Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Thanks laser, that does now seem to be in line with most other providers, and it does look right from a tax perspective as trading the DCUs themselves doesn't qualify for ISA tax exemption as not done freely on an exchange.
We discussed the different treatments last time and several posters said they still received the payment into their ISA regardless, and consensus was that was correct as well as it relates to payment for shares that used to be held there. Wait and see where your provider pays it into at end of month...
They moved my whole holding to trading. they left the last cash payment in the isa
January’s production figure are just out and there is a noticeable reduction.
I have shown the last three months for comparison; figures are mb/d
November oil 6.87 water 8.95
December oil 6.72 water 9.01
January oil 5.69 water 7.69
The reduction is significantly more than you would expect from the historic decline rate and suggests either a temporary shut down or a deliberate reduction in flowrate. It will be interesting to see February’s figures next month and the timing of the next offloads but I am concerned that the September DCU payment will be less than expected.
Yes, your tax affairs are a private matter between you and HMRC, regardless of what providers decide to do.
Do you mean they moved the DCU holding to your trading account, or did they make an adjustment to move the payment you received last September/October?
My provider moved all my dcu.s to my trading account last month they informed me that they consulted investor body as some providers were treating dcu differently. suppose now it’s up to individuals to agree with their own tax office
Last September Prax issued a press notice and a Payment Calculation Statement on or just before the pay date, which this time should be Thursday 28th March by my reckoning. They should be published on their website so maybe bookmark this and check around then:
https://www.prax.com/information-for-holders-of-dcus/
Some good brokers also issued a note to their customers via their usual channels when the payment was made.
Note that it is not a dividend and shouldn’t be treated as such, it’s a deferred consideration for part of the purchase of the Hurricane shares you used to hold and should be treated as a capital payment.
Anyone knows how we will be notified of the dividend this month by Prax, or do we just have to wait till it hits the account?
"My opening up a DCU discussion whereby we all now have a clearer picture that we are unlikely to hit anywhere near 12.5p total"
Again this is your opinion and I think you are wrong. I expect the full 12.5p
"because HUR was sold cheap."
HUR was only sold cheap in your opinion as you were heavily underwater. Crystal Amber and myself were delighted by the deal as were mnany other shareholders.
"They were piqued because I truthfully posted I had been told by the horse's mouth that since HUR's purchase Prax had not engaged in purchase discussions with any other producing company,"
LOL
Well my horses mouth says the complete opposite of what you are saying. You are a liar.
"Those causing argument were 3 who bought in heavily at 6-7p for the DCU benefit then threw their weight behind the sale of HUR"
What complete and utter nonsense. I indeed bought at 6p-7p . I haven't started any argumnts. It is the lunatics like Senseman who have started every argument as they can't handle the fact i came out the Prax deal smelling of roses whilst they are nursing heavy losses.
2 ballast tanks some info on vessel here
A Statoil driven requirement was for increased ballast capacity to counter the harsh operating environment in which the vessel trades. Having a higher ballast requirement has the added benefit that the vessel will have a deeper draught when it starts offshore loading, and therefore the tunnel thruster at the bow will not be exposed to air suction. There is also a ballast management system on board which allows for ballast water exchange when the vessel is in transit. Cargo and ballast pumps as well as the inert gas system were supplied by Hamworthy.
HANK13 - The guys have drawn a clearer picture so you are hopefully wiser. And my irritation has passed so don't worry about that. But unaddressed is your misapprehension which caused it. To prevent reoccurrence - you wrote (I cite to illustrate)
'...i'm complaining because of the constant arguing... usually between 2-4 people who have put in an impressive amount of work (extremely helpful and appreciated), but don't agree with each other...'
