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Hurricane Energy (HUR)

ReallyVeryFoolish
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Re: Hurricane Energy (HUR)

#352562

Postby ReallyVeryFoolish » November 2nd, 2020, 8:54 am

Tinderboy wrote:The silence is deafening from the new BOD's, I guess their priority remains salvaging their portfolio for future jobs, the new guy looks like the Stoolie he was hired to be, collecting a year or so's severance pay along the way to oblivion.
Im not even sure if the company is tradable at these levels, really sad times for all interested parties past and present, lots of folk ramped this to death and should hang their head in shame............

Dead cat bounce Friday and this morning. As usual, it will be sold into and HUR stock will be back to plumbing the depths around 2p by mid week. An announcement by Blue Water this morning about brown field work on Aoka Mizu. Water injection is rumoured but I think AM will not have the gross fluids handling capacity required and the cost will be prohibitive on such a massively risky prospect as Lancaster anyway.

RVF

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Re: Hurricane Energy (HUR)

#352730

Postby ReallyVeryFoolish » November 2nd, 2020, 4:17 pm

ReallyVeryFoolish wrote:
Tinderboy wrote:The silence is deafening from the new BOD's, I guess their priority remains salvaging their portfolio for future jobs, the new guy looks like the Stoolie he was hired to be, collecting a year or so's severance pay along the way to oblivion.
Im not even sure if the company is tradable at these levels, really sad times for all interested parties past and present, lots of folk ramped this to death and should hang their head in shame............

Dead cat bounce Friday and this morning. As usual, it will be sold into and HUR stock will be back to plumbing the depths around 2p by mid week. An announcement by Blue Water this morning about brown field work on Aoka Mizu. Water injection is rumoured but I think AM will not have the gross fluids handling capacity required and the cost will be prohibitive on such a massively risky prospect as Lancaster anyway.

RVF

The rumour mill has been working overtime it seems today at HUR.

RVF

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Re: Hurricane Energy (HUR)

#355536

Postby ReallyVeryFoolish » November 11th, 2020, 2:06 pm

ReallyVeryFoolish wrote:
ReallyVeryFoolish wrote:
Tinderboy wrote:The silence is deafening from the new BOD's, I guess their priority remains salvaging their portfolio for future jobs, the new guy looks like the Stoolie he was hired to be, collecting a year or so's severance pay along the way to oblivion.
Im not even sure if the company is tradable at these levels, really sad times for all interested parties past and present, lots of folk ramped this to death and should hang their head in shame............

Dead cat bounce Friday and this morning. As usual, it will be sold into and HUR stock will be back to plumbing the depths around 2p by mid week. An announcement by Blue Water this morning about brown field work on Aoka Mizu. Water injection is rumoured but I think AM will not have the gross fluids handling capacity required and the cost will be prohibitive on such a massively risky prospect as Lancaster anyway.

RVF

The rumour mill has been working overtime it seems today at HUR.

RVF

Just over a week since my last comment. The stock did get down almost to 2p and has since bounced back up to about 3p. That's 50 per cent in just over a week. Of course, for me 50 per cent of nothing is still nothing and this misadventure remains written off. The whole thing is still likely in death throes. The new broom(s) now in charge trashed the outlook with an extremely brutal RNS and since have stayed pretty much silent. It stinks to high heaven and it'll be a relief of sorts when the venture implodes to nothing.

RVF

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Re: Hurricane Energy (HUR)

#357850

Postby ReallyVeryFoolish » November 18th, 2020, 5:18 pm

Continuing to keep half an eye on this one. Another little rally today takes the closing price to 3.6p. There is a shuttle tanker apparently scheduled for the latest cargo off load which is good but likely to be delayed due to weather. The silence from the new management is deafening me.

