So, foresight, if I understand you right, you think Hurricane is doomed, and it's too risky trying the water injectors which would save the company if it works? If it's doomed otherwise, surely it makes sense to do what you can to try and save the situation?
Good post Slift, thanks for that. Yes, it's complex, and needs to be done very carefully to make sure it works. But not as high risk as a wild cat drill - HUR have already proved there is oil down there.
Just because they are board members it doesn't necessarily follow that they've got hundreds of thousands in cash lying around. People on this bb have been crying out for the Board to buy some shares, and demonstrate some confidence. Now they have. If they keep adding as the sp recovers, great, but for today, this is good news.
I sometimes get the impression some people wouldn't be satisfied if Jesus invested here following his second coming. Probably on the basis that he might turn the oil into wine.
Apachewind. I predicted a couple of days ago that if we cleared the CBs people would complain there's not enough money for remedial work. But how about they clear half the CBs for circa £25m? They couldn't buy the lot at that price anyway, probably not even half. They'd have enough left over to afford the water injector. They'd have to be sure of a return on remediation though.
I think they should buy some bonds back on the secondary market. As many as they can under 30% of par. Might even get 10% of them. It would ease debt pressure, and push bond price higher, which would kind of reassure the market.
I don't know why people bother with broker ratings. In my experience, they're only reasonably good when looking backwards. But rubbish at predicting the future. Let's face it, if there was a broker who could accurately forecast they'd be working with Buffet, not writing notes to help the house traders churn stock.
They're certainly going to extra mile. Not sure scaring the small PIs who read this board into selling is going to have much impact on the sp one way or the other, given the huge volumes we've been seeing.
3.2% of the company's shares sold short according to fca (okay, a few days out of date). Probably other shorts under the threshold, or don't need to be declared. With CA hoovering up shares like this, they've got to be thinking about closing those shorts asap.
RE: Is Richard Bernstein and crystal amber22 Sep 2020 18:23
Quite hilarious, watching posters on here portraying CA massively increasing their holding as bad news. If HUR announce they've bought up half the bonds on the secondary market, and extinguished that debt for £25m, the same posters will be screaming that they haven't left themselves enough money to drill the water injectors, so we're doomed. And if they announce they're going to tie in Lincoln and start producing from it too, I don't know, maybe that will cause the FPSO to be overwhelmed and sink? Lol.
RE: Tomorrow should be a very good day20 Sep 2020 13:42
Well that colossal sell does look suspiciously close to Dr Trice's previous holding. It seems strange that he'd sell now, with the price absolutely hammered down. But the MMs must have known there was a sell that size being worked. The sp kept up to 3p, then retreating. Now its over and done with, I'm hoping for a strong week ahead.
RE: “ Oil jumps nearly 5% in best day since June as inventories fall, hurricane hits output”16 Sep 2020 23:00
The thing is, adouble, now the 2c reserves have been cut by around 90%, they only need to increase by 10% of the original estimate to double from where they are now. They cut them back so drastically (on an unaudited basis) that there must be some scope to bump them back up again. A bit of a cheap trick I know, but that's life.
Ngms, the company guidance was production of 12-14,000 bopd between now and end Sept. Do you honestly believe that they're going to revise that pretty sharply down to 10,000 in the near future? It would utterly destroy their credibility. Given their clear attempt to kitchen sink all the bad news and 'close off the downside' in my opinion if they thought there was even a remote chance that production might be only 10k by Xmas, their guidance would have reflected that. If we're going to be surprised, it will be modestly on the upside. Imo.