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Hurricane Energy (HUR)

dspp
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Re: Hurricane Energy (HUR)

#182474

Postby dspp » November 23rd, 2018, 10:01 am

Further North one gets this,

Conoco drilled 206/10-1 (the Freya discovery) in 1980. This well was drilled on the crest of the Rona Ridge, along strike from the Clair Field finding a thick oil column in Devono-Carboniferous, Clair Group and Cretaceous, Whiting sands. However at 13 [degrees] API the oil was immobile and served to demonstrate the importance of the second oil charge seen at Clair in the overall mobility of the mixed oil phase.

https://itportal.ogauthority.co.uk/web_ ... /P1597.pdf

So there was a second charge in Claire. And Claire first charge migrated eastwards to overly Rona and become degraded to 13 API. So the question is how far northwards did the Rona charge travel, and is it still there in the basement to the north of Halifax, and if so at what viscosity (assuming the Campanian seal is also overlying the Rona.

(all not my problem)

:)

dspp
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Re: Hurricane Energy (HUR)

#183065

Postby dspp » November 26th, 2018, 5:53 pm

DNO of Norway have put a hostile bid in on Faroe Petroleum. Within the recommend for rejection letter :

https://www.fp.fo/news/response-to-unso ... o-asa-dno/

is this that is relevant to HUR :

The Offer price of 152p per share represents a premium of just 1% to Faroe’s 3-month VWAP and only 21% to Faroe’s closing share price on 23 November 2018. This is:

substantially below the average premium on all UK takeovers over the last 10 years of 43%¹;
substantially below the average premium on all UK takeovers in the E&P space over the last 10 years of 40%²; and
equivalent to US$6.8³ per barrel of 2P reserves and US$3.2³ per barrel of 2P reserves + 2C resources, which is substantially below the average price paid recently for comparable North Sea (in particular, Norwegian Continental Shelf) portfolios of US$12.1⁴ per barrel of 2P reserves and US$9.5⁴ per barrel of Total Resources respectively.


regards, dspp

Proselenes
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Re: Hurricane Energy (HUR)

#183144

Postby Proselenes » November 27th, 2018, 7:18 am

152K GBP director buy.

Thats confidence for you. I also purchased yesterday at around the same price for a top up to my existing holding. Not as many as him though.

https://www.investegate.co.uk/hurricane-energy-plc--hur-/rns/director-s-shareholding/201811270700255458I/

.

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Re: Hurricane Energy (HUR)

#183299

Postby Nen2319 » November 27th, 2018, 4:33 pm

Looks like the AM will be in port until 16th Dec before setting off for the WOS. So again, within guidance Of 2 wks work.

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Re: Hurricane Energy (HUR)

#183504

Postby Nen2319 » November 28th, 2018, 12:55 pm

Latest research note from Hannam Partners. I’m not allowed to post a link so you’ll have to google it I guess?

hannam.partners


dspp
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Re: Hurricane Energy (HUR)

#185434

Postby dspp » December 7th, 2018, 4:24 pm

CA added this time, 4.75% >>> 5.01%.
https://www.hurricaneenergy.com/communi ... ws-service
Seems even they can be tempted at 40p or so. I certainly was :)

(I didn't need Hannam to copy out my tables for me either !)

regards, dspp

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Re: Hurricane Energy (HUR)

#188012

Postby dspp » December 19th, 2018, 1:25 pm

geo101 over on LSE has posted this Spark Exploration link to a mooted extension of Rona beyond Halifax

http://sparkexploration.com/wp-content/ ... Format.pdf

regards, dspp

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Re: Hurricane Energy (HUR)

#188205

Postby FabianBjornseth » December 20th, 2018, 6:51 am

dspp wrote:geo101 over on LSE has posted this Spark Exploration link to a mooted extension of Rona beyond Halifax

http://sparkexploration.com/wp-content/ ... Format.pdf

regards, dspp


I would take it as a vote of confidence that a second subsurface team has seen enough from Hurricane's results to start up on their own. Beyond that, this could have some impact on a full field development of the area, but it's not like Hurricane would need additional hydrocarbon volumes to justify an FFD if the EPS yields positive results. Sparks' drill-or-drop decision is set to September 2020, which seems late considering Hurricane's Q4 outlook.

