Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Hurricane Energy (HUR)

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#423137

Postby murraypaul » June 28th, 2021, 1:02 pm

The judgement is available on Bailii: https://www.bailii.org/ew/cases/EWHC/Ch/2021/1759.html

thehaggistrap
2 Lemon pips
Posts: 110
Joined: January 2nd, 2020, 8:20 pm
Has thanked: 1 time
Been thanked: 54 times

Re: Hurricane Energy (HUR)

#423307

Postby thehaggistrap » June 29th, 2021, 7:46 am

murraypaul wrote:The judgement is available on Bailii: https://www.bailii.org/ew/cases/EWHC/Ch/2021/1759.html


I am no longer invested - however I am delighted to see the corrupt "Anthony Marris board" get a way deserved boot in the balls.
Hopefully they will soon be out of office. If they had any credibility they would resign now following that ruling.

Certainly Lancaster didn't perform as expected - however there is more to the story than that!

FabianBjornseth
Lemon Pip
Posts: 82
Joined: July 6th, 2018, 10:41 pm
Has thanked: 95 times
Been thanked: 102 times

Re: Hurricane Energy (HUR)

#423530

Postby FabianBjornseth » June 29th, 2021, 5:28 pm

ReallyVeryFoolish wrote:
thehaggistrap wrote:
murraypaul wrote:The judgement is available on Bailii: https://www.bailii.org/ew/cases/EWHC/Ch/2021/1759.html


I am no longer invested - however I am delighted to see the corrupt "Anthony Marris board" get a way deserved boot in the balls.
Hopefully they will soon be out of office. If they had any credibility they would resign now following that ruling.

Certainly Lancaster didn't perform as expected - however there is more to the story than that!

The simple fact of there being no resignations speaks volumes. They should be ashamed of themselves, but they won't be. They are going to draw every penny they can up to the second they are removed from office. A terrible display of running a publicly listed company.

RVF


Any sufficiently advanced level of incompetence is indistinguishable from corruption. When the plan was announced, I expected that there was no alternative for the business to carry on without the restructuring. That is clearly not the case, and the judge rightly dismissed the plan.

The prospects are still poor and rely on production from a single well supported by high oil prices, but it cannot be completely ruled out that some value could be left here.

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#423639

Postby murraypaul » June 30th, 2021, 8:38 am

https://ir.design-portfolio.co.uk/viewer/6/12922
Hurricane Energy plc, the UK based oil and gas company, announces the following board changes.

The Chairman, Steven McTiernan, and the other non-executive directors, John van der Welle, Sandy Shaw, Beverley Smith and Dr David Jenkins, resigned from the board on 29 June 2021 with immediate effect.

Additionally, the Company announces that Alan John Wright and David Ian Craik were appointed to the board as non-executive directors on 29 June 2021. Alan John Wright assumes the position of Interim Chairman.

The Company also announces that it has received a letter from Crystal Amber Fund Limited withdrawing its requisition notice (the "Requisition Notice") pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convene a general meeting of shareholders. This meeting, due to be held on 5 July 2021 at 11:00 am BST, will now no longer take place. In addition, the resolutions proposing the re-election to the board of Steven McTiernan and Sandy Shaw due to be voted on at today's AGM will now be withdrawn.

Having consulted with its largest shareholders, the Company and the new non-executive directors, unanimously resolved on 29 June 2021, that in the event that the resolutions proposing the re-election of Antony Maris and Richard Chaffe as directors of the Company are not approved at today's AGM, the Company would immediately re-appoint them as directors of the Company, in order to ensure that the Company is able to maintain its ability to safely and effectively operate as a listed business. Such re-appointments would be subject to approval by the shareholders at the Company's 2022 AGM.

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#423945

Postby murraypaul » July 1st, 2021, 12:27 pm

Shareholders vote their displeasure:

The AGM was held at the Company's Registered Office: The Wharf, Abbey Mill Business Park, Lower Eashing, Godalming, Surrey GU7 2QN at 3.00 p.m. Out of the Resolutions contained in the Notice of Meeting (as circulated to shareholders on 26 May 2021 and available on the Company's website at https://www.hurricaneenergy.com/investo ... l-meetings), resolutions 5 and 6 were withdrawn prior to the AGM, resolutions 1-4 were put to the AGM and voted on by way of a poll.

The total number of votes received on each resolution put to the AGM was as follows:



Resolution 1, a resolution to receive the Annual Report and Group Financial Statements, is an advisory resolution. As such the Company will proceed with the filing of the Annual Report and Group Financial Statements in line with its statutory duties.

Resolution 2, a resolution to re-appoint Deloitte LLP as the Company's auditors, the Company notes that this resolution was not passed. The Company is considering its options following this outcome and will update the market in due course.

