Member Info for spike501

Mirasol - any reason you think it won't flow. Sure there is always a risk, but with the information released so far with substantial net pay, continuity over a large area and decent porosities, from what is a prolific producing basin.

Frankly anyway who compares it to Horse Hill, Brockham or Balcombe, is quite frankly being obtuse. At Horse Hill the Portland which is a conventional play did flow, but that was always a small play, while everything else has been the uncoventional kimmeridge which has always looked like a pipedream - they simply aren't comparable.

"De-rampers are silly, investors should not listen to anyone on this board."

I've heard it all before - Xcite, Caza, Gulf Keystone, Sirius etc etc. "De-rampers, shorters, golden tickets, oversold, they want your shares blah, blah, blah, blah", followed a few months later by shareholder action groups, accusations of fraud, collusion with bondholders etc etc and despair as reality hits.

What would probably be better is that people take their heads out the sand. This is a highly speculative risk play, that will most likely result in heavy dilution, if not complete wipeout.

"acreage in which HUR assets/licenses lie are actually extremely prolific and surrounding areas"

There is virtually no exploration activity whatsoever in the North Sea any more - supermajors exited long ago and the midsize producers who had previously been active are all struggling for survival due to the low oil prices. Acreage and assets are worth next to nothing.

"At this price somebody with a bit more money than HUR should wand to try their luck and put an offer in and they will get a bargain"

They don't get a bargain, they in all likelihood get an asset that is worth less than the debt, without investing a substantial additional amount more money.

There is no white knight here.

"Let us say its remaining assets are sold off for 500 million"

Its difficult to describe how delusional this is.

"Just read financial times news saying Hur shareholders may end up no value:( really worried now"

This was fairly obvious back in September when the technical update was released.

Yep thats true, free cash has gone up about $2million as $21.7million was moved from unrestricted to restricted

"payment receivables - which run in millions in this business."

Net cash includes receivables

"Unrestricted cash and cash equivalents, plus current financial trade and other receivables, current oil price derivatives, less current financial trade and other payables"

"The company will survive, it’s just going to have different shareholders...expect a massive debt for equity swap and a delisting"

Agree with most of that but can't see a delisting - they will most likely want it listed to maintain the liquidity and they can reduce exposure along the way. Debt for equity to clean up the balance sheet and then if the development is succesful there is still a business here.

Weird to see so many people saying the RNS wasn't that bad, when actually it was pretty bad.

"@Gino : remember when you mocked my "d is for dilution" post. Perhaps some humble pie is now required? As things stand all share holders (old and new) at equal risk of complete wipe out."

You don't pie around these parts, you just get increasing desperation and delusion, followed by the "we wuz robbed, lets set up a shareholder action group" when the inevitable wipeout comes through.

The RNS is clear - without development or a massive shift in oil prices, there is likely no shareholder value here. With development potentially there can be sufficient cashflow but that results in spending money that needs approval from stakeholders who are already demanding debt for equity.

"Positive news on side tracking 205/21a-7z. If successful this will give stimulas for backing of company.

The water injection is dependent on above success or refinancing which could lead to dilution if shareholder value."

The side track is subject to stakeholder approval, not just the water injection.

Of course you have to read between the lines

"It should be noted that there is a risk of dilution to existing shareholders from a possible restructuring and/or partial equitisation of the convertible bonds."

In other words.

"We have already spoken to the bondholders about spending some of the cash they've had and while they haven't said no yet, they've made it clear that they either want additional equity raised, or we convert at a preferential rate to ensure we continue to have upside"

Gold looking strong again, now US stimulus package is advancing and the FED continues to be supportive. Stocks are following and if Altyn can actually execute with a decent Q4 and mill most of what they mine this should actually start to rise substantially again.

But is execution a pipedream?

"With hindsight, it might have been better to drill the B-1Z location before B-1, but I'm sure they didn't set out to drill to a less than optimum location."

How can you drill a side track without the original well?

Interesting that Reabold say that the hydrocarbons at this location are most likely both oil and gas, indicating this is a large oilfield with a gas cap.

"Please explain why it is positive"

Oil floats on water

“ I can't see anything on commercial flow in the rns”

Did you not read turn the RNS over and read the other side?