Member Info for SteveY1

Its at the test work stage (as the recent results RNS) ReeTech--

During H1 2023, a Master Agreement was signed with OCP, the Moroccan world leading producer of phosphate products, and UM6P, a Moroccan university with a strong focus on science, technology and innovation, as well as a Memorandum of Understanding prior to this with a diversified chemicals group based in South Africa. Test work has commenced for both these opportunities. We continue to investigate further potential to extract rare earths from phosphogypsum on a global scale.
So watch this space.

The announcement is here--
https://miif.gov.gh/miif-plans-initial-investment-of-up-to-thirty-million-dollars-in-newly-found-lithium-deposits-as-it-begins-negotiations-with-atlantic-lithium/
I take it that they will make a single investment when the Ghana listing is implemented but thats just how I read it.

Hi all- Keir Starmer spoke at Davos yesterday. He has ruled out Labour authorising any new N Sea gas or oil fields-
https://www.thenationalnews.com/world/uk-news/2023/01/19/keir-starmer-tells-davos-uk-will-lead-global-clean-power-alliance-if-he-becomes-pm/
So its worth a read given the current polls.

Sorry- Hi Brightonscot

Hi dflynch- is that the private f/bk group with 465 members? It doesnt have LSE in the title but its the only one I can find.

Crystal Amber withdraws requisition for general meeting of Hurricane Energy plc ("Hurricane")



On 23 December 2022, Crystal Amber Fund, the activist investment fund, announced that it had sent to the board of Hurricane a requisition notice requiring Hurricane to convene a general meeting at which resolutions would be proposed to remove executives Antony Maris and Richard Chaffe, Non-Executive Chairman, Philip Wolfe and, conditional on the appointment of Tony Buckingham and Franco Caselli, Crystal Amber nominees, David Craik, John Wright and Juan Morera, in order for Hurricane to maintain its independence ("the Requisition Notice").

Crystal Amber notes the Hurricane announcement of 11 January 2023 which provided a trading, operational, financial and formal sale process update. As a result, Crystal Amber believes that it should pause the requisition for the general meeting and has written to Hurricane withdrawing the Requisition Notice and undertaking not to resubmit a further requisition notice before 6 February 2023.

Hi Albie- Have a read of the 30/9/22 RNS as it covers the full position re the regulators and the need to dispose of the gas (flaring or venting) when HUR has planning for P8. The summary is here but read the full text-
Looking to Lancaster's future, we have expended considerable effort and some funds into maintaining the ability to deliver a new well in the Lancaster Field, termed P8, in order to meet our "maximum economic recovery" obligations to the UK Government. Given our emissions challenges, we have worked closely with the UK's offshore regulator, the North Sea Transition Authority ("NSTA"), to plot a way forward for Lancaster. It is disappointing that despite the enormous efforts of our team, and extensive interactions over many months, the NSTA is unable to provide comfort to the Company with regard to the likelihood of it being granted the necessary consents related to flaring for Hurricane to make further commitments to investment in Lancaster.

Hi senseman/gazelleman- I was one happy to hold ALM into delisting. They were early stage (PE) type investors so it was a mixed bag but they have a couple of decent holdings left (Bridge Comm and Fed Wireless) which should hopefully bring in circa 25p per share net when it all gets wound down in 18/24 months. So going private was prob the best move for ALM and also for its shareholders.

