Member Info for spike501

Rosie - Facepalm

If there are any unpaid Bloggers on here they will make more money than they would investing in HUR

"Hope not game over, unbelievable what’s going on now"

Of course its game over, what planet are you living on?

"No one here buys or sells based on advise from BB."

Not convinced by this - there is a huge herd of naive 'investors' who are searching for their next golden ticket, completely ignore risk, lap up any ramping nonsense thats spread and then tick up the clowns who say anyone with an alternative view is either paid or a shorter.

The writing has been on the wall here for months, yet still some people seemed surprised when it actually occurred and still people insist this is a scam, when it is simply the result of a substantial change of circumstances and over indebtedness.

"More likely that the Aoka Mizu is still on station in five years' time, but with a Shell logo on the side rather than that of Hurricane."

Are Shell aiming to become a water producer as part of their efforts for net zero?

Consistency of production, improvement of grades, reduction in debt and confident forward looking statements - a lot to like there.

"Everyone else understands what in the link I posted but you!"

Apart from you it seems - the forward forecast prices have been given, they are not $34, that is pure straightforward lie.

Hasiba - you are either lying or completely deluded. Nowhere does it state that they have used $34 as a forecast going forward, they simply refer to depressed oil prices in 2020 as being one of the catalysts that has driven them towards insolvency. For revenue going forward that have used an oil price $63.4 in 2021, $61 in 2022 and $58.9 in 2023 as referenced on page 16 of the presentation.

2021 and 2022 forecast is very close to the most recent forecast from the EIA
https://www.eia.gov/outlooks/steo/report/prices.php

Where does it say the restructuring is done at $34?

It doesn’t.

The accompanying documents are clear they use forward forecasts of circa $60.

"No lies here...
Go and read the restructuring plans put to court ..oil price was based on H1 2020 averaging $34 pb...this is fact"

Unless you can copy and paste the exact statement with a reference then you are lying.

All the documents show the restructuring is based upon forward prices of approximately $60.

"BoD is going to court telling them the restructuring plans were based on oil price of $34 pb and the company is insolvent"

Why lie? The plans are made on a forecast of $63.4 in 2021, $61 in 2022 and $58.9 in 2023.

No one has to be interested in Bentley for years and Enquest have just picked it up for buttons and there is no certainty they do anything with it yet. An undeveloped Bentley was worth peanuts hence XEL fell over when it couldn’t meet the debt obligations.

The results stated they wouldn’t truck Teren-Sai, but would build its own processing plant

Besides the timing of the release, there is a lot to like in these results both in the figures and the confident commentary. PBT was $3.3 but there was an additional $4million in non-controllable costs such as share issue costs and FX moments so underlying PBT was nearer $7million.

Mining capacity is now at 1800tonnes per day which is 657kpta with further increases planned, so the path to 850kpta continues to look clear and with the main investments being in the processing plant this year, presumably the company will exit this year being able to reliably process that amount as well.

I notice that they indicate current grades are 1.75g/t, which I assume is known from the Q1 production results as Q4-20 was 1.7g/t - they also indicate additional increases coming from this quarter as well.

Subject to Q1 production being similar to Q4 - although wouldn't it be nice if they could exceed 7000oz, 30,000oz this year looks highly acheivable and given economies of scale that should reduce all-in production costs to sub $1000 so at current gold prices, $800 free cash flow per ounce, in which case $40-50million capex should comfortably be available through debt facilities.

Here we go, so it starts - why would anyone put life changing amounts of money in a high risk E&P play which had to take on a substantial debt that was supported by only a single cashflow producing asset? I know imagining that this is all nefarious goings on,makes bad investment decisions seem a bit easier, but this just a standard restructuring for an over indebted company. At the point the BOD can no longer be sure of repaying creditors their duty shifts to the creditors away from shareholders.

Yes following the restructuring bondholders own 95% of the total equity, ergo they will be issued 1900% of the existing number of shares.

The company was effectively worthless, there was going to be insufficient cashflow to repay the debt, so it was on the verge of bankruptcy. Existing shareholders are being left crumbs to retain the listing.

The writing has been on the wall for months, its not like you haven't been warned.

"Its 95% on top of total issued shares"

No its not - existing shareholders will own 5% of the total shares - its 1900% on top of total issued shares.

It will drop down there as it becomes apparent it is heading there, shorts close out their positions and day traders move on - its still massively overvalued because as you highlight at current price, when the debt for equity is done, it would value the company at £400million which is insane.

Stop it and shareholders get nothing instead of next to nothing. The fat lady is already singing.