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Re: Hurricane Energy (HUR)

#188231

Postby dspp » December 20th, 2018, 9:17 am

FB,

The only 'problem' in the success case, may be delay due to unitisation. Therefore, given the extent of these structures, one might need to have an agreed unitisation process, rather than a definitive unitisation outcome, in order to enable Lancaster FFD to proceed in a timely manner.

If this were to arise, it would be a problem of success ! And one that I am sure OGA would seek to enable resolution of.

regards, dspp

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Re: Hurricane Energy (HUR)

#188625

Postby FabianBjornseth » December 21st, 2018, 12:17 pm

I found this article posted to the LSE board very interesting:

https://nerc.ukri.org/planetearth/stories/1916/

On closer inspection, Bob and his team found minerals and sandstone from over 70 million years ago that they didn't expect to be there. It was from the Cretaceous period, the time of the last of the dinosaurs, when Rona Ridge was above sea level.

As the core was taken from rock which was more than half a kilometre from the nearest sedimentary layer, we realised that the sand must have been washed in from above during the Cretaceous period along a network of deep fractures that also channelled oil in from rocks west of the Rona Ridge.

So, wherever you find fractures in the Rona Ridge basement which are filled with minerals and sand, you always find oil. Fractures alone are not enough - it is the minerals and porous sand that hold open the fractures for tens of millions of years.


I do not remember this observation of sand in the 205/21a-1A basement core being mentioned in Hurricane's presentations or papers. Assuming this article has it right, it sounds like this should significantly reduce the risk of fractures closing when applying drawdown. It also might provide some assurance of the mobility in the deep section of the reservoir.

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Re: Hurricane Energy (HUR)

#188653

Postby dspp » December 21st, 2018, 1:32 pm

Well spotted.

That's interesting: natural proppant !

It would tend to reduce permability, and 'pseudo'-porosity, and therefore both STOIIP and rate.

It could lead to possible sand control problems, something that was not hitherto high on my personal risk register. AFAIK they are long horizontal barefoots. Or are the slotted liner ? In any case I've never read about them being screens.

idc we'll find out I guess.

thanks, dspp

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Re: Hurricane Energy (HUR)

#190759

Postby Nen2319 » January 3rd, 2019, 10:48 am

Well that’s it, she’s on station now. Pretty soon she will hook up to the wells and Hurricane will start the tests and work needed for 1st oil. After all this time we finally get to see if the theory works in practice.

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Re: Hurricane Energy (HUR)

#190779

Postby dspp » January 3rd, 2019, 12:34 pm

As of 12:19 UTC she is showing stopped using http://www.marinetraffic.com . Up until then she was showing headway. It looks as if they are either pulling in the buoy, or are now actually latched.

Since I know folk will ask, my experience of bringing wells & facilities & reservoirs onstream varies from a day to a week for something of this scale. However that was either platform wells & pipelines & facilities, or land wells and pipelines & facilities. I've never commissioned subsea stuff which does take a little longer. Clearly it also depends on how far they stepped through things before leaving Rotterdam and Dubai. I'm sure they'll take just as long as they need to - and then start the clean-up & well test / bean-up programme which is another thing again.

regards, dspp

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Re: Hurricane Energy (HUR)

#190805

Postby dspp » January 3rd, 2019, 1:56 pm

https://otp.tools.investis.com/clients/ ... id=1222055

3 January 2019

Hurricane Energy plc

("Hurricane" or the "Company")

Appointment of Non-Executive Director

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that Ms Sandy Shaw has been appointed as Non-Executive Director of the Company with immediate effect.

