Member Info for Slift

Johnpwh,

Yah exactly.

Also, there is a covenant that prevents HUR from directly buying the bonds on the market.

I've already posted numbers here before.

Lol what? boat being ahead of schedule? What are you on about?
The RNS states that the cargo has already been sold. How can the cargo be "ahead of schedule" if it's already been sold? Use your brains pls.

Who's going to buy the bonds at 50% discount?
You?

"Persuade bond holder's to extend payback period and approve the side track. No dilution"
And how are you going to persuade them? Here's a hint: Give them shares.

Also, extending, refinancing or restructuring the bond will incur a restructuring cost. How will you pay this? Here's a hint: Finance agreement maybe?

Stop being deluded and naive, and you may do well with investments! Don't believe these fools "hoping". Do your own research and READ THE RNS released by the company.

You missed something:

Significant dilution

Naive.

There will be a dilution.
No ways around it.
I don't think even a takeover offer will come, too late for HUR.

significant dilution.

"“Rather be a fool not invest here” but nevertheless still here numerous times every single day spending one’s valuable time trying to spread whatever possible by all means to further damage investor sentiment here, interesting pastime, perhaps you should join the HUR executive team!"

Says the one using multiple accounts to try and manipulate investors here and trying to lure investors to buying in a failing company.

I've put in a limit order for HUR shares at 0.6p/share. I'm sure i'll own 5 times the number of shares than you when that happens! Ha!
Shouldn't be too long now for dilution and sanction of FWP, otherwise they might miss 2022 weather window!

Bransonbull,

That'd be robbing from the poor!
You buy me a pint c:

Rather be a fool not invest here than be a triangle.

Paddyboy1,

Yeah I don't think so. I'm not going to argue here with you as i'll be following this company closely.
But take a moment to go read the going concern statement and why there is a going concern statement, despite there being enough liquidity.

It's very well explained by Petrofac.

Clickit,

Yah, agree that margins and being able to actually profit from projects (rather than have a disaster) is important.
But I think it's just not in Petrofac's favour recently with the ADNOC suspension (as evident by pipeline).

I estimated $28-30b pipeline for 2021 following ADNOC suspension, however it came short (mainly due to delay in awards to 2022). But, it's still a significant number reduction.

SFO had a big part in the reduction and not something that Petrofac could have managed, so not Petrofac's fault.
But it's still important to see where we are at the moment, and where we will be by YE21.

"they can utilise the existing wellbore and go off wherever they like to suit the Wellplanning they are desire.."

Except, the existing wellbore is more suited to fractured basement. The victory layer here is literally the attic.
A bit like a triangle, what are the chances of having a sucessful drill at one of the pointers?

Don't worry PlantedBHA, I'll put in a buy offer for 0.6p/share.

Pokerchips,

India, Libya etc. are already included in the $20b pipeline for 2021.

Assuming Petrofac achieves 30% win rate on tenders for 2021, they need to tender for approx. 45-50% of current pipeline in 2021 to keep backlog constant by YE21 in comparison to YE20.

But I think SFO will be resolved by HY21, resuming any leftover awards from Iraq, UAE and Saudi.

@paddyboy1,
There wouldn't be a going concern statement if Petrofac isn't worried about liquidity at the worst case scenario.
But it all depends on bid awards in 2021. Which is why I really believe pipeline and backlog is more important currently.

But ofcourse, you're able to do your own research.

Sure Paddy, but look at the fundamentals.

- $20b pipeline for award by YE21, of which only c. 30% tendered for/tendering for at the current moment.
They really need UAE, Iraq and Saudi relaxing or SFO conclusion to better improve current prospects.

- Net debt (as of 7th April): $354m
- 12 month going concern assessment period

Why I sold today. I don't think anyone should be concerned about SFO fine anymore. Pipeline and contract awards to build backlog is extremely crucial in 2021 for Petrofac, should they be a going concern.

I will follow here closely for future contract awards and will buy as and when I feel comfortable with contract awards and backlog.

adoubleuk,

Ignoring the truckman..
I agree that the risks involved in a sidetrack is significant here. It's definitely not easy when you take into account you have one chance at it.

Wouldn't it just be easier and potentially better to just drill a new well at an angle into the Victory? Would make sense to me, as you are then able to target oil, plan for water injection and gas caps.
Sure it might cost more, but definitely removes that risk factor and you are able to (potentially) drill at an angle of your choice.

Oh wells, BOD missing the weather window this year has the most impact on the future of this company, imo. Just stupid.
Next year (2022) - AM termination fees, Bondholders interest payments, OPEX costs, AM interest payments/liability, etc. all adds up and makes any sort of FWP expensive without capital/liquidity to pay these liabilities whilst drilling.

Bought a bunch here past few days. Unbelievable bargains!

Thanks bransonbull.
You made me panic into selling this today.

"The Board concluded that the Conditional Proposal significantly undervalued Elementis and fell meaningfully short of the value creation potential for Elementis shareholders based on Elementis' existing strategy. In addition, the substantial element of the consideration being in Innospec shares made this Conditional Proposal less attractive for Elementis shareholders. The Board's assessment is supported by the strong momentum in the business and by an encouraging start to 2021.

Accordingly, on 9 April 2021 the Board unanimously rejected the Conditional Proposal."

How I look at it: if a company is looking to outright buy the company at 160p, then the company is valued at more than 160p.

136p is a bargain, and this will rightfully re-rate to compare to offer price.