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Introducing the LemonFools Personal Finance Calculators

Hurricane Energy (HUR)

ap8889
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Re: Hurricane Energy (HUR)

#171897

Postby ap8889 » October 6th, 2018, 1:23 pm

Punching the air in delight! Better than a Cup Final goal! We are in business!

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Re: Hurricane Energy (HUR)

#171987

Postby Retiree » October 6th, 2018, 9:30 pm

"Under sail" I love it!

Carcosa
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Re: Hurricane Energy (HUR)

#172001

Postby Carcosa » October 7th, 2018, 5:37 am

So what? Things are on schedule. Why bother mentioning something that has been planned and advised to investors many months ago?

Some people should get a life.

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Re: Hurricane Energy (HUR)

#172012

Postby ap8889 » October 7th, 2018, 8:23 am

The FPSO is a pretty complicated piece of technology. Refitting it and fabricating the precisely matched buoy has taken a year and countless man-hours of labour at great expense. It is a giant beast and a real marvel of the industrial age. Failure or delay to the vessel has quite a material impact on the companies future prospects.

For example, a six month delay to the AM results in a 6 month delay in first oil. Which delays cashflow and thus delays getting paid, and risks further dilution. And deters prospective bidders because without the FPSO we have no demonstrated commercial production and less performance data that Dr Trice hopes for to validate the investment case for the bigger players out there. Or imagine the situation if the FPSO was found to be critically flawed or destroyed in some way. It might well destroy the share price.

Plenty of marine engineering projects go horribly wrong. I have a considerable interest in seeing this one succeed, and thank the heavens this one has thus far gone right, at least to the point of getting the ship safely out of the docks without either pissing bunker oil overboard or sinking. So I am not going to ask forgiveness for taking the positive from such good news.

Perhaps you might permit yourself a wee sliver of joy that this used vessel has found a new purpose without turning into an expensive mess?

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Re: Hurricane Energy (HUR)

#172015

Postby JimJam » October 7th, 2018, 8:31 am

If you are not interested in discussion of one of the biggest milestones then why are you reading this BB?

RT planned and advised that we will be sucking 17000 bpd out of the floor soon. I assume you are also not interested in updates and discussion on that too? As its been planned then its a certainty and so unworthy of discussion yes?

Idiot

As stated. Get some joy.

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Re: Hurricane Energy (HUR)

#172035

Postby FredBloggs » October 7th, 2018, 11:09 am

Harumph,........ It's only a boat :shock:

FFS :lol:

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Re: Hurricane Energy (HUR)

#172036

Postby JimJam » October 7th, 2018, 11:12 am

:D :D

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Re: Hurricane Energy (HUR)

#172043

Postby Carcosa » October 7th, 2018, 11:35 am

JimJam wrote:If you are not interested in discussion of one of the biggest milestones then why are you reading this BB?


Perhaps you are a newbie here and unaware that I was the one who started this BB thread. A certain amount of effort was made to encourage discussions which are substantive in nature. Tittle-tattle comments can be posted on ADVFN and elsewhere.

The boat is just one of numerous milestones. Whilst important, I would not characterise the AM as one of the 'biggest milestones' at all. Unless there is a considerable delay in the schedule, or another problem that affects its performance or operation then there is nothing noteworthy for investors that can arise from tracking a ship at sea. If anything substantive associated with the ship occurs then no doubt HUR will issue an RNS accordingly; such as its actual sail-away date.

Finally, please do not clutter-up this BB with your pointless emojis. Better to have a infrequently used BB containing useful information than a place to aire your inflated ego. If you have anything specific to say to any user then there is a private messaging facility.

