Member Info for spike501

Excellent figures showing stability in mining and milling and substantially higher levels than previously and a very significant quarterly jump in grade.

There are no cornerstone investors here.

"LTHs been shafted again , there is something wrong here , DB would be broadcasting any good news , all quiet , STINKS nothing more"

I can understand people getting upset about placings being leaked into the market causing the SP to drop sharply, but now the only thing that matters is the result of the testing - either there are hydrocarbons in place and they flow well or they don't. If they do the SP should climb considerably, if they don't then it will clash - the pre-announcement fluctuations based mostly on rumour are irrelevant.

Unless you are trading UJO and not in it for the actual oil, in which case you must know about the leaky nature of AIM stocks in general.

The research paper released took then upwards momentum out of the SP and probably unsurprising given the unambitious targets to basically stand still on production from 21-23 at less than 30koz per year, when I think there were not unreasonable expectations given previous communication that up to 45koz in a year was achievable in that period. The fall in gold price on top of that then dragged it down further.

However, gold again seems to have bottomed out and stabilised around $1780 (and back above $1800 currently) and even on production of 26koz in a year at this gold price, this remains too cheap at this price. I'm hoping the research report was also on the conservative side for the next couple of years and they can exit 2021 with a run rate in excess of 30koz and push towards 40koz+ before 2024.

“Malcy didn't mention West Newton/BMD rumour and put the 10% drop down to Wressel delay?”

I would take anything Malcy said with a massive pinch of salt . The drop was clearly due to the West Newton rumors as Reabold reacted the same way and it was before the release of the Wressle update.

However it seems unlikely there is anything serious happening at West Newton otherwise they’d have RNS’d it by now - most likely it’s not a 100% smooth operation which is pretty typical in O&G and BMD just picked up a whiff of that.

"I was genuinely serving in a bank once when a customer was a robber with a gun."

Not really a customer :)

The company is valued at £30million, Wressle has 260k barrels of 2P and another 750k barrels of 2C that are not yet being developed - it'll provide enough cash to cover running costs plus a bit extra for a couple of years and then without further investment to develop the 2C, it will slowly decline. It comes nowhere near underpinning the current market cap.

If West Newton does flop this will be well below 20p.

The company has released a Wressle update, not a West Newton update which is what BMD is referring to.

The SP here is all going to be driven by West Newton, Wressle is only worth a few pence so I doubt this will do much to settle nerves.

Most of what BMD does is speculation and stating the bleeding obvious, but its equally clear he does have a certain amount of connections so I would suspect what he has posted does have some accuracy - however as he himself says at this stage it is simply operational difficulties, which hopefully are temporary.

Its Jet2 - have you seen their balance sheet?

Its posts like this that demonstrate that absolute cluelessness of PIs.

To properly comply with corporate law - the judge decided the shareholders have the right to vote on it.

That’s it, it’s not going to stop the restructure unless a better option is put on the table

“If bod are like we've lost and there we will begin process of winding down then that would be very damaging.”

The vote tomorrow is meaningless- everyone knows which way it will go. The board will take it to the court to do the restructure and absent a new plan with cash injection the scheme will almost certainly be approved.

"Interesting times. The market reaction has been rather muted."

The market reaction to what? Haven't you realised yet that this is just an error of some data gathering firm? Companies house has all the corporate changes and there are none

https://find-and-update.company-information.service.gov.uk/company/05245689/filing-history

"BASHERS NEVER Bash A BAD STOCK. Check the boards for stocks with no potential."

Not true - over the years I've based XEL, CAZA, SXX all of which have had a collection of delusion PIs who were in complete denial.

"he didn't make the geology. he is charged with interpreting the geology wrong - but without this interpretation hur would never have got this far."

I'm not sure spending over a billion quid to get this far, with no prospect of a return anyway near that amount is anything to shout about.

Although I'm not really sure anyone is to blame - this was simply a fairly high risk punt that has unfortunately not panned out in a favourable way. Possibly the risks involved were not made clear enough, but cavear emptor and all that.

"he judge said at the hearing that he is very aware that the picture can change very quickly with oil companies - price of oil / value of assets and he even mentioned water cut could change.
so whilst the company is saying there is no chance of profits ever - he is disagreeing with the absolute of this .in view of the bonds not being due for a year and that the bondholders have no benefit from an immediate liquidation as opposed to a wind down in a year (or more) he is questioning if it is premature."

Sorry but the judge hasn't done any of that, as he made quite clear all those points are discussions for the Sanction hearing. The only thing the Judge has ruled at this stage is that the conditions for proceeding to the sanctions hearing have been met.

Captainswag the quote you have highlighted is IF the plan is in place - far from being critical of the plan, it is stating why Hurricane and their advisors are putting the plan forward.

The full quote of which you have omitted the key crucial first sentence is...

"Under the Plan, the extension of the maturity date of the Bonds is intended to enable a longer-term wind-down so as to facilitate production from the Lancaster Area being continued for an extended period before reaching its economic limit (potentially in February 2024). This would give rise to the possibility of full repayment of the (modified) Bonds and some measure of value in the shareholding."

I've read the judgement - which part exactly rubbished the forecasts and projections?

"The courts only deal with evidence of facts. As you can see from the current judgment it rubbished forecasts and projections."

Which part of the judgement did this exactly?

"If the Bondholders succeed in acquiring 95% of the equity in Hurricane Energy plc then that places them in a strong position to compulsorily acquire the remaining 5%. I have some recollection that this might be the case but I cannot recall the circumstances when this might apply."

The process will have a waiver that the bondholders do not have to acquire the rest of the shares. Once that is in place the only way they can acquire them is on the open market.

There was an RNS yesterday