RVF

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Re: Hurricane Energy (HUR)

#358638

Postby FabianBjornseth » November 21st, 2020, 5:41 am

On the Norwegian side, Robert Arnott's (ex HUR chairman)'s new company appears ready to give the basement play a go:

https://expronews.com/gg-community/basement-play-still-attractive-a-friday-north-sea-wrap-up/

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Re: Hurricane Energy (HUR)

#358661

Postby ReallyVeryFoolish » November 21st, 2020, 9:06 am

FabianBjornseth wrote:On the Norwegian side, Robert Arnott's (ex HUR chairman)'s new company appears ready to give the basement play a go:

https://expronews.com/gg-community/basement-play-still-attractive-a-friday-north-sea-wrap-up/

I wish them well. But I hope they are not blind to what is happening unlike a certain Dr T who, it seems, was detached from what was really happening under his feet.

RVF

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Re: Hurricane Energy (HUR)

#358702

Postby ReallyVeryFoolish » November 21st, 2020, 12:17 pm

The vacuum of news from the management of HUR worries me somewhat after the wrecking job of an RNS inflicred a few weeks ago. Taking a quick look at information in the public domain, Navion Oceania left Lancaster yesterday afternoon after off loading Aoka Mizu. Currently heading to Rotterdam with a 10.5m draft. It's being suggested elsewhere that recent production has been a bit north of 13,000 barrels a day. Of course that's not much more than a guess and water cut remains unknown. I really would like the new management to be a bit more forthcoming. Navion Oceania -

https://www.marinetraffic.com/en/ais/de ... ON_OCEANIA

RVF

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Re: Hurricane Energy (HUR)

#358930

Postby mearnsfool » November 21st, 2020, 11:58 pm

The report of brownfield work on the Aoka Mizu was an over egging of the pudding.

Both the work on the Aoka Mizu and the Haewene Brim FPSO, on the Pierce Field awarded to Global was nothing more than the engineering and construction contractor Wood Group being replaced with Global E and C as Wood Group's contract came up for rebid and the work was awarded to an other contractor.

That happens every 3 to 5 years in most cases.

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Re: Hurricane Energy (HUR)

#358940

Postby ReallyVeryFoolish » November 22nd, 2020, 7:52 am

mearnsfool wrote:The report of brownfield work on the Aoka Mizu was an over egging of the pudding.

Both the work on the Aoka Mizu and the Haewene Brim FPSO, on the Pierce Field awarded to Global was nothing more than the engineering and construction contractor Wood Group being replaced with Global E and C as Wood Group's contract came up for rebid and the work was awarded to an other contractor.

That happens every 3 to 5 years in most cases.

I agree, it was 100 per cent non-news.

RVF

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Re: Hurricane Energy (HUR)

#359524

Postby ReallyVeryFoolish » November 24th, 2020, 8:40 am

A fascinating read, the other side of the Hurricane Energy story from an ex-OGA employee -

https://www.energyvoice.com/oilandgas/n ... -shetland/

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Re: Hurricane Energy (HUR)

#359532

Postby dspp » November 24th, 2020, 9:25 am

ReallyVeryFoolish wrote:A fascinating read, the other side of the Hurricane Energy story from an ex-OGA employee -

https://www.energyvoice.com/oilandgas/n ... -shetland/


Thanks for linking that. Indeed, fascinating .......

regards, dspp

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Re: Hurricane Energy (HUR)

#359537

Postby FabianBjornseth » November 24th, 2020, 9:45 am

ReallyVeryFoolish wrote:A fascinating read, the other side of the Hurricane Energy story from an ex-OGA employee -

https://www.energyvoice.com/oilandgas/n ... -shetland/


Another piece of evidence on how the project could go so wrong. I guess you have to give the previous management some credit for having the cojones to even silence dissenting voices within the OGA. And if that's the attitude towards the OGA, one can only imagine the groupthink going on inside the building.

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Re: Hurricane Energy (HUR)

#359556

Postby ReallyVeryFoolish » November 24th, 2020, 10:21 am

FabianBjornseth wrote:
ReallyVeryFoolish wrote:A fascinating read, the other side of the Hurricane Energy story from an ex-OGA employee -

https://www.energyvoice.com/oilandgas/n ... -shetland/


Another piece of evidence on how the project could go so wrong. I guess you have to give the previous management some credit for having the cojones to even silence dissenting voices within the OGA. And if that's the attitude towards the OGA, one can only imagine the groupthink going on inside the building.