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Re: Hurricane Energy (HUR)

#172058

Postby Badders » October 7th, 2018, 12:52 pm

I have been a Hurricane shareholder since 2014 and have been reading this board and others for the last 4 years with interest but generally without comment. I have to sat Carcosa that you come across as being very arrogant. The fact that you started this thread does not give you the right to censor it. I personally find the comments regarding the FPSO both interesting and relevant and your comments unhelpful and arrogant. :x :x

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Re: Hurricane Energy (HUR)

#172099

Postby dspp » October 7th, 2018, 3:28 pm

Milestones come, and milestones go. Some are met on time, some early, some late, and some never. Noting their arrival and achievement (or not) is a fair thing to do, especially if they are material in nature. But equally let's not get carried away either with the event, or with the commentary about the commentary. We all share these boards together please, irrespective of who starts any given thread.

regards, dspp

Moderator Message:
I've not edited anyone's posts. Could everyone just chill please. And apologies if I upset anyone. dspp

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Re: Hurricane Energy (HUR)

#172696

Postby Carcosa » October 10th, 2018, 7:12 am

Today Crystal Amber provided the following commentary regarding their now 5.0% (5.8%) holding in Hurricane:

"Over the period, Hurricane reported continued good progress with its Lancaster Early Production System ("Lancaster EPS") and announced Spirit Energy's ("Spirit") farm-in to 50% of the Greater Warwick Area ("Warwick").

Hurricane's Lancaster EPS remains on time and on budget for first oil in early 2019. Well completion operations concluded in July, the mooring system was installed in August and the subsea infrastructure was completed in September. The infrastructure is now ready to connect with the Aoka Mizu, the floating production storage and offloading vessel. The vessel's upgrade is concluding in Dubai and its arrival and commissioning is expected over the coming months.

We believe that the deal with Spirit is transformational for Hurricane. As Warwick had only been drilled once by Hurricane, in 2016, it was behind
Lancaster in the appraisal and development process. Spirit's commitment of $387m to a detailed three-year work programme aims to rectify this. It targets an initial development of 500m barrels of reserves. To achieve this goal, rig contracts have been signed to drill three horizontal wells in 2019, fully funded by Spirit. Long lead items have been ordered so that in 2020 one of those wells will be tied back to the Aoka Mizu FPSO for production appraisal. As with the Lancaster EPS, this step will enable collection of additional reservoir data ahead of full field development. It is expected to leverage Hurricane's Lancaster EPS infrastructure, and so generate incremental revenues at little additional cost.

The Fund is pleased that Spirit's commitments validate Hurricane's belief that Warwick is an analogue of Lancaster, with a similarly large resource base. With this deal, the cash expected to be generated by the Lancaster EPS will now be available to further the appraisal of the Greater Lancaster Area, where Hurricane retains a 100% interest.

Hurricane's share price rose by 23.2% over the period. During the quarter, the Fund reduced its holding in Hurricane by 23% realising profits of GBP9 million. These sales, into market demand, provide the Fund with the flexibility to repurchase in the event of general stock market weakness."

So nothing new, although a nice wrap up of recent events. If you wanted to put a positive spin on it, the implication is that they will be buyers once again should the share price decline due general stock market weakness, affording some element of downside protection (45p???)

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Re: Hurricane Energy (HUR)

#172748

Postby FabianBjornseth » October 10th, 2018, 10:58 am

The way Hurricane and Crystal Amber discuss Warwick (the prospect, not the Greater Warwick Area), it is treated as a fact that the volumes are there. However, it has a status as a prospect in the CPR, and the only well penetration in GWA has been in Lincoln. I understand that the geological probability of success is very high, as two horizontal producers are already being planned for next year. But if finding oil with those producers are a virtual certainty, why is not already recognized as a discovery confirmed by the Lincoln well? This is probably nitpicking, but there seems to be some inconsistency here that confuses me.

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Re: Hurricane Energy (HUR)

#172783

Postby PeterGray » October 10th, 2018, 12:36 pm

I think in the quote from CA above they mean the GWA where they talk about "Warwick"

e.g. they say "As Warwick had only been drilled once by Hurricane".

So clearly there is uncertainty about what's under Warwick itself, though there is clearly a source and the geology looks good, but there is proven oil in the GWA.