Hi all
After some lobbying, Ecuador is planning some changes including security for mining projects--
https://www.mining.com/ecuador-to-launch-security-program-for-mining-projects/?utm_source=Daily_Digest&utm_medium=email&utm_campaign=MNG-DIGESTS&utm_content=ecuador-to-launch-security-program-for-mining-projects
Apols if this has been posted already. This may help get majors to move on SOLG. The pic is of Cascabal btw.
(Long SOLG since 7/20)

Hi all- HUR currently has 2 exec directors (Maris and Chaffe) and 6 NEDS-
https://www.hurricaneenergy.com/about-us/board-directors
The CA proposal would see the execs above replaced by Buckingham and Castelli, as covered in the CRS RNS-
Crystal Amber Fund, the activist investment fund, announces that it has sent to the board of Hurricane a requisition notice requiring Hurricane to convene a general meeting at which resolutions will be proposed to remove executives Antony Maris and Richard Chaffe, Non-Executive Chairman, Philip Wolfe and, conditional on the appointment of Tony Buckingham and Franco Castelli, Crystal Amber nominees, David Craik, John Wright and Juan Morera, in order for Hurricane to maintain its independence. As regards the removal of Messrs. Craik, Wright and Morera, this is required to ensure that the board of Hurricane maintains its independence and is no reflection on the performance of these Crystal Amber nominees: Crystal Amber thanks them for their contributions. The requisition notice proposes to appoint Tony Buckingham and Franco Castelli to the board as directors. Details relating to Tony Buckingham and Franco Castelli are set out below.
Im off to get some Xmas tasked completed so cant reply. Merry Xmas everyone and lets hope HUR have a super 2023.

Albion Energy website if anyone is interested-
https://albionenergy.com/about/
They dont appear to have been active since 2014 but they have a decent record of developing and selling on assets

Hi asimpleinvestor- thanks for your reply.
The initial GM request is to replace the current execs (Maris and Chaffe) with the 2 Albion guys (Buckingham and Castelli)-
Crystal Amber Fund, the activist investment fund, announces that it has sent to the board of Hurricane a requisition notice requiring Hurricane to convene a general meeting at which resolutions will be proposed to remove executives Antony Maris and Richard Chaffe, Non-Executive Chairman, Philip Wolfe and, conditional on the appointment of Tony Buckingham and Franco Castelli, Crystal Amber nominees, David Craik, John Wright and Juan Morera, in order for Hurricane to maintain its independence. As regards the removal of Messrs. Craik, Wright and Morera, this is required to ensure that the board of Hurricane maintains its independence and is no reflection on the performance of these Crystal Amber nominees: Crystal Amber thanks them for their contributions. The requisition notice proposes to appoint Tony Buckingham and Franco Castelli to the board as directors. Details relating to Tony Buckingham and Franco Castelli are set out below.
So when I say they, I mean Buckingham and Castelli as the new HUR execs. So the monies will be raised by HUR via the new guys.
I do believe you and I and the other shareholders need further detail before we vote, as I said at the bottom of my piece.
The board can only recommend a takeover so we will always get a vote, but their recommendation will have some sway on the outcome and they will no doubt speak to the non CA major holders beforehand.
The reason I mention the bond holder handover that very nearly took place was the current execs advised us as shareholders to accept it and they pointed out we would probably get zero if we didnt. The only reason it was defeated was that CA stumped up for legals and the board still pushed it as far as they could (at our cost!) before backing down. I have no idea how they had the gall to stay on but I really feel we should consider their past behaviour now and that its relevant.
I dont think we should follow CA blindly as Ive stated- we need more detail in due course- and Im sure we will get it.

Maris and Chaffe hold approx 300k in HUR shares.
CA hold 575m shares.
Who do you think would be on the shareholders side?

Hi asimpleinvestor- You are aware that the second block of 200m shares (approx 10%) isnt free I hope.? They will need to pay 10p per share for this block (£20m) plus its only available if they raise the £250m for drilling on our acreage by 31/7/23. So its based on them selling a credible plan to whoever will offer the £250m. Im sure they wont want to reveal the plan to the current board or they will just nick it and try to stay on. But they must have convinced CA, who own 29% of HUR that it will be positive for the HUR share price otherwise they wouldnt have proposed it. Its possible that HUR were on the verge of handing over HUR for an undervalue bid- they have form re their bond holder move that would have wiped out the shareholders and its only with CA legal move that this got thrown out by the courts. So we need more detail in due course but I would side with CA rather than our traitorious board myself.