Resolution 3, a resolution to elect Richard Chaffe as a director of the Company, was passed with a majority of 61.18%. Resolution 4, a resolution to elect Antony Maris as a director of the Company, was passed with a majority of 61.49%.

The Board notes the results of these resolutions and the significant vote against them. We have engaged with shareholders to understand their reasons for voting in this way and understand their concerns, in particular in connection with events connected with the Company's proposed Restructuring Plan. The Board will consider further changes to the Board in order to comply with appropriate corporate governance standards in the near term.


Crystal Amber hold ~285M shares, so it is reasonable to assume they make up the majority of the withheld shares for the first two resolutions.

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#424952

Postby murraypaul » July 5th, 2021, 1:12 pm

After installing their own directors, and so presumably having access to more company information, Crystal Amber have upped their shareholding from 14.3% to 23.1%.

https://ir.design-portfolio.co.uk/viewer/6/12944

PeterGray
Lemon Slice
Posts: 847
Joined: November 4th, 2016, 11:18 am
Has thanked: 782 times
Been thanked: 343 times

Re: Hurricane Energy (HUR)

#434533

Postby PeterGray » August 13th, 2021, 11:44 am


scrumpyjack
Lemon Quarter
Posts: 4811
Joined: November 4th, 2016, 10:15 am
Has thanked: 605 times
Been thanked: 2675 times

Re: Hurricane Energy (HUR)

#434561

Postby scrumpyjack » August 13th, 2021, 12:44 pm

ReallyVeryFoolish wrote:
PeterGray wrote:Is the same Rizwan Hussain?

https://nearlylegal.co.uk/2020/09/evict ... -contempt/

Ladbrokes etc.....

RVF


Ha, ha. Perhaps Mr Hussain has just finished serving his prison sentence and decided to engage in further recreational litigation?

Clitheroekid
Lemon Quarter
Posts: 2856
Joined: November 6th, 2016, 9:58 pm
Has thanked: 1384 times
Been thanked: 3771 times

Re: Hurricane Energy (HUR)

#434830

Postby Clitheroekid » August 14th, 2021, 10:33 pm

What a bizarre story. But Hussain has form for this sort of thing - https://www.globalcapital.com/securitiz ... ritization

I hope they got a hefty costs order against him.

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#438586

Postby murraypaul » August 31st, 2021, 9:53 am

I think you've misunderstood.

As part of the previously announced proposed financial restructuring plan, which is no longer proceeding, the Company provided details of the potential outcome and recoveries to the Company's creditors and stakeholders should the Lancaster field not continue beyond the current agreed charter period of the Aoka Mizu FPSO, being 4 June 2022, assuming the then prevailing performance and price information. In this scenario decommissioning of the Lancaster field would occur later in 2022 with the Company being wound up in April 2023. This scenario has been updated based on the latest available information and, whilst the Company does not consider this to be the most likely outcome, it does provide a comparable benchmark for the Company's current estimates of potential recovery achievable by creditors.


They are offering 68-72c on the $ for the bonds, so they need to put the wind up the bondholders.

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#440219

Postby murraypaul » September 7th, 2021, 9:08 am

Seems like the bond holders aren't that interested:

https://www.hurricaneenergy.com/investors
Amendment to Minimum Purchase Price, Maximum Purchase Price and Target Acceptance Amount

As set forth in the Tender Offer Memorandum, the Offeror may subject to applicable laws, at its option and in its sole discretion, at any time before any acceptance by it of the Bonds tendered for purchase in the Offer, increase the Minimum Purchase Price and/or the Maximum Purchase Price and decrease the Target Acceptance Amount.

This announcement amends each of the Offer and the Tender Offer Memorandum to change the Minimum Purchase Price from 68 to 74, the Maximum Purchase Price from 72 to 78 and the Target Acceptance Amount from U.S.$115,000,000 to U.S.$105,000,000.

murraypaul
Lemon Slice
Posts: 785
Joined: April 9th, 2021, 5:54 pm
Has thanked: 225 times
Been thanked: 265 times

Re: Hurricane Energy (HUR)

#441165

Postby murraypaul » September 10th, 2021, 8:28 am

Participation as at the Expiration Deadline

The Expiration Deadline of the Offer was at 4.00 p.m. (London time) on 9 September 2021. As at the Expiration Deadline, the Offeror had received valid Tender Instructions (including both Non-Competitive Tender Instructions and Competitive Tender Instructions) of U.S.$77,984,000 in aggregate principal amount of the Bonds.

Results of the Offer

The Offeror now announces that the Final Acceptance Amount will be U.S.$77,984,000 in aggregate principal amount of the Bonds.

The Purchase Price will be 78 per cent. of the principal amount of the Bonds and the Offeror will also pay Accrued Interest as described in the Tender Offer Memorandum.

