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High Laser,
This is interesting because the recent known production rate indicated mid March for the next offload. Will this be a short load or have Prax carried out work to increase production? Time will tell.
Change of tanker this morning was Altera Thule now
AMUNDSEN SPIRIT
Position: 55° 27' 58" N, 5° 38' 24" E
Last seen: 2024-02-24 08:48 GMT
Location: North Sea, DK
Destination: LANCASTER O F
ETA: 2024-02-25 17:00 GM
I posted
A few snippets over on ADFN not around next week so will update in march
They say somethings never change and this board is proof of that! The battle for Hur is over may she rest in peace!
Surely our concern now is what we will get out of the DCU’s, with this payment I’m in profit which for long periods never looked likely with Hur so can we pass on the historical missives and insults and focus on what will make a difference - Oil prices and production figures…. And ultimately our payments?
My posts were only "poison" as you didn't agree with what I wrote on here. I have a great life. Retired at under 40 years of age and with a loving family.
Both poison to this BB board while the company was listed and you are both still at it now. Get a life, both of you. Surprised there isn't that other guy who I forget the name of here bigging himself up. Mr helicopter pilot.
If one calls Prax and speaks with Vlad Langhamer MD Europe & Asia pretending to be an Energy Voice feature writer you will be told that Prax/HUR did due diligence on several UK production companies but found the asking price (ie. the industry reasonable going rate) too high
AN OUTRIGHT LIE
Kever posts, as zero credibility Simon on ADVFN forum, identical nonsense there.
Kever had respected Divecentre's critical post of him pulled by moderators earlier today.
My advice to readers, for what it is worth, is that experience has shown that Kever's statements of fact to the forum have consistently proven to be less reliable than a chocolate teapot
So the current price of DCU's is a bargain then ?
Is that all you can manage Kever insults? The posting rules are those of London South East, nothing to do with the Stock Exchange. Prax can do due diligence till it is coming out of their backsides but that does not mean a deal is imminent. Cretin.
I bought shares with hurricane @11p. I have just seen I had a small payout from Crystal Amber in October 23. I can’t make sense how much I have received in relation to my investment. Can anyone explain please?
If one calls Prax and speaks with Vlad Langhamer MD Europe & Asia pretending to be an Energy Voice feature writer you will be told that Prax/HUR did due diligence on several UK production companies but found the asking price (ie. the industry reasonable going rate) too high. Prax/HUR have no interest in companies it cannot buy at bargain basement or distressed price. Because it has not been able to identify one it currently has zero interest in any UK company and that position is unlikely to change soon. Prax/HUR will not be drilling P8 because it is not willing to risk the money, and also the NSTA will not lift a finger to help HUR in any way, despite Prax now owning HUR, whilst HUR current management remains, on account of the previous bad blood caused by HUR management.
Be lazy enough to speak with Angelique in IR (if she exists) who sits there all day painting her nails answering the phone and you will receive the standard fob off generic one line answer cited. Put another way - you may as well ask the cat!
Have been told by reliable source that DCU 17% share of each offload @ at $78/80 oil = 7 million (I assume dollars).
Which divided by 2 billion shares = circa .3p per offload. Does this sound about right?
Also that by end 2026 we are likely to see under 10p total (ie nowhere near 12.5p).
Doing the sums - assuming production doesn't crash crash so offload each 3 months
2023(2) + 2024(4) + 2025(4) + 2026(4) = 14 offload total x .3p = 4.2p
6.02p initial payment + 4.2p = 10.42p
BUT, even if production doesn't crash crash but rather depletes more gradually as we hope, it must lessen to some degree - so knock 1p off (could be more). I expect P6 to be economic beyond 2026 but we will get none of that.
We would need $100 oil for long periods between now & end 2026 to get within striking distance of 12.5p.
There have been 2 good articles published past few days - one Bloomberg saying oil should have $12 supply disruption risk added to current price because of risk greater middle east conflict. Another saying signs of China finally waking up again following strong government measures. problem is - can't copy and paste openable links on here nowadays. I do not see oil staying at $80 - has been minor miracle stayed so low for so long.
HUR are currently involved in NO negotiations to buy any oil or gas production assets which will increase the DCU payments. Nor, if they do enter any, will they likely be completed before end 2026 and producing cashflow
P8 is not being drilled
Ergo, as things stand we are looking at circa 9.5p total. Which will only improve with significant higher oil price
SE rules only apply to listed companies bozzo. How can any information be price sensitive when the shares are not even listed ? Fool. if you bother to ring PRAX like I did and speak to Angelica in IR she will cnfirm that Prax are doing due diligence on numerous UK producers.
Prax aren't listed and neither are HUR you ejjit. market abuse my backside.
“Prax have lined up numerous deals to use the HUR tax credits I am told”
Where is the evidence to support this claim Kever? It is not the first time you have made it and nothing has materialized yet. That is a FACT. If you have insider knowledge then you are flouting posting rule 5 b (post any confidential or price sensitive information or that is not public knowledge), and if it is speculation then 5 c (post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities).
I suggest you are someone who has a warped understanding of the truth.
"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.