Member Info for Slift

Hurrr,

"So to sum up my position on HUR.......’im gonna see it through in a blaze of glory or go down in flames."

What happened to this? Or is this also another one of your BS? :)

"Hurrr
Posted in: HUR
Posts: 5
Price: 2.90
No Opinion

Hur chat05 Feb 2021 20:20
I’ve been in HUR for about 3 years since, who I BELIEVE was ADUK told me.... in person....., about the journey so far and potential ahead.

The journey so far has been brutal but i believe HUR will come good. (Wishful thinking but I have to back the 25/1 shot that I’ve picked)

I read this bulletin board religiously, daily, morning, noon and night. It’s a combination of muppets (SLIFT AND MIJA FOR VERY DIFFERENT REASONS) I mean Mija. Reckon folk believe your a boxer with big fingers? I just think your impaired or something along those lines.....

And. People who are rational..... that, (like me) believe that HUR will rise from the ashes. That also may be the most irrational point I make here. Point is, no-one knows.

Slift, care to dictate the next RNS in advance? MIJA, wish to “meet in person” the next person who highlights the drivel you project with every message you send. Not to mention 5 of them in a row!

Anyway, I am also invested in bpc. The philosophical outlook there is that, if there is oil, we have a multi bagger. If not, it’s trash.

Can’t argue that it’s different with HUR. We establish that further resources are available to extract..... decide to fund said extraction with cash in hand and consequently realise enough income to satisfy debtors. Or, We don’t and we are in trouble.

I can’t help but think that there are only a snippet of conversationalists on here that actually make informed decisions. I am certainly not one but I do my research.

I read a lot of comments saying “anyone taking advice on shares from a chat site needs their head looking at” I happen to gauge opinion and sentiment from such forums then do further research to make my own decisions. Therefore these sites are valuable to me.

So to sum up my position on HUR.......’im gonna see it through in a blaze of glory or go down in flames.

Either way. I won’t be wrong because I don’t know any more than you do.

No matter what slift says or how big MIJAs fingers apparently are."

Lmao, bantersaurus is back.

Nice one LuckyDog1.

That's what I'd call being dumb and deluded.
Maybe stick to funds or a savings account?

adoubleuk,

It's mainly down to missing weather window for 2021.
Had management secured a rig and drilled P8 this year, with funding from existing shareholders/new investors, then they wouldn't be in this position. As reserves from P8 and funding for the FWP will have boosted the balance sheet.

The problem is, as it stands, not even liquidation and sale of assets will pay back the debt.

A lot of it does come down to management, and I've said that there's a high chance of them missing weather window as only maybe 5 rigs were available back around September time.
Also worth noting in HY resutls, that net assets were actually positive even after the downgrade of resources/reserves, but this was because the FWP (P8 drill + WI) was included for in the balance sheet with the "best outcome" determined by the management.

Basically, time has run out.

adoubleuk,

As RNSTranslator has said, this restructure is due to the fact that the company is unable to carry on the business as a going concern.
There is a negative equity on the balance sheet, and it is clear that the debt will not be repaid on maturity (the 12 month going concern assessment period for the annual report).

The company has commenced a Restructuring Plan that will reduce debt, improve balance sheet and extend the debt.
All it now requires is bondholder support of 75% and the High Court will oversee this restructure under Companies Act 2006.
As this is a restructuring plan between the company (initiated by the company), and the bondholders, it does not really involve shareholders.

In fact, there's a mention regarding shareholders right in the below link:
"Other than permitting a compromise or arrangement with members in order to deal with financial difficulties, the Act does not deal expressly with the rights of shareholders"

This is worth a read:
https://www.dlapiper.com/en/uk/insights/publications/2020/10/restructuring-global-insight/restructuring-plan/

laidback,

No.
Stick to Brent price updates :)

Aloj,

No, I think you're mistaken.
"Full year average production expected to be between 46,000 to 52,000 Boepd, excluding Golden Eagle which will add c.10,000 Boepd on a pro forma basis"
pro forma basis, i.e. from the date of completion.

I have simply assumed that GE will complete end of Q3. Also, as GE transaction will be partly funded by FCF, this should also be deducted. I have not included for this, and the $470m is the full face value of FCF I estimate at ENQ guidance, $63/barrel oil price and based on breakeven costs of approx. $31.6/barrel.

Lol, it's quite funny how Kammi attacks the poster if the opinions of the poster is not in line with Kammi's agenda.

"kammi
Posted in: HUR
Posts: 495
Price: 2.70
No Opinion

RE: The billion barrel discovery that didn't exist...11 Apr 2021 14:04
Shift, thank you for your blah blah blah. You seem to have an agenda here. Probably sitting in a call centre ,boiler house. Working for the Bond holders to promote there agenda like the company board at present. Will wait and see as to how it plays out. Considering you are not invested in this company ,unlike me. Why the hell any shareholder should listen to your blah blah blah. Take a hike. My view is you are a being paid to put the drivel on the board or even worse you think that you are an arm chair expert, no money to make an investment."

blah blah blah blah blah.
You're welcome.

