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I'm with ii,
FWIW Correct cash has been deposited into my SIPP so all ok there.
In my ISA, some time back my HUR DCUs were moved from my ISA to my trading account, so naturally I was expecting any associated deposits to turn up in my Trading account. Wrong, the correct amount has been deposited into my ISA. I hope it stays there but have my doubts
From ii - las like a wait f up to 1
Days. DCU’s were removed from my ISA account and have yet to show in my trading account.
Anyone else with ii?
**********
CORPORATE ACTION NOTICE Important information about your stock
29 September 2023
A corporate action is taking place in relation to PRAX EXPLORATION A (stock code BQS9215), which you currently hold in your portfolio (a/c 4710607).
What is happening?
Cash Distribution
Record date: 30th June 2023
Terms: GBP0.00309 in cash for each Deferred Consideration Unit held Expected Payment date: 29th September 2023
Prax Exploration & Production plc has announced a Cash Distribution, whereby holders will be issued with GBP0.00309 in cash for each existing Deferred Consideration Unit held. This is the first cash payment which covers the period 1st March to 30th June 2023.
The cash will be issued to entitled shareholders upon receipt from the company.
Your account will be updated upon receipt of the proceeds but in some circumstances there may be delays in the proceeds being credited to us. Please allow 10 working days for your account to be updated.
Kever,
Thanks for getting back to me. If you hear anymore regarding North Sea acquisitions then please keep us posted.
My calculations indicate we should have an offload next week as we are running at something like 81 days since last offload , if that happens its still possibly for an offload late December despite maintenance schedule , (weather important factor Dec) i will post again when the tanker has been allocated for this next offload
Thanks Corry v helpful
On this thread laserdisc noted an uplift on 10 July and that looks like the first one after the April uplift, so missed the cut off:
https://www.lse.co.uk/ShareChat.html?ShareTicker=HUR&share=HUR.L&thread=CF7D0BE2-95D9-4AE1-A983-1CB5EEA9D9FB&reply=true
I think The Aoka Mizu normally had a shutdown for annual maintenance for a couple of weeks in July/Aug so would impact on the next uplift time, may then be tight to get a third one in before end December?
Yup, apologies all, I read that a different way before. Ignore my post at 11.29. And from today's announcement:
"Production from the Lancaster Oil Field, the only producing asset currently in Prax Upstream, resulted in sales of 539,244 barrels of oil during the four months from 1 March 2023 to 30 June 2023." and it then details the DCU payment calculation based on that.
And the accompanying statement notes "Total cargoes sold in period - 1"
I need more coffee before I post!
The 1.87p stated it would only be paid if there was a minimum 450k barrels (not being paid the proceeds) i.e. it was a safety net in case the well stopped producing is my take on that, the deal clearly stated any revenue between March and 30th June would be included in the 30.09 payment , therefore there must not have been a lifting for June/or the revenue of were not received until July
I believe that payment in respect of the April uplift was already made by HUR, it was included in the supplementary dividend of 1.87p that they paid in June. See RNS 18 April and 2 June.
Corry - oops 😬 thanks for correction
Broomtree - other way round. Class 2 was the default (cash now), Class 1 you had to elect for and that's the loan note for payment in 6 months.
I was expecting we might receive the Apr and June lifting in this payment but by the looks of the figures from last RNS in Apr it only includes this one, is everyone expecting we should therefore possibly receive 3 liftings worth for the period July to Dec ?
You had to request type 2 otherwise you will have type 1
How do I find out if I have DCU I ,or DCU II , anyone aware ?
"The payments will be paid to Prax DCU II Holders on 30 September 2023." so by the time that gets processed through Crest to your broker it may not appear in some personal accounts until Monday, depending on how (in)efficient your broker is.
Full detail of 0.309p payment now available here: https://www.prax.com/information-for-holders-of-dcus/
Payment has not made it to my iWeb (Halifax) account yet.
If oil stays at $90-$95 then we could get 0.7p-0.8p for the period 1st July to 31st Dec 2023. This would be paid by 31st march 2024 to DCU holders. I am told Prax are quite close to a couple of North Sea acquisition in order to use the HUR tax losses.
Kever, I also calculated 0.3p per DCU payout. I figure about 0.7p per DCU for March 2024. Whats your thoughts? I can't see any benefits from the tax losses coming through until Sept 2024. Again, your thoughts please
0.309p received today into my SIPP per DCU.
I did say it would be 0.3p some days ago.
Yet again I was bang on the money.
Me too! But I'd rather that the shares hadn't been "stolen" from me!
Price of Brent, development off Shetland etc etc and still had the shares!
Guess Senseman was on the correct track after all!
Not the same scenario at IOG. Looks to me like the Bondholders have taken control of the finances, and IOG still owe big. HUR paid off the Bonds last July - in full - and then moved into Profit. The share was never suspended.
Message for porrohmahnn on ADV - regarding your query about the equivalent of an ex-div date and notification in advance for the DCU payment, the DCU FAQ page on the link you have includes:
"What Date Do I Have To Be On The DCU Register To Receive A DCU Payment?
Those who are registered as being a DCU Holder at 6pm on 30 June 2023 will receive the first DCU payment, which will be made in September 2023. For future DCU payments, the cut-off point is 6pm on the final day of the relevant half year. So, if a payment is to be made in March 2024, it would be made to holders on the register as at 6pm on 31 December 2023."
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I don't know if there will be a separate notification of these dates just in advance of each time in the same way as you would get if it had been a dividend payment, will know in December if they decide to issue an advance reminder of the qualifying date then.
I'm also not sure if the usual T+2 rules apply to these cut-off dates, e.g. need to be holding at close on a Wednesday for inclusion on the register on a Friday, or if the matched bargaining process requires a longer period?
Hi guys
Similar scenario happening over at IOG today
Do you know which firm represented shareholders in the case of Hurricane Energy to stop the administration and stealing of assets
I rec’d my DCU cheque today. Dated 29 th Sept.
Payment covering period 1st March to 30 th June is 0.309 pence per DCU
For further updates - Additionally, if you would like to receive a notification of releases from Prax you can register at the bottom of the page of this link: https://www.prax.com/information-for-holders-of-dcus/#press-releases