?v=O16hbG22t7Y&t=4s
https://www.youtube.com/watch?v=h1JH_nd-ujM