The expected Settlement Date for the Offer is 15 September 2021. Following settlement of the Offer and the cancellation of the Bonds accepted for purchase, U.S.$152,016,000 in aggregate principal amount of the Bonds will remain outstanding.

Antony Maris, Chief Executive Officer of Hurricane, commented: "I am pleased that the Company has been able to buy back more than 33 per cent of the outstanding bonds. This will reduce the par value of bonds held by third parties to U.S.$152 million, utilising U.S.$62 million of net free cash (inclusive of accrued interest). The effect of this will save the Company approximately U.S.$22 million of future obligations to bondholders in capital and interest. This is a positive development for the Company in managing its outstanding debt."

slartybartfast
Posts: 17
Joined: November 7th, 2016, 8:09 am
Has thanked: 38 times
Been thanked: 7 times

Re: Hurricane Energy (HUR)

#441173

Postby slartybartfast » September 10th, 2021, 9:14 am

Is there anything to stop Hurricane buying Bonds in the market - subject to price and availability of course?
What has the price been over the past couple of months? Anyone have a link?

Slartybartfast

Tinderboy
Lemon Pip
Posts: 61
Joined: December 29th, 2019, 2:55 pm
Has thanked: 10 times
Been thanked: 34 times

Re: Hurricane Energy (HUR)

#441431

Postby Tinderboy » September 11th, 2021, 11:26 am

The elephant in the room remains whether Bluewater will sign up to a Gumtree 6/12 month rolling take it or leave it contract or insert a get out clause, its all very woolly......

Tinderboy
Lemon Pip
Posts: 61
Joined: December 29th, 2019, 2:55 pm
Has thanked: 10 times
Been thanked: 34 times

Re: Hurricane Energy (HUR)

#446165

Postby Tinderboy » September 29th, 2021, 7:52 am

Strange RNS today, its as if they cut 'n' paste and old RNS by the previous board. Even if an extension is granted its debatable whether the FPSO will have decent team to put on the park for that type of extension....

mearnsfool
2 Lemon pips
Posts: 185
Joined: November 7th, 2016, 5:29 pm
Has thanked: 7 times
Been thanked: 52 times

Re: Hurricane Energy (HUR)

#447110

Postby mearnsfool » October 1st, 2021, 11:18 pm

Even if an extension is granted its debatable whether the FPSO will have decent team to put on the park for that type of extension....

There will only be a reduction in avaiable crew on the FPSO if some other operator wants the existing crew. What FPSO's or platforms are upmaning over the next few months.

Tinderboy
Lemon Pip
Posts: 61
Joined: December 29th, 2019, 2:55 pm
Has thanked: 10 times
Been thanked: 34 times

Re: Hurricane Energy (HUR)

#448145

Postby Tinderboy » October 5th, 2021, 6:43 pm

The FPSO is the most successful vessel in the North Sea, do you really think these top professionals employed by Bluewater would struggle to move on at any time, oil is at $80, wake up and smell the coffee.....

Clitheroekid
Lemon Quarter
Posts: 2856
Joined: November 6th, 2016, 9:58 pm
Has thanked: 1384 times
Been thanked: 3771 times

Re: Hurricane Energy (HUR)

#450109

Postby Clitheroekid » October 14th, 2021, 1:38 pm

In the circumstances a pretty good performance - https://www.energyvoice.com/oilandgas/n ... y-profits/

mearnsfool
2 Lemon pips
Posts: 185
Joined: November 7th, 2016, 5:29 pm
Has thanked: 7 times
Been thanked: 52 times

Re: Hurricane Energy (HUR)

#450654

Postby mearnsfool » October 16th, 2021, 7:03 pm

Tinderboy wrote:The FPSO is the most successful vessel in the North Sea, do you really think these top professionals employed by Bluewater would struggle to move on at any time, oil is at $80, wake up and smell the coffee.....


I do not need to smell any coffee. I have 46 years in the oil industry and still consult to a number of companies on an advisory basis.

As you appear to have experienced some sort of coffee smell. I know many very good people out of work in the oil industry. There is not a particularly busy job market at the moment.

I ask you the question again and request you do not use "a motherhood and apple pie" statement in reply.

Please provide a list of operators or large production support companies that between then are taking on a large number of offshore operations personnel at the moment.

Tinderboy
Lemon Pip
Posts: 61
Joined: December 29th, 2019, 2:55 pm
Has thanked: 10 times
Been thanked: 34 times

Re: Hurricane Energy (HUR)

#452099

Postby Tinderboy » October 21st, 2021, 7:56 pm

It looks as if im closer to the 'T' shack coffee pot than you are.


Return to “Oil & Gas & Energy (Sector & Companies)”

Who is online

Users browsing this forum: No registered users and 18 guests