Ms Shaw has over thirty-five years of experience in the oil and gas industry, focused on legal and commercial roles. From 2008 until its takeover in 2013, she was Executive Director Corporate & Commercial, and Company Secretary of Valiant Petroleum, a company of which she was a founder and non-executive director. Ms Shaw has held senior executive positions as group legal counsel and/or commercial director for a number of companies including Consort Resources, LASMO, Esso Petroleum and Marathon Oil. She is currently a non-executive director of Velocys plc, an AIM quoted renewable fuels company.

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Re: Hurricane Energy (HUR)

#190807

Postby NigWit » January 3rd, 2019, 1:59 pm

Very pleased to see some gender diversity. It’s almost as if the company have been listening.

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Re: Hurricane Energy (HUR)

#190833

Postby Nen2319 » January 3rd, 2019, 3:27 pm

This video shows a new FPSO hooking up for the 1st time off the coast of Brazil. Really gives a great insight into what is happening with the AM. Well worth a watch!

It was posted on LSE so thx to them.

dailymotion.com/video/x3v3pp8

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Re: Hurricane Energy (HUR)

#191420

Postby NigWit » January 6th, 2019, 8:52 am

Actually, there are sound reasons for divervisty in the workplace. I found this article with a very quick web search. I’m pleased Hurricane have recognised this since it is inconceivable that our best interests could be served by a board comprised only of middle-aged, middle class men.

https://www.forbes.com/sites/eriklarson ... d933494cbf

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Re: Hurricane Energy (HUR)

#191477

Postby PeterGray » January 6th, 2019, 12:42 pm

ap8889 wrote:Speculation that the buoy may not fit: how long would refabrication and replacement take? Presume that would be a catastrophe , but the trial fit gives me confidence.
More likely in my (uninformed) opinion that the weather was too marginal to complete the hookup process safely.


Who, other than those looking for a cheap buy tomorrow are seriously arguing the buoy doesn't fit? Doesn't seem at all likely.

What does seem very likely is that they tried in marginal conditions, with a forecast of severe deterioration in the sea state, and either failed to connect completely, or worried that they wouldn't be able to guarantee having everything, fixed sealed and tested before big swells arrived today. In which case the only sensible move is to move to shelter and wait for the weather, rather than risk damage. My money is firmly on that option, and no RNS tomorrow, since it's not news.

Hooking up WoS in mid winter was always going to be difficult. The company have always said the weather and sea state are critical, and allowed months for it to be completed. This is the first attempt right at the start of scheduled window.

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Re: Hurricane Energy (HUR)

#191482

Postby dspp » January 6th, 2019, 1:00 pm

Peter,

We don't have the data to know what happened. The two hypotheses I think most likely are that they latched OK, then did a delatch to prove that, then decided they were going outside limits and into darkness so WOW in Cromarty. Alternatively they didn't latch sufficiently well (but enough to switch AIS into '0kts moored') and needed to delatch to rethink, then WOW or fix. There are other alternatives and really we don't know. Like you I'm not at all fussed at this point, and don't see a reason that an RNS should be issued.They might choose to RNS, but I don't see a reason they need to. After all the reality is that the AM position is open to all to read on AIS.

An issue which does worry me is the chap on advfn blurting out to all and sundry whatever gossip from his/her mate on the AM. At the moment that is not - so far - anything other than gossip & trivia. However they need to have a serious talk with the source before/if the leak starts reporting more interesting info at the next stage, as otherwise there will not be a proper market. I would not be at all pleased to be reading flow rates and pressure data on advfn, in advance of a proper RNS.

regards, dspp

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Re: Hurricane Energy (HUR)

#191485

Postby NigWit » January 6th, 2019, 1:16 pm

FWIW I agree with DSPP. I'd far sooner wait in silence for a happy RNS announcement from Hurricane once all is well and I only wish they could find a way to silence all the unhelpful conjecture and consequential unnecessary mood swings. It's the type of PR that creates nervousness that sends the price down and leads to opportunistic bids.

DSPP - do you see any possibility that the poster on ADVFN is put there by the company, or that they turn a blind eye, to try and calm things since they can't switch off the AIS data?


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