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"how far above a 12.5p share price would we be now be if a still shareholder owned hur was banking 100% of p6 profits"
Id HUR 2 had failed and HUR stayed as it was then it would be 9p max until P6 sent dry. Prax have lined up numerous deals to use the HUR tax credits I am told. 12.5p payout is a cert
Missing words from part 1... 'in our favour'
Part 2
"I am fighting for financial survival on account of my HUR efforts - which is why until now has not allowed me the time to become au fait with the DCU minutia - but which now makes it imperative that I do. That is why I have reached for a quick handle re how much we can expect going forward, and when.
Magic - thanks for kind words"
i copied my post to advfn. below is the response trail (in 2 parts):-
"rethemagic
23 jan '24 - 21:49 - 37890 of 37893 0 2 0
you have no idea how much work senseman did behind
the scenes during the takeover.on top of that grow
up will you.
simonanthrobus
23 jan '24 - 22:20 - 37891 of 37893 0 0 0
yes senseman did a lot fo wasted work. i told him at the time he was wasting his time.
now all of a sudden he wants folk to do his work for him.
he can **** off
senseman
24 jan '24 - 01:02 - 37892 of 37893 edit
0 1 0
simon
magic is referring to the 2021 95% dilution restructuring attempt which failed (i call it hur 1). at the start of the 3 day high court hearing the shares were 0.6p. had the attempt succeeded, 95% dilution would have rendered the shares worthless, ie: toilet tissue, and bondholders would have owned the company. for 4 months i worked full time to, along with ca, stop the attempt, whilst knowing i was endangering myself financially as covid had killed dead my self employed income stream as an athletics coach, and i knew i should have been developing a new income stream. i did what i did because the old adage 'if not me, then whom?' quickly became apparent. hur 1 was the crucial episode/timespan
you are referring to the successful sale of the company to prax (i call it hur 2). most of us knew fighting it was, bar a miracle, likely to fail. but with so much at stake, and after so much effort in 2021, a small group of us could not sleep at night unless we at least tried. and i would make 2 points:-
1. the dcu payments represent 17% of hur's well p6's profits. prax retain 83%. given our initial 6.02p payment + 6.48p payments are capped at 12.5p max (which we will not achieve before the end 2026 cut-off end date because there is no sign of prax/hur acquiring other production assets to increase profits from which our 17% is derived, or of drilling well p8 to do similar), consider what the share price would now be if hur 2 had failed and a still shareholder owned hur was banking 100% of well p6's profits?. i repeat - just 17% of profits caps us at 12.5p. how far above a 12.5p share price would we be now be if a still shareholder owned hur was banking 100% of p6 profits?
2. no one, bar the 3 of us who as shareholders attended the sanctioning hearing when the judge ok'd the sale, and stood and spoke in the 'barrister's section' against hur's kc & prax's qc, will ever understand how close we came to succeeding. the only thing which failed us was the lack of a shedload of expensive independent expert reports to back up our arguments, in the face of hur & prax's +£1 million quid's worth of legal preparation and 'expert opinion'. the judge (and all attending, including both kc & qc) knew it was a stitch up. but the judge effectively declared that despite misgivings, he had no option but to be guided by the +£1million quid's worth of 'expert opinion' he did have another option, but was not brave enough to exercise it in
I would be most grateful if someone might help me. I need promptly to get a handle on
(i) what offloads we've had so far since Prax (eg month and offload number). And when offloads expected (ie which months) 2024 & 2025.
(ii) how much per DCU payment do we expect, and when will be paid
(iii) how much (approx) per DCU each offload is worth
Been necessarily consumed with other matters so if anyone could help me get a clear picture quickly and and save me a read around would help much. Thanks
Hi Laser
No surprise. It just confirms their expectation of continued production, unlike the prediction of doom and gloom in the scam sale to Prax.
Still waiting to hear of the mystic production deals Prax said they were going to do, but not holding my breath.
Divecentre Spotted this
Confirmation of supply vessel Grampian Sovereign ,
Hurricane UK
Supply duties, ext. 1 year firm + 1 year opt.
Aberdeen
31.12.2024
Thank you really appreciate the reply. I have a fair number of shares in a SIP and after losing such substantial amounts on HUR I still hold the PRAX shares there awaiting the periodic payments - whilst paying a fixed amount to Standard Life each year to maintain this account. When I asked to get this fixed amount reduced they suggested I sold the shares and closed the account - definitely not doing that as I can expect up to around £19k to come in through the payments by December 26.