Assuming $63/barrel average oil price for the rest of the year.

I have an estimate of c. $470m FCF based on the guidance provided by Enquest and including for approx. +10k bopd from GE in Q4.

Only thing left here is... Hope.

https://www.bbc.co.uk/programmes/articles/k99tG6rNVl2tkSb8GSY6Jf/why-we-should-all-hold-on-to-hope

Wind-down: $26m interest paid between now and end + $149m (of $230m) in cash paid to bondholders following liquidation.

NFA: $41m interest paid between now and end + $184m (of $197m following PIK) in cash paid to bondholders. Remaining $13m would be converted to equity (more shares).

P8: $37m interest paid between now and end + $196m (total debt) in cash paid to bondholders. Remaining $46m free cash will be distributed to shareholders (95% bondholders)

P8+WI: $47m interest paid between now and end + $201m (total debt) in cash paid to bondholders. Remaining $91m free cash will be distributed to shareholders (95% bondholders)

noelpbz,

"surely these can be sold off at todays prices to enhance the cash balance."

Value dilutive to balance sheet if sold. These items are still on the balance sheet under assets.
The problem at the moment for Hurricane is that following the huge downgrade in reserves and no FWP being sanctioned, there is a negative equity.
This is why Bondholders are in charge and a restructuring requires the exchange of debt to equity

The BOD are pretty stupid if you ask me. Anyone knows that a downgrade to reserves leads to significant downgrade in assets value on balance sheet.
The issue is.. The BOD came up with the problem (i.e. tech review to downgrade reserves), but not a solution to fix it (Nothing done to bolster balance sheet, FWP not sanctioned, etc.)

noelpbz,

"How are these two statements compatible."

They are because no 2 (NFA) requires restructuring, bond maturity extension and Bluewater contract extension for the Aoka Mizu.

AM first option contract ends in June 2022.
Bond maturity is Jul 2022.

"NFA" is assuming AM contract is extended and bond maturity is also extended (The Restructuring Plan).

adoubleuk,

"I can find no record of a rig contract signed with Hurricane Energy for either this year, nor next."

I suspect this is the one. All ties up now.
https://www.offshore-energy.biz/petrofac-hires-stena-rig-for-uk-operations/

"Instead, it has been initiated by the current management of the company itself"

Step 1: Miss weather window due to incompetence.
Step 2: Realise that without drill in 2021, bond cannot be repaid by maturity
Step 3: With negative net assets, bondholders have to agree to extend the bond (somehow)
Step 4: Exchange $50m debt for equity to provide some support to balance sheet, whilst also extending bond.
Step 5: "Stakeholders" happy (Staff, BOD, OGA, bondholders, Bluewater, Petrofac, etc.)

Calamari,
It was just a suspicion/speculation.
No direct evidence that CA bought the bonds, but they did query HUR regarding the bonds, to which they reported "The chairman of Hurricane BOD considers buying bonds off the market at less than 50% is a commercial no brainer".

If not CA, someone had bought bonds on 11th and 12th March, in a good quantity.

Meanwhile.. CA have most likely bought significant amount of HUR bonds in March.
Only losers are the sheep.

28th Feb: CA Other investments at 4.8p/share NAV
https://storage.googleapis.com/crystalamber-com.appspot.com/_downloads/monthly-net-asset-value-2021-02-11.pdf

31st March: CA Other investments at 13.6p/share NAV
https://storage.googleapis.com/crystalamber-com.appspot.com/_downloads/monthly-net-asset-value-2021-04-22.pdf

US, UK, Norway, Mexico etc, all have less than c. 10 years of oil reserves left.

Hydrogen flames are blue..

But either way, hydrogen won't have as much growth in the energy sector as some expect. I see hydrogen having niche uses for the foreseeable future, mainly due to it's explosive nature and safety aspects.

Overall, safety concerns will always prevail environmental concerns.

There are much less expensive, and safer options out there.
Can't say anything about wind, solar, or any other safe, "environmental friendly" energy. Wind and Solar will become inexpensive every decade, and there is a lot of potential for energy developments with inexpensive electricity.

Nevertheless, in the short and medium term, the more the EV sector or electricity dependent "environmentally friendly" solutions develops, the more fossil fuels will be required to keep up with the demand.

In another 10-20 years, majority of oil fields will be depleted, and demand will once again increase as supply drops. Oil as a commodity will be with us forever.
US, UK, Norway, Mexico etc, all have Combined with underinvestment and drilling bans... reserves won't be replenished.

Can't wait for the crisis ahead of us.

RosieNas,

Yes, would be about 20% in percentage terms.
I meant 6% of the 31%, number terms.