More Oil Price News and Next OPEC Meeting News Included in the following link is news of the price of oil and also news of the next OPEC meeting on 30th November 2017[link]
U S Crude Tops Two Year High........ NEW YORK (Reuters) - U.S. oil prices hit their highest levels in more than two years on Friday after the continued shutdown of a key pipeline running from Canada to the United States was expected to reduce supply into a major storage facility.[link]
OGA The latest round of bidding for licenses has finished although details will follow.[link] is mentioned along with other areas. Do we know if HUR has participated this time round? I suspect not as they have quite enough on their plate atm.
Oil Prices Jump As Canada......... SINGAPORE, Nov 22 (Reuters): Oil prices jumped by 1.0 to 2.0 per cent on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC-led production cut also offered support.[link]
Brent Crude Continues To Rise Currently up 1.20% at $63.33 a barrel.[link]
Re: What is going on here? Biffadog / Topsparky,Thanks for your encouraging comments and your confidence in the direction Hurricane is heading.I can see the logic in your posts. It looks as if patience is the key. As each day passes and first oil gets nearer, I'm sure the light at the end of the tunnel will get brighter and brighter. Lets hope we get some news shortly that will turn the current glimmer of light into a dazzling floodlight. Carliol
"Patience" Just topped up this afternoon.An excerpt from a seeking Alpha article copied from LSE "As always, the market is short-sighted and hates to gamble. It prefers paying a higher price later, when the benefits can be verified by facts. Good for savvy investors!This attitude opens the door to an opportunity for investors who can afford to wait, and as always, patience is the key. The stock is weakening and is now down to ......."
Re: Tax change positive HUR has tax relief credits as a company. It was some time back that I read it was to the tune of £167m but that may be incorrect as my memory was never good and it gets worse with every year that passes. The figure should be in the accounts somewhere so any body with an accountancy background would find it without much difficulty IMO. I certainly don't think this is generally put in to the possible TO values some put about.Allowing credits to be transferred with fields would again put extra value on Lancaster for example for any buyer whilst making the value of HUR's assets that much more. Stand to be corrected.
Tax change positive `Philip Hammond, the chancellor, confirmed he would allow the tax history of an oil and gas field to be transferred when it is sold, allowing buyers to claim greater relief when they eventually come to decommission assets and return the seabed to its natural state.Oil and gas companies are able to claim tax relief on the costs of plugging and abandoning wells and removing infrastructure when fields stop producing. The value of these benefits depends on the amount of tax paid during the life of the field.Under the current rules, however, the tax history of a field cannot be transferred when it is sold. Industry leaders say this has acted as a deterrent to new investors buying assets in the region, particularly smaller companies, as they dont want to be on the hook for high decommissioning bills when they eventually decide to cease producFlon'.
Re: What is going on here? It comes under the heading of a special resolution and requires approval from 75% (or above) of the shareholders who actually vote (either by proxy or at the General Meeting itself).GLA.
Current share price a steal Currently 26.5p that's 5.5p or 17.2% below the 32p HUR raised £500million for the Lancaster EWT etc.Couldn't resist buying another tranche as such a good time now to take advantage of this low valuation!IMHODYOR
Re: What is going on here? HtL, I'd always thought it was 70% but Biffadog implied 75% and that's close enough for me!!!!
Re: What is going on here? Hi Biffadog,"For a cheap TO to happen, you would really need Kerogen on board as they own 21.87% of the shares. Kerogen plus another 3.13% could block any hostile TO."I much appreciate your post on the subject. I have always been under the obvious misapprehension that any predator, providing that he could illicit the support of 51% of the shares, could then force a take-over.I am therefore relieved at what you say, as I agree with you that kerogen for me has always been the main safety block against this type of thing.All the best.
Re: What is going on here? carliol,For a cheap TO to happen, you would really need Kerogen on board as they own 21.87% of the shares. Kerogen plus another 3.13% could block any hostile TO.Kerogen are playing the long game, of that you can be sure, so relax a cheap TO before FOIL is not on the cards.I take your point on the SP but you should really use Market Cap when comparing the relative value of companies. Back in May, when there were about 1.227M share in issue, the MC was £822M with an SP of 67p. There are now 1.959M (with an additional 422M shares to issue when the CBs are exercised) giving a MC of £519M using an SP of 26.5p.It's still down but that's just where we are at the moment but I agree with topsparky that there is only one way this is going as the time for FOIL gets nearer.My advice is don't lose sleep over a cheap TO. LTHs will get their reward in due course.GLA.
Re: What is going on here? carliol, I believe it would be rejected out of hand for those very reasons you mention, unless it was a good few multiples of the current SP and then it would surely be looked at, decent cash now or future potential? Cheap takeovers happen of course and it can never be discounted but when all of the ducks are being lined up as is the case here there would really be no need for shareholders to take any offer!!!! What would be deemed cheap though?It boils down to risk and reward, any offer would need to mitigate both but as the number is different for everyone while a eg 50p offer now might be deemed great by some (a 2 bagger), it would equally be deemed derisory by others!!!!In just over a year we should be almost in production, there could/should be other drilling news, we may well have a partner on Lancaster, we may be moving towards full field development and the OP may also be much higher. When all of those things are happening I'm sure we won't be sitting at 26.5p!!!!!I do however understand everyone's frustration!!!!