There was a 0.309p payment per DCU on 30th September 2023. Subsequent payments will be made at 6 month intervals thereafter. Total DCU payments will be capped at 6.48p per DCU as I remember. Also I think these will only be made on PRAX revenues up until end of December 2026.
I may not have got these details exactly right. Best to check for yourself on the Prax website where it has all of the documents
Apologies in advance as I am sure this has been covered many times before. Can someone please summarise what we can expect in terms of cash payments for our PRAX shares and what the key dates are?
Corryvreckan1
I think you are right in that the next DCU payment will only consist of revenue from two offloads. Also I think 0.6p is more likely. However the next payment, end of September should be from three offloads rather the two. It means that Prax make an extra six months interest on our money.
O/g website figures for Nov production 6870 per day still not much decline from 7000 September
Cheers Laser and corry for your continued inputs
"Debatable whether its going to be included in next payment, initial offload Altera Wave commenced prior to 31/12 but weather delayed completion till after that date"
Back in the day, this would have been a debatable topic, as soon as the oil left the AM it was BP's so wonder what the contract would have said for a part load over a threshold date? Now, can't see anything paid 'in advance' if it doesn't need to be so think we won't see anymore than the money for the two complete offloads, BWDIK
Thanks laser, can't see it being included myself, maybe best not to plan for it paying for a few extra Easter eggs that weekend.
On which note, I posted below that the next payment is due on Fri 29th March but that's Good Friday so it should be Thurs 28th instead, per the terms in the Deed Poll. And as that's Easter weekend with markets closed on the Monday as well you can expect some brokers to wait until middle of the following week to credit accounts.
No 3 Offload has been completed this morning as i post .
Debatable whether its going to be included in next payment, initial offload Altera Wave commenced prior to 31/12 but weather delayed completion till after that date
Apologies in advance as I am sure this has been covered many times before. Can someone please summarise what we can expect in terms of cash payments for our PRAX shares and what the key dates are?
It's due to be paid on Fri 29th March (or April 2026 depending on how rubbish your broker is ;p) but I don't think 1.21p was ever likely. If it's just 2 cargoes then 0.6-0.7p more likely but I've not looked at Brent prices for anything more accurate.
Is it still looking like 1.21p/share?
All offload completed draft of tanker 12.4 m my stats now confirm approx the 524000
Happy new year good health to all
ALTERA WIND
Position: 59° 30' 29" N, 2° 17' 19" W
Last seen: 2024-01-02 08:22 GMT
Location: North Sea, GB
Destination: DE WVN
ETA: 2024-01-04 02:00 GMT
2024-01-0201:55 GMT Navigation status changed under way using engine
2024-01-0201:50 GMT Navigation status changed under way using engine
2024-01-0201:30 GMT ETA changed New ETA: 2024-01-04 02:00 UTC
Laserdisc - thank you for all the updates on this offload. I suspect the March DCU payment will be for just 2 cargoes (July and Oct) as this one would slip into the next period (likely all treated as if one offload on completion?). Also, Prax are basing the DCU calculation on "Revenues received...on a cash basis" (less various transport and port related costs that won't yet be fully known) rather than a more traditional accounting 'revenue recognition' basis up to the offload date, so even if they split the lifting Dec/Jan the cash won't be received by them until the new period.
Obvious speculation in this as it’s the first time we’ve encountered it, so may yet surprise to the upside. Or not. Or maybe it’s time for another dram…
C'est la vie!
Tanker back at AM this morning 2024-01-01 08:30 to complete offload
I think the tanker will return to AM i believe it departed due to weather situation
I see that the offload completed yesterday evening (i was expecting early hrs today tanker is now enroute to wilhelshaven i note it was in port for only 12 hrs and draft on tanker now 9.5 usually a full offload takes up to 27 hrs with all the checks. i know they fitted a new offload hose in last few mths so that may be a wider bore hence resulting in faster turnaround . We will have to see.
Https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2022-approximate-conversion-factors.pdf
also tanker going to wilhelmshaven 2nd jan initial indicator says 71500 mt 524,000
Tanker now in AM port at 12.30 we had 1 flight earlier this morning 2 nd flight has now left Aberdeen so should complete offload within timeframe