Discover and read the best of Twitter Threads about #PARN
Most recents (1)
When bad geology meets great management, it is bad geology that wins.
#PARN is likely just that - an overvalued oil exploration company with a lot of OOIP within a challenging reservoir destined to disappoint the market's high expectations.
1/n
#PARN is likely just that - an overvalued oil exploration company with a lot of OOIP within a challenging reservoir destined to disappoint the market's high expectations.
1/n
We encountered that for Hurricane Energy ($HUR) in 2017 after extensive due diligence work.
Back then, HUR was somewhat of a "darling stock" in the UK. Kind of the hope of an aging UK North Sea E&P industry. Why? For one, the 2017 CPR claimed a 1.1bnbbl 3P resource!
2/n
Back then, HUR was somewhat of a "darling stock" in the UK. Kind of the hope of an aging UK North Sea E&P industry. Why? For one, the 2017 CPR claimed a 1.1bnbbl 3P resource!
2/n
Its CEO Robert Trice was a geologist & claimed to be one of only a handful "expert" globally on "Fractured Basements".
But the reservoir next to the Shetland Island was always a tough location while initial data was everything but straight forward.
3/n
But the reservoir next to the Shetland Island was always a tough location while initial data was everything but straight forward.
3/n
