IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.
I've been in since 2004 and seen the highs and lows which one has to accept as part of a high risk investment strategy. My current paper loss as a LTH is substantial, like many other LTHs. I've also refrained from personal comment on BOD performance then and now since I trusted/ trust them to exercise their corporate duties to act in the best interests of all shareholders. However, I'm struggling to understand how this latest and rare missive correlates with that obligation. Ok to deliver bad news if true, but where is the plan and strategy going fwd? Not acceptable to simply report that SHs may get zero return without balancing it with ideas, leadership and direction going fwd which is self evidently lacking. Expect a strong challenge from CA.
Very disappointed.
Best regards
RFTS.
As a LTH very significantly down I was looking not necessarily for immediate action but at least a concrete strategic plan with clear deliverables and timescales. This is a holding statement in my view, no more. Disappointed.
RFTS
Agreed
Whilst a sticker shock , I expect when the dust has settled markets may take a more positive view than some long term holders (like me) whose equilibrium may have been affected and who mostly appreciated RTs considerable start-up success and intellectual capital, the loss of which poses more questions than it solves. Does that mean the company's exploration of any future FB development is now at at end? If so, is the strategy now to bundle up the assets, make then as productive as possible, increase the revenue and beauty parade on , either for buy out or full listing...only time will time. I'm still holding because I believe in the model and potential but will review in six months time based on the performance of the new management team, what their vision is and how far they take us in direction that does offer shareholder value.
Best to all.
RFTS.
Agreed SIPPn00b - which only further supports the case that the BoD should be looking at relisting on a more robust market as soon as possible following validation of the consistency and potential longevity of oil supply.
RFTS
FYI only (apologies if already referenced):
Canaccord Genuity upgraded Hurricane Energy from “speculative buy” to “buy” with a 95p target price in response to recent first-half results from the North Sea oil explorer. An operational update on Hurricane’s Lancaster prospect in the West of Shetland improved confidence both in the reservoir quality and the project work, it said.
“The Lancaster early production system has been on stream for only three months or so, and unsurprisingly it has not all been straightforward operationally. That seems likely to continue through the full commissioning process and the expansion programme ahead. Yet underlying that the company’s confidence in the Lancaster EPS is strengthening and we think that is increasingly justified in terms of both the subsurface and facilities.
“There is still plenty of data to be gathered to embed the sense of reducing risk, and with another update expected before the year end 2019 and a capital markets day in the first quarter of 2020 there will be plenty of information to assess. We note that the current market capitalisation discounts little more than a risked view of the planned expanded Lancaster EPS, largely ignoring the undeveloped resource potential.”
CANACCORD
Agreed...some allowance required for news to be fully absorbed.
The Technical , Ops and Project Management folk appear to have done a terrific job. Lets see how the PR and Comms machine at HURR now steps up.
Best
RFTS
Very encouraged by this operational development.
I sense this may cause the markets and analysts to acknowledge the game changing aspect modestly claimed by Hurricane to date and really firm up proof of concept for any residual non believers.
Trusting that the HURR PR machine doesn't underplay this event and all external comms are confidently positioned to make some real capital out of it. No longer acceptable for the light ( or any flare! ) to be hidden under a bushel.
Best
RFTS
FT picked up story today:
Hurricane Energy produces first oil from fractured basement field
North Sea specialist group completes test of two wells at its Lancaster field
June 5, 2019 7:16 am by Nathalie Thomas in Edinburgh
Hurricane Energy, a North Sea oil company that specialises in a particular type of “fractured basement” rock formation, has reached a significant milestone with the first oil produced from its Lancaster field, located west of the Shetland islands.
The company said on Wednesday that it had completed a 72-hour production test of two wells at the field on June 4.
During that time, both wells maintained a production rate of 20,000 barrels of oil per day, although the company will take a phased approach to the first six months of full production. The company plans to produce an average of 9,000 barrels/day for the first three months and 13,000/day for the following three. After that, the two wells combined are expected to produce at an average rate of 17,000 barrels/day.
Hurricane was founded in 2004 by Robert Trice with the aim of specialising in fractured basement reservoirs in UK waters — fissures in hard rock such as granite, which lies below softer sedimentary sandstone from where most other North Sea resources have been recovered.
Mr Trice said on Wednesday: “Lancaster is the UK’s first producing fractured basement field and the fact that Hurricane has delivered this industry milestone on time and within budget is an incredible achievement.”
Hurricane’s biggest shareholder is the private equity firm Kerogen Capital.
Victoria McCulloch, analyst at RBC Capital Markets, said the announcement on Wednesday marked “another step forward in demonstrating the scale and deliverability of the fractured basement play in the UK North Sea on the Lancaster licence”.
She added: “We anticipate nine to 12 months of production data from now is required in order to fully understand the scale of the reservoir and sustainability of production.”
That response is both sad and funny in equal measure... I'm sure your responses will increase in maturity and intelligence.
Agreed Daltry
Frustrations around any muted SP will be tangible for some today given this great news however for me the real value is in the precedent this real breakthrough sets, the ripples of which are yet to be felt I suspect.I admire the solid project management to date on this by Hurricane and the pragmatic, calm and measured way they appear to conduct themselves which can only inspire confidence internally and externally. If all continues to go to plan, plenty of ongoing goods news possible in the near future...
By way of separate aside to another posters pov and if I've correctly captured the mood of the majority on this Board at least I would be surprised if the reception of the management team by those shareholders attending the AGM will be muted.....
RFTS
To all at Hurricane...ground breaking achievement
.
Agreed
Would it be conceivable that a big reveal on FOIL be made at the AGM itself followed up with a confirmatory RNS same day?
Might strike a balance between Hurr's pragmatic practice of under promising and over delivering (more or less) with a sprinkle of stardust for the benefit of shareholders...capitalising on the symbolism of the 6 June D Day date as previously flagged by another poster...
RFTS
Fair speculation that Investors piling in in anticipation of a Friday RNS?
Next few days obviously highly interesting. Good luck to all LTHs.
Rfts
Appreciated.
Thanks
RFTS
As a non-oilie, aside from the well shut on/off and pigging process, would appreciate an expert view on possible barriers (if any) to success which have to be knocked down in this two--three week estimated period between introduction of hydrocarbons and FOIL - is it a no brainer or are there material technical risks that need to be accounted for? If the risk assessment on that is "low" then I wonder if better informed investors might be acting pre-emptively as if FOIL had in essence been "achieved" already given their assessment of that risk and ability arguably to buy in more cheaply right now. Delighted at progress in any event.
Thanks
RFTS
I would expect Hurricane should be in control of any RNS worthy news SOB rather than it's current key subcontractor. Strange also because Facebook doesn't strike me as the most appropriate or professional forum to place this kind of news, however academic now if cat out of bag either way.
Strange forum to declare news.
Either sanctioned by Bluewater and Hurricane or project manager and/or Bluewater acting off piste. Either way, I'd be surprised if untrue if genuinely made by the on site PM?
Agree
Facts as we know them right now at least:
1. AM more or less static
2. Flights still booked
3. No contrary RNS
All can form own conclusions from that...
In since 2014 but only actually blogged last couple of years.