On the other hand, it seems that Dr T used his influence and his reputation in the industry to prevent a dissenting voice within the regulator being heard. That is not a good thing but obviously suited the wider OGA agenda at the time. And it means critical information that would have better informed the private investor was not made public information.

RVF

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Re: Hurricane Energy (HUR)

#359587

Postby ReallyVeryFoolish » November 24th, 2020, 11:29 am

Hmmm, what just happened to lift the shares 25 per cent?

RVF

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Re: Hurricane Energy (HUR)

#359657

Postby FabianBjornseth » November 24th, 2020, 3:46 pm

ReallyVeryFoolish wrote:
FabianBjornseth wrote:
ReallyVeryFoolish wrote:A fascinating read, the other side of the Hurricane Energy story from an ex-OGA employee -

https://www.energyvoice.com/oilandgas/n ... -shetland/


Another piece of evidence on how the project could go so wrong. I guess you have to give the previous management some credit for having the cojones to even silence dissenting voices within the OGA. And if that's the attitude towards the OGA, one can only imagine the groupthink going on inside the building.

On the other hand, it seems that Dr T used his influence and his reputation in the industry to prevent a dissenting voice within the regulator being heard. That is not a good thing but obviously suited the wider OGA agenda at the time. And it means critical information that would have better informed the private investor was not made public information.

RVF


It's hard to be a comedian on forums :D My comment was intended tongue-in-cheek.

To be clear, such an act in itself is reproachable, but also suggests an blatant unwillingness to entertain valid downside cases. HUR was not just fighting dogmas and skepticism to get to the EPS financed and approved, but also the unfortunate fact that the fluid samples below structural closure contained only traces of oil (as per the September 2020 presentation). This and other data invalidating the reference model was not given weight, even though it is evident that such challenges were brought forward by the OGA and prospective partners. This leaves willfull ignorance or incompetence as the options. I am not sure if it even goes into criminal negligence/misleading statement territory, the bar is probably very high for this on subsurface projects, but others with more experience may comment on this.

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Re: Hurricane Energy (HUR)

#359662

Postby ReallyVeryFoolish » November 24th, 2020, 4:00 pm

Thank you FB, your input is highly appreciated, by me at least.

RVF

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Re: Hurricane Energy (HUR)

#359670

Postby ReallyVeryFoolish » November 24th, 2020, 4:19 pm

ReallyVeryFoolish wrote:Hmmm, what just happened to lift the shares 25 per cent?

RVF

Make that 50 per cent? Something afoot.

RVF

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Re: Hurricane Energy (HUR)

#359672

Postby dspp » November 24th, 2020, 4:22 pm

FabianBjornseth wrote:I am not sure if it even goes into criminal negligence/misleading statement territory, the bar is probably very high for this on subsurface projects, but others with more experience may comment on this.


I have seen companies do some really 'interesting' things with well tests and suchlike data. The most relevant funnily enough on water influx via fractures (on another field) !

I rather suspect that HUR board are very keen to keep a low profile and let time pass in the hope that nobody explores legal pathways regarding data released to shareholders.

Once again, odd share price movements.

regards, dspp

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Re: Hurricane Energy (HUR)

#359740

Postby Nimrod103 » November 24th, 2020, 8:51 pm

FabianBjornseth wrote:
ReallyVeryFoolish wrote:A fascinating read, the other side of the Hurricane Energy story from an ex-OGA employee -

https://www.energyvoice.com/oilandgas/n ... -shetland/


Another piece of evidence on how the project could go so wrong. I guess you have to give the previous management some credit for having the cojones to even silence dissenting voices within the OGA. And if that's the attitude towards the OGA, one can only imagine the groupthink going on inside the building.


Depends on how one interprets the role of the OGA. I don't think they are there to protect investors, but to maximise the tax take for the UK before the whole UKCS is forced to shut down by the decarbonizing religion. Maximising the tax take means encouraging new ideas and concepts, just as long as they are entirely privately funded. The people who produced the CPR can be criticized, but I think Pye has gone a bit ultra vires.

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Re: Hurricane Energy (HUR)

#360426

Postby Tinderboy » November 26th, 2020, 7:07 pm

Question for dspp, do you think drilling another well in lancaster will happen and if so where would you drill it?


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