Is this the beginning of the end for Hurricane Energy (HUR)? Today’s RNS confirms my worst fears are very likely to come to fruition with expected material reductions on both Lancaster Early Production System reserves and the wider area booked resources. It’s what I would call a technical Ouzo day, but also very disappointing as it looks like the end of the West of Shetland basement oil story...
Early this year we showed the Shorted AIM shares at the start of 2020. How's the performance as at the end of May? (those in bold remain from 2019)...
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2019 and thus far in 2020 (by net short position %, those in bold not on the list at the start of 2020) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
Another month goes by and once again I find myself commenting on Hurricane Energy (HUR). I highlighted my concerns about the technicalities of the production from the Lancaster field in my interview with Tom Winnifrith at the Shares Conference and well as in articles on this site. Todays disastrous RNS confirms my concerns are very valid.
Early this year we showed the Shorted AIM shares at the start of 2020. How's the performance as at the end of April? (those in bold remain from 2019)...
Year end results today from Hurricane Energy (HUR) answer some questions I have raised, but left others unanswered – it’s a bit of a curate’s egg at first glance. The company has provided clarity on some issues, not least of which in the current market is a going concern assessment against expected low oil levels, but left other questions unanswered but I remain of the view this is over valued at the current time.
The markets this week have been so poor that even a monkey could have picked 10 shares to short and made money. Hurricane Energy (HUR) has not suffered as badly as many in the oil and gas sector. I have commented on Hurricane Energy (HUR) on a regular basis in recent months as the operational story has evolved, calling it a hold pending further and better information regarding water cut in the Lancaster field wells and forward plans. Yesterday’s RNS telling us the CFO had walked, together with a few other risk issues has triggered me to now call this a SELL.
I seem to write about Hurricane Energy (HUR) every month but that’s because it’s an evolving situation where the information changes the investment case. Today’s RNS changed one aspect in a very material way for me.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2019 and thus far in 2020 (by net short position %, those in bold not on the list at the start of 2020) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
Tom Winnifrith focused on Hurricane Energy (Hur) in his Saturday bearcast, following a twitter exchange with a ShareProphets subscriber, with whom I have spent many a happy hour exchanging views on the investment case on the LSE asylum. Tom has invited him to write and publish on this site his views– I fully support that. But there appears to be confusion. Hurricane is NOT in my Vomit list of crap stocks, but it does sit in the reserve list for now.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
Hurricane Energy (HUR) updated the market on Friday the 13th on operational matters. The market reacted positively to the update, also many share prices reacted positively to the election outcome. I am far from positive on the detail the company provided.
Hurricane Energy (HUR) is a company that I have been bullish on ever since first covering it as a buy back in June 2014, but things haven’t worked out particularly well for anyone who has been invested since that time. This is rather unfortunate, as from an operational point of view it has performed amazingly well, better than anyone could really have hoped for, and is an example of how an AIM oil explorer can sometimes succeed and take a large discovery all the way through to production. Unfortunately for longer term holders though, that has proved costly in terms of dilution to enable to company to retain 100% of its Lancaster field...
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
With a market cap of over £1 billion, Hurricane Energy (HUR), is one of the most valuable oil companies listed on AIM, but is it worth it? Today the company updated the market with details of the Lancaster Early Production System production rates and details. Looks very positive to me...
All of the focus has been on Hurricane Energy’s (HUR) Lancaster licence, and although its other assets looked very good I wasn’t expecting further progress quite so quickly.