Now Corry, Dive. Laser et al (ie all those who opposed sale of HUR & DCU arrangement & regularly input constructive effort to the forum) NEVER argue. Those causing argument were 3 who bought in heavily at 6-7p for the DCU benefit then threw their weight behind the sale of HUR. They have NEVER put in any work supporting the survival of HUR for PI benefit and it's return to bright blue skies, or ever constructively aided this forum. They care not a jot that you have lost serious money because HUR was sold cheap. I would mention names but one of them would immediately complain to the moderator and have the post pulled - operating double standards they dish it out but aren't prepared to take it . They were piqued because I truthfully posted I had been told by the horse's mouth that since HUR's purchase Prax had not engaged in purchase discussions with any other producing company, nor (as of a month ago) were any imminent. My opening up a DCU discussion whereby we all now have a clearer picture that we are unlikely to hit anywhere near 12.5p total (though we all retain hope) irked them considerably - hence I became the lightening rod for their angst. So I calmly defended myself and in doing so irked them further.
I cannot be clearer - you bracketed me with those who actively supported the sale of HUR to Prax and worked against your interests. I hope your misapprehension is now clear. You will see that Dive is this morning cheerily holding one of them to account - I hope his exchange adequately illustrates to you how defence (and argument) is sometimes a necessity to illustrate when dangerous nonsense is posted.
Hi Divecentre Amundsen spirit moored at Am on 25th at 19.48 unmoored on 26th at 14.34pmas you say the draft did not increase on departure this could be due to several tanks on Amundsen being emptied with seawater would have to check spec of how many ballast tanks tanker has been moored also at rotterdam shell Euro port I will have more details on Eurosport timings next week away presently will come up with my est then.I am thinking must be some oil collected part load maybe pricing oil higher now than at year end 31/12 There was oil in stock on Am it will be shown in hur accounts perhaps accounting to make clean /clear figures on DCU accounting cheers laser
“ I expect a deal soon”
How soon is soon Kever?
Give us a date.
Last year it was two deals lined up. What happened to them?
Who are your sources Kever that are so reliable?
If they are then you can give us all a date.
Answer the questions Kever.
Prax bought HUR mainly for the tax losses of $350 million. They would be insane not to buy some producing assets soon in order to use these tax losses. I expect a deal soon
Hank13
The interval between the last two offloads was 78, or 79 days and with the declining production rate the intervals will only get longer.
As the last offload extended into 2024 it will almost certainly be outside the last accounting period so the March payment will be around 0.6p, possibly 0.61p or 0.62p due to the higher oil price of around 85USD for the October offload. We should hopefully get 3 offloads within the current accounting period, but it will be close as the third offload will be very near the end of June and it all depends on the production decline rate. If it is 3 offloads 0.9p is a reasonable expectation but it will be subject to fluctuation in the oil price.
A further 2 offloads in H2 2024 seems a reasonable expectation with 0.6p paid in March 2025 but again this is subject to the oil price. Beyond that the declining production rate makes it too difficult to predict when further offloads will take place within the remaining accounting periods. By 2025 I expect 4 offloads maximum.
I have no expectation of Prax buying production assets despite the unsubstantiated claims of a certain member. At some point I expect Prax to carry out work to increase the production rate but whether this will be intime to benefit DCU holders is extremely doubtful.
Best wishes, whatever you decide to do.
It sounds like you have maybe got yourself down a rabbit hole of over-analysis trying to find answers to unknowables? Maybe take a step back and try a more objective/holistic view, focus your energy on the things you can control rather than all the things you can't? Way too many variables at this stage for anything else, IMO.
I posted a couple of days ago that Prax will pay out whatever their reading of the scheme will be. I don't personally think they will try to 'dodge' anything on the DCU aspect because the statements are audited and submitted to one of the O&G governing bodies I think (can't recall the exact details from the Deed poll for now). We will get what we get regardless of what's posted on here, but we are also now aware enough to spot if anything looks out of line.
The bigger unknown is the potential for a deal, and that won't be known until anything is actually announced.
