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PRD SCIR AEX AEXFF HE1 HLOGF MSMN UKOG UKLLF BLOE CHAR OIGLF ZPHR VNHLF 88E EEENF ECO EOG.V ECAOF TLW TUWLF HUR HRCXF CRS I3E ITE.V ADV IOG DELT LBE TRP RTWRF PVR PVDRF LOGP PPC PPCGF

The (highly profitable) wait is over for shareholders in   Predator Oil & Gas (LSE PRD ), which announced last Wednesday that the Star Valley Rig 101 is now under contract and is being mobilised to Guercif to drill the MOU-1 well.   Predator will issue a further update when drilling operations commence in the next day or two and, thereafter, drilling is estimated to take 14-20 days.   More on PRD in the private blog, where I’ve been covering it every week since December 2019 from as low as 1.3p.   It closed at 15.75p on Friday. Meanwhile, embracement of the energy transition continues apace.   Scirocco Energy (AIM SCIR ), owner of a 25% working interest in the Tanzanian Ruvuma gas project alongside Aminex (LSE AEX OTC AEXFF ) which owns a 25% carried interest in that venture, announced its proposed investment into Energy Acquisitions Group, the first investment as part of Scirocco 's revised strategy that targets opportunities within the energy transition in Europe.   Energ
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It was an exciting week for Hurricane Energy (AIM HUR OTC HRCXF ) stakeholders, culminating in the announcement that 92.34% of the votes cast at the shareholder meeting were against the resolution to approve the restructuring plan.   Next up is the court hearing on 21 June, however, the extraordinary general meeting to change the board (resolutions for which are highly likely to be successful) is not until 5 July.   Meanwhile, the current board is sticking with its plan regardless of the shareholder vote and will ask the court to approve the restructuring and "cram down" the shareholders, forcing the plan upon them despite their vote against.   It all now depends whether the shareholder group, led by Crystal Amber Fund (AIM CRS ), can convince the court with an alternative plan.   More on HUR in the private blog. President Energy (AIM PPC OTC PPCGF ) announced the farm out of a 50% interest in their Pirity Concession, Paraguay, to “a substantial Northern Hemisphere stat

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The board of Hurricane Energy (AIM HUR OTC HRCXF ) continues to taunt shareholders with warnings of their company’s imminent demise.   Latest was the announcement on Friday that the directors have resolved not to exercise the company’s option to extend the bareboat charter of the Aoka Mizu FPSO for a period of three years from June 2022 to June 2025.   The charter thus will expire in June 2022 and, should Hurricane be unable to agree an alternative extension for a shorter period, it may need to pursue a controlled wind-down of its business and cease operations at the Lancaster field upon the expiry of the charter in 2022, at which point the field would be decommissioned.   The share price is now 1.177p and as regular readers know I’ve been warning about HUR all the way from the low 30s down. Longboat Energy (AIM LBE ) at last announced its RTO - with three separate counterparties.   It’s acquiring a significant, near-term, low-risk exploration drilling programme on the Norwegian C

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88 Energy (AIM & ASX 88E OTC EEENF ) announced another operational update.   There are three highlights: encouraging evidence of oil in down hole samples is being investigated in the laboratory; additional fluorescence has been recorded at previously unidentified depths; and final payment of vendors in stock is being made.   Costs associated with the Merlin-1 well have now been largely finalised and 88 Energy 's net share of well costs is estimated to be around the $9 million mark. Helping preserve the cash balance, though, discussions with vendors of services provided to 88E during Merlin-1 operations have resulted in further willingness to accept partial payment for their invoices in 88E stock in lieu of cash and the company will now issue 345,000,000 new ordinary shares at a price of A$0.025 per share (total A$8,625,000) in order to finalise these payments.   88 Energy says this will leave it in a strong financial position ahead of next winter's exploration program.

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None too impressed with a debt for equity swap which values their shares at less than 0.1p, 14.7% shareholder Crystal Amber Fund (London CRS ) has filed a requisition notice to remove the Hurricane Energy (London HUR US OTC HRCXF ) non-executive directors and appoint their own nominees.   It’s good news for equity holders and the share price more than doubled last week.   Crystal Amber says there may well have been a failure by HUR ’s board to act in accordance with section 172 (1) of the Companies Act 2006, which states that a director must act in a way most likely to promote the success of a company.   However, their most damning statement, worth repeating in full, is that “on 14 January 2021, Hannam & Partners published research paid for by Hurricane .   It estimated a "risked net asset value" of 10p a share, valuing the equity at £199 million.   This assumed an average price for Brent crude oil of $60 a barrel, compared to a current price of approximately $69 a bar

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Hurricane Energy (London HUR US OTC HRCXF ) announced an update on its proposed financial restructuring.   Subject to directions of the court, a meeting of the bondholders is to be held on 4 June 2021 to consider and, if thought fit, approve the restructuring plan.  Hurricane is warning shareholders and bondholders that in the event the restructuring plan is not approved, either by the bondholders or the court, it is likely that there would be a controlled wind-down of operations followed by an insolvent liquidation of the company. Even if approved, in return for releasing $50 million of the principal amount outstanding under the convertibles, bondholders will receive ordinary shares comprising 95% of the fully diluted pro forma equity of the company, which values the existing equity at less than 0.1p per share.   I’ve been warning about HUR all the way from the low 30s down and all that was necessary to see what was going to happen here was to read and understand the consequences

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So, at last, it’s time to say goodbye to Anglo African Oil & Gas (London AAOG ), which announced its cancellation of trading on AIM.   AAOG has featured numerous times in the blog over the past few years and not in a good way.   It’s perhaps the company I’ve criticised the most and I’ve been right about it all the way down from 20p to oblivion.   What went wrong with it?   First, those with actual understanding of the project and the requisite experience all left the company over three years ago and secondly, terminally, the board was willing to enter into any arrangement necessary to obtain finance, regardless of how damaging it may have been to the shareholders’ interests.   Anglo African ’s failure was inevitable and I’m sorry for all those who thought they knew best. On to more positive matters, Predator Oil & Gas (London PRD ) issued an operational update.   The MOU-1 well remains on schedule to commence drilling during June 2021, dependent upon the completion of drilli