Member Info for Slift

Jurassic Gas Facility Projects 4 and 5, worth approx. $1b+ - Looks like Septco is the lowest bidder here. Petrofac will likely not win these projects, but who knows.

$675m worth of pipeline projects still being tendered for.
Petrofac has a good chance to win some of these projects.
Umm Naqa pipeline project alone is valued at $150m - This is currently in the process of being awarded.

Ratqa and Sabriya flowlines are also within Petrofac's bidding pipeline for later this year I believe?
Or I might just be talking *******s :)

"morganna1
Posted in: HUR
Posts: 8
Price: 2.70
No Opinion
RE: LSE should suspend this quote while....07 Apr 2021 14:18
Maris was unemployed prior to becoming HUR CEO, he is clearly the slave of the BOD/Chairman and fully complicit in any dubious actions towards deliberate shareholder destruction."

Enough said.

Lmaooo,

Some random on the internet is telling me what I can do and what I can't do with my life.
Fantastic :D

P.S. Looking forward to the cash raise for the FWP.
Afterall, majority of it will be awarded to Petrofac on contract to complete the project.

"As for HUR, I’ve done my research thank you"
Well, i'll leave you with this.

Beverley Smith: Prior to joining HUR as Non-Executive Director, she was unemployed and was on a sabbatical for 5 years, holidaying. With 6 months on board, she was appointed "Interim CEO" following disagreement with Dr Trice and made shareholders lives hell.
She holds 334,448 shares.

Antony Maris: Prior joining HUR as "Designate CEO", he was unemployed for 9 months, having been sacked/resigned from Pharos Energy as COO. Following appointment, in 7 months, he has provided his first "proper" statement for this company with the CPR. Again (like Bev) making shareholders lives a misery after he told everyone that there is "significant value" in the assets.
He holds 169,084 shares.

You sure talk bad about Petrofac management, but at least, the former CEO (now Non-Executive Director following retirement) and his family holds 18.82% of the company.
Now that's skin in the game.

morganna1,
LOL.
This is funny, thanks for that.
I've done my research thanks, there are no gaps between employment in Sami Iskanders career. He simply moved when new opportunities came about.
Not something you can say about Mr Maris or Bev can you?

I think everyone can do their own research. I'm not here to persuade anyone.

But maybe you should do more research about HUR before your investment here. Because I wouldn't touch this company with a barge pole, my honest humble opinion. DYOR.

I see a good run in the next 12-18 months+ to come over there.

And no, are you? LOL
PDL what a story, will be similar here with bondholders owning the company.

wow, stop cross board ramping smokey.

"Can we move legally again them, because of the massive difference between the two cprs?"

Not really.. risks are well documented by both HUR and the CPR firms.
Investors should invest based on the upsides aswell as downside risks, not on hope.

I don't cross board ramp... I mean.. I don't even ramp or deramp!
But consider looking at Petrofac as a potential stock to make back losses and do your own research.
Opportunities like this only come once in a decade, IMO.

Lol that's hilarious LuckyDog1. I'm not stopped you buying more here, but you're deluded.

Here's the extract provided by BOD in latest update of two scenarios - both ends with "limited or no value to shareholders"

"Update on Stakeholder Engagement



The Company continues to engage with an ad hoc group of its convertible noteholders over the Company's forward work programme, strategy, financing and balance sheet recapitalisation. It should be noted that there is a risk of significant dilution to existing shareholders from a possible restructuring and/or partial equitisation of the convertible bonds and of potentially limited or no value being returned to shareholders.

If no agreement can be reached with the Company's stakeholders on additional development activity at Lancaster, the field could continue to produce from the P6 well before reaching its economic limit, the timing of which would depend on oil prices, actual production levels delivered and the level of cost savings achievable. The field may then be decommissioned, with potentially limited or no value returned to shareholders."

"positive light here soon"
"positive new about CA Kore or refinance with next update"

Some never learn.
None of this will matter when there is a significant dilution to existing shareholders or when HUR ceases trading because of no said significant dilution.

It's one or the other. Both bad news.

https://www.newswire.ca/news-releases/reconafrica-operational-and-corporate-update-namibia-823327830.html

No doubt that in a weeks time, rampers, Dickbat and y11-shx will be ramping this up telling everyone it's worth 50p.

Oh btw, £2.40/share "fair value".
https://simplywall.st/stocks/gb/energy/aim-hur/hurricane-energy-shares#valuation

"Covid Financing Facility: $300m
Maturity: February 2022"

Should be £300m, so $412m.
Current liquidity should be more healthy than that provided at November 2020 update, even with reduced facility.

Cookie2906,

Not much to say about SFO saga, tbh. It will end when it wants to.
From a long term basis, I think Petrofac will be okay for recovery with up to a $400m fine over a period of years SHOULD they be charged. Mainly based on sustainability and keeping jobs protected.

What's more important is lifting of ADNOC suspension. I am expecting this to happen relatively soonish (this year), but the earlier the better. There is still a load of projects in the pipeline for ADNOC if suspension is lifted for 2021.

I have an estimate for current backlog (at end of Q1) of about $4.8b, however with the reduction in size of business, it's possible for this to be above $5b. I think anywhere between $4.8b-5b would be in line with expectations (using the known bids won to date), but anything above $5b is a good result.

I have a target of about $2.2b worth of order intake for this year, of which we know that c. $500m (an estimate, could be more or a little less) of orders have been awarded to Petrofac in Q1.
If Petrofac can sure orders well in excess of $2.2b this year, that would be a great result to rebuilding backlog and for the recovery of this company.

I was also expecting debt to be refinanced or be in a healthy state for results. We know today that Petrofac has succeeded with a magnificent result in restructing the debt, so all sorted!

But we'll see what the FY2021 outlook is at the results.

GLA

RCF facility: $610m
Maturity: June 2022, option to extend $550m to Dec 2022

Covid Financing Facility: $300m
Maturity: February 2022

Bilateral term facility: $90m (reduced from $150m?)
Maturity: April 2022

"3 year term loan": $50m
Maturity: November 2024

Total facility: $1050m
Net debt as at YE20: $116m
Liquidity available as at YE20: c. $934m

Liquidity was reported to be c. $1b, but was actually $978m in November 2020.

So from the new financing deal. liquidity has hardly changed and Petrofac is in a very very good position.

However $390m debt repayment required in the next 12 months. Petrofac will have to secure an additional facility later in the year to provide the liquidity required. Shouldn't be a problem if Petrofac receives enough orders.

Losing interest here.. and looking to reduce stake.

What is McMaster waiting for regarding results for Q1?

Covid situation in Brazil getting worse may also impact sales going forwards.

There's also the very cool method of:
1. Sell High
2. Transfer
3. Buy Low

Costs less than £40 for transactions, and you make a cool profit in the process too!

DireEmblem,

Q1 figures will be interesting, but wouldn't be too optimistic about it. WC and production numbers are a huge unknown currently. Worth mentioning that reserves stated in CPR is as at 31st December 2020. Current 2P reserves are probably c. 5.6m barrels.

I'm not too optimistic about results though. HUR likely has negative equity following this CPR and writeoffs to Halifax.

But the easiest way to create value is by converting resources to reserves. HUR has 89.1mmboe 2C resources.
Converting 2C resources to producible 2P reserves increases value by 10x per barrel recoverable. Only cost to this is the forward CAPEX required to drill etc.

Does BOD have the balls to do it?
Ofcourse not.