#533773
Postby BullDog » September 30th, 2022, 6:36 pm
Reading the latest RNS, the North Sea Transition Authority appears to have begun the process of knocking the nails into the coffin at Hurricane Energy. The gas flaring consent looks very precarious and effectively the proposed drilling of a third hole in the ground looks to be dead in the water. I expect the "for sale" sign to be seen soon if it's not already out there.
A shame the company was hyped to high heaven by Dr Trice who many of us believed in. But it turned out he was no better than the many other shysters who inhabit the AIM market.
Now I think, more than ever, it's going to be Richard Bernstein at Crystal Amber, who having already made a small fortune from trading HUR stock, is likely going to determine what happens next. Probably in agreement with Kerogen.
It's a very brave operator who buys Hurricane Energy as a going concern. My bet would be on a voluntary liquidation of the company once the operational economics go negative. By then, the company could have a decent pot of money to distribute to shareholders. Perhaps.