Yes, I guess karma is finally catching up with Mr Potatohead (aka A Maris) after his despicable plan to hand us over to the bond holders on a plate a few years ago. It took a court action instigated by CA to get this rejected at which point Mr Maris should have gone. So Ive no concerns if this move ruins his Xmas.

Hi flying pie- they have relenquishedd the GWA and Halifax licences (see 30/9/22 RNS) so as far as I can see they only have the Lancaster licences now. The current info for Lancaster is here--
https://www.hurricaneenergy.com/assets/lancaster-eps
They did plan another Lancaster well P8 but the authorities has problems with the gas flaring that this would cause as it appears the gas cant be commercially developed (too high cost) and so havent indicated they will approve P8, hence the move to a formal sale process--
Looking to Lancaster's future, we have expended considerable effort and some funds into maintaining the ability to deliver a new well in the Lancaster Field, termed P8, in order to meet our "maximum economic recovery" obligations to the UK Government. Given our emissions challenges, we have worked closely with the UK's offshore regulator, the North Sea Transition Authority ("NSTA"), to plot a way forward for Lancaster. It is disappointing that despite the enormous efforts of our team, and extensive interactions over many months, the NSTA is unable to provide comfort to the Company with regard to the likelihood of it being granted the necessary consents related to flaring for Hurricane to make further commitments to investment in Lancaster.
I hope that helps!

Hi Olivia Oil- there could be opps beyond the current licence areas but the £250m clause does mention the current acreage as a condition--
A vesting condition of such options would be that, by 31 July 2023, Hurricane raises a minimum of £250 million of capital to spend on a drilling programme within Hurricane's acreage.
So thats pretty clear to me

Ho 404x- CA hold 29% of HUR and they are onboard with the 300m new shares. 200m of which are issued at 10p and as haggis trap says they are dependant on a big fund raise by 31/7/23 and the new drilling plan so Im happy to take the lead from CA and vote for the new board here

This appears to be the CA/Albion plan (more drilling for HUR)--
The Fund has also been informed by Albion Energy Limited that it is of the view that there remains substantial potential within Hurricane's acreage and that under the right leadership, Hurricane could attract significant new investment to fund growth opportunities. In the event that Tony Buckingham and Franco Castelli are appointed directors of Hurricane, Crystal Amber understands that the remuneration packages for Tony Buckingham and Franco Castelli will be set by the ongoing Remuneration Committee of Hurricane but it would be supportive of the grant of options to Albion Energy Limited over 100 million Hurricane shares, equivalent to approximately 5% of the issued share capital of Hurricane at an exercise price of £0.001, being the par value of a Hurricane ordinary share, with such options vesting quarterly over the following 12 months. In addition, Crystal Amber would be supportive of Hurricane granting options over a further 200 million shares, equivalent to approximately 10% of the current issued share capital of Hurricane to Albion Energy Limited, at an exercise price of 10p a share. A vesting condition of such options would be that, by 31 July 2023, Hurricane raises a minimum of £250 million of capital to spend on a drilling programme within Hurricane's acreage. These options should vest quarterly in arrears over two years.

Hi beardozer- the latest a/cs (to 03/9/22) show the debt and payables at £289m and the gross assets at £203m , hence the net debt of £86m (minus 5.7p per share). So the assumption is that the initial payment from the sale of DLI will not be enough to cover the debts, which isnt great news. However the current likely structure of the DLI sale is in two stages, with only the first part of the consideration in the above figures and then a deferred payment (subject to perf over an unknown period), which needs to be over £86m for the shareholders to get anything back here. IIP havent revealed this figure or the DLI deal details as yet and they have other parties who may buy DLI on better terms hopefully. This ignore the smaller assets which may bring in £18.5m but DLI is the major asset here. Im a LTH but cant add more as its impossible to value the co based on the above state of affairs. I hope this helps.