I, for one, am not going to try guessing any future outcomes or even try to narrow the range of possibilities I presented before. No good can come of it.
thanks. i've been with hur for many years and am part of the heavy loss mob. i've always appreciated updates on possible/probable outcomes from those more knowledgeable, and with a better understanding of how the maths works. i've tried to get my head around it, and googled anything i can find as well as reading the documents given when the dcus came into play. the variations of what might happen next is so varied, and i'm fully aware prax will find ways to dodge paying out expected amounts. when i'm left with 10 different figures, i was merely asking what's the best guess (so that can narrow it down to 3 or 4). my comment is based on reading a ****ging off match between a few people, back and forth, and never being resolved. i'm not complaining because i'm not being spoon fed accurate figures, i'm complaining because of the constant arguing... usually between 2-4 people who have put in an impressive amount of work (extremely helpful and appreciated), but don't agree with each other, which then turns to name calling, and personal attacks. it's a bit childish. it's boring. right or wrong, that's my opinion.
Hank – just a quick note on your question and then I'm going back into hibernation as it's officially still winter ;op
laserdisc and DiveCentre have provided several updates on the FPSO operations and offload timings over recent months, so you can establish a rough idea of how many there is likely to be each year and the volumes taken off. Myself, senseman and others have commented on the DCU calculations and timings over the last few months, so you can establish a rough idea of how much each payment is likely be.
But we have all indicated that there are many unknowns and variables in all of this, and we are ourselves encountering some of these aspects for the first time ever (e.g. the Dec/Jan offload that straddled a qualifying date). Until we receive the statement at the end of March, and really not until the one due in September as well, we won’t have a clearer picture of the likely trajectory into 2005 and 2006.
For now, anyone’s reasonable and educated guess is as good as anyone else’s. So, if you really need to, take a guess and then go with it until the facts emerge and the situation is clearer in the months ahead.
Laters, zzzzzz
Dive - next offload date will be interesting indicator of how production holds up. December average 6720bpd means last 540K offload took 80.3 days to fill (10 days short of 3 months). A drop to 6000bpd takes 90 days (3 months) to make 540K offload. Ideally we must hope next 2 offloads stay markedly above 6000bpd (a few days short of 90 days), to give scope for following 2 offloads, which will take 90+ days apiece, to occur before 31 Dec 2024. On Brent front Goldman Sachs just increases summer projection to $87pb, with Vitoil (largest oil trader) agreeing and saying sees 2025 similar or increasing to $90 - Vitoil sees peak oil pushed back to 2045 (116 mill bpd) as governments push back against too-rapid change to all green and India demand soars.
HANK13 - it would help the forum if you ceased being lazy & ignorant, wanting to eat your cake and still have it, and giving succour to the nutters. Corryvreckan1 and I worked hard to flesh out how much we are likely to receive from DCUs, when, and the moving variables. Your response, rather than do simple sums from the info provided, was to ask - so how much will be get in 2025 & 2026? But worse was, as soon as expected disparaging attacks from arch DCU (and 'Prax good deal') advocates appeared, so I had to defend myself, you start cherry-picking my posts and tell me to take the disagreement to the playground. Are you so stupid to not to realise that the instigators are those who bought heavily at 6p-6.5p precisely to support the sale of HUR ('the deal') and profit from the DCUs? Thus the one thing they hate are folk like Corry and me analysing the DCUs and showing mounting evidence that the deal was rubbish and as things stand 12.5p total is unlikely to materialise.
The point is simple - stop benefitting from Corry's and my labour, then in the next breath when our conclusions are snidely rubbished so we are obliged to defend ourselves, telling us to shut up! In other words - stop cherry picking - because in a few months time when we are minded to post a DCU progress report, we may not feel minded to provide one! Who the hell are you to milk our labour, and in the next breath arrogantly tell one of us to shut up? Don't you think that we are the best judges of knowing when we need defend ourselves (and the truth?
The recent visit by Amundsen Spirit remains a mystery. The timing was wrong and AS is now enroute to Rotterdam reporting a draught of 9m compared to 9.2m on the outbound journey. I expect to see a tanker in the third or fourth week of March.
Any chance you lot can take your fight into the car park? I'm asking questions about HUR and getting updates on which of you is the most unhappy with the other/others. You don't like each other. We get it!
Broom - you cease snide comment directed at me, named or unnamed - and the need for me to defend myself falls away. Your choice. Don't delude yourself that readers haven't figured out your modus operandi.