Peter

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Re: Hurricane Energy (HUR)

#172857

Postby NigWit » October 10th, 2018, 6:51 pm

I noticed this in Crystal Amber's annual final results:

"It is expected that no single investment in any one company will represent more than 20% of the Gross Asset Value of the Company at the time of investment. However, there is no guarantee that this will be the case after any investment is made, or where the Investment Manager believes that an investment is particularly attractive."

In previous years the stated percentage has been 30% so based on that and today’s commentary my reading is that Crystal Amber’s BoD have given Richard Bernstein consent to hold 20% of their fund as Hurricane for the current financial year and that he will trade in and out to maximize his exposure within this limit as the price of Hurricane shares relative to Crystal Amber’s other holdings permits.
---------

references

http://www.lse.co.uk/share-regulatory-n ... al_Results

Scan down to the heading 'Investment Restrictions'.

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Re: Hurricane Energy (HUR)

#172909

Postby Dierich » October 10th, 2018, 10:44 pm

Carcos

You started this thread but are you making money ?

LOL

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Re: Hurricane Energy (HUR)

#173817

Postby dspp » October 15th, 2018, 10:05 am

Released : 15/10/2018 07:00 = RNS Number : 9677D

Sail-away of the Aoka Mizu FPSO

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to announce sail-away of the Aoka Mizu FPSO.

The Aoka Mizu FPSO has now departed Dubai, following sea trials, and will sail to Rotterdam for completion of a final scope of work before proceeding to the Lancaster field.

The vessel, which will be used in Hurricane's Early Production System development of the Lancaster field, has been undergoing a programme of repair, upgrade and life extension works at the Drydocks World Dubai shipyard.

The final stage of preparations at the field was a programme of rock dumping to protect sub-sea infrastructure, which has been successfully completed.

https://www.hurricaneenergy.com/communi ... ws-service

*********************

and Q4 presentation up

https://www.hurricaneenergy.com/~/media ... ECURED.pdf

https://www.hurricaneenergy.com/communi ... sentations

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Re: Hurricane Energy (HUR)

#173979

Postby NigWit » October 15th, 2018, 7:09 pm

From The Investor's Chronicle today. (My italics)

"Shares in Hurricane Energy (HUR) are up 2 per cent this morning, after the North Sea driller announced its floating production, storage and offloading vessel has set sail for the Lancaster field, following successful sea trials in Dubai. The group has also said first oil from the Lancaster early production system could come before the end of the year."

Link for subscribers

https://www.investorschronicle.co.uk/sh ... erie-more/

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Re: Hurricane Energy (HUR)

#174021

Postby Carcosa » October 16th, 2018, 5:46 am

The group has also said first oil from the Lancaster early production system could come before the end of the year."


Following your link it actually says The group has also said first oil from the Lancaster early production system should come in 2019.

Perhaps you read an earlier uncorrected version.

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Re: Hurricane Energy (HUR)

#175804

Postby dspp » October 23rd, 2018, 4:46 pm

I just checked something in the 2018 Q4 presentation, partly caused by the news that there is a HUR roadshow going on in USA at present.

https://www.hurricaneenergy.com/communi ... sentations

Anyway on slide 21 it looks to me as if the tie-back distance for 205-26b-B (Lincoln appraisal) and 205-26b-C (Warwick appraisal) are 8km and 6km respectively. That's straight line distance from where I think the corresponding drill locations would be, to where I think the AM FPSO centre is.

I appreciate that they've only ordered up one set of long-lead items for the first GWA-tie back to be selected from the 3x 2019 GWA appraisal wells, but it does suggest that they will have a meaningful choice about which (two) of the three to tie back in the first instance. It also suggests that subsequently they could tie the other one back and do interference testing (obviously beaning in a GLA producer to make room) at some point if that was worthwhile from a res-eng perspective.

Are others reading this the same way ?

regards, dspp

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Re: Hurricane Energy (HUR)

#175814

Postby PeterGray » October 23rd, 2018, 5:35 pm

It certainly looks possible, and it would certainly make sense, so while I hadn't been reading it that way, it must look a strong possibility if things work as hoped.


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