The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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How will that new Prax deal affect us?
Ben Lahnstein, Group Chief Financial Officer, Prax, said: “The success of the transaction highlights the confidence our lending groups have in Prax and the depth of our banking and investor relationships. This latest funding has diversified our funding sources and strengthened our balance sheet. It provides us with a solid financial platform from which to execute future M&A activities, and deliver sustainable, profitable growth.”
The new Facility will be used to refinance the maturing five-year term loan tranche from 2018, as well as for strategic acquisitions.
I believe we are due payments approx...
Oct 2023
April 2024
Oct 2024
April 2025
Oct 2026
April 2026
And 'maybe' Oct 2026
How much per share we get on any of these is unknow.
Regardless of the oil price. My understanding was that the payments were capped at something like 6.27p?
Auto correct error = ‘liftings’
It is remarkable that people are still asking about when payments will be made, visit Prax and download the appropriate documents; in short payments will be made (approximately) 90 days after 30 June and 31 December
All the guesswork about payments and speculation about nonpayment is just that; it will depend on oil prices and listings but regardless we will know the first payment shortly
Don't know Hank. The formula's an accounting t urd which left even judge at sanction hearing shaking his head and any variation of it's variation $80 base-rational would take ages to work out. Best just be happy Brent's $90 and wait see announcements. 1st Prax offload was low 80s and next 3 should be 90ish so DCU lights currently all green if they bat straight
Senseman... What are your predicted/best guess payments (if oil stays at the current price) for October this year, and each other for 2024, 2025, and the 1? or 2? in 2026. Cheers.
Courtesy laserdisc ADVFN:-
06/9/2023
16:33 the original hurricane takeover presentation was previously on their website there was an audio to convince shareholders the best deal was chosen, i don.t think its avail now, i kept a copy of their figures, these figs were shown in presentation at $80 oil . So as long as Lancaster continues production
Returns to Shareholders for 2023 2024 2025 2026 expected
Prax Offer FOR THE
(Lancaster Revenue Only) was 6.29p 1.21p 1.13p 0.35p in addition if prax use the tax losses they obtained from Hur then we should expect more
the more Brent rises Above $80 the better for holders of dcu's as the Lancaster revenue when above $80 should be pure profit , all overheads production costs etc have been covered in above figures when it was calculated at $80
06/9/2023
20:13 next uplift should be around 1st October (subject to maintenance ops)) which will run for 2 weeks i est.
Prax have had proceeds for 1 offload in July, not sure of actual date of DCU interest payment i would have thought by 10th October, then they can incorporate proceeds of proposed October lift. Otherwise we wait for Prax to issue 2023 annual results and see what figs for P6 well have been incorporated in their accounts
Shrewd investors like me had their HUR shares in a SIPP. So all DCU payments are tax free.
Current situation
1) HMRC ruled DCU’s not retainable in ISA, thus taxable. Considerable loss to most PIs. A flawed decision. But what PI can fight HMRC?
2) Tories announce 100+ new N. Sea/ Shetland licences to be issued. Prax to revisit P8? And utilise other Lancaster resources? Tories blinked first - Labour will not reverse licences decision.
3) World oil consumption new high. OPEC+ extends production cutbacks till end 2023. Overdue supply crunch begins to bite. IEA revise POO estimates upwards. Standard Chartered & others forecast $90 Brent 2023 Q3, continuing through 2024 with $100 being visited.
4) P6 continues problem free. Brent today $89-$90. HUR/ Prax P6 standalone figures set to be proved fairy tale by Xmas.
"....trusting Mr. Joe public is powerless to do anything about it. From the top to the bottom where money is concerned it all stinks with dishonesty, greed and corruption and it it always will."
Ordinarily I would agree with you but having just received a cheque for nearly 5k from my old pension provider out of the blue, because they found 'discrepancies' with my termination bonus (which was paid out 5 years ago!) I'm not so sure.
Got interest with it and a note stating they've done a deal with HMRC for any tax due as well. ;-)))
Sort of gives me hope that there are things working behind the scenes in Joe Public's favour
Does anybody know how much the DCU payout at end of Sept is?
Wegpphil - Sadly you are quite right !
I read all of these different figures about dcu payments. 02700 to 1.77 per unit and that we might be lucky to receive half of the 6.48 cap. Is their anyone who actually knows. Seems everyone's just guessing. Where paying out money is concerned it seems that in this country they'll use every avenue to cheat you out of as much as they can as legally possible. The sad truth is that they get away with it most of the time, even when it's not legal because trusting Mr. Joe public is powerless to do anything about it. From the top to the bottom where money is concerned it all stinks with dishonesty, greed and corruption and it it always will. Prax will pay (or not pay) the dcu's when they want to and how much they want to without any conscience to hurricane shareholders.
According to their website, they will be paid bi annually in arrears. First payment is due before the end of this month.
Does anybody know a time line for when we might get our first DCU payout ?
DCU price is 1.77p
Are Prax are still in the running?
Simple answer:
Yes or no.
"reported Bloomberg citing undisclosed sources"
The sources are incorrect. Nothing at all been said officially by Shell
Read this Kever and then tell us Prax are still in the running.
https://www.offshore-technology.com/news/shell-north-sea-assets-sale/
How do you know Kever?
Article is wrong
From someone close to process. Also, If you look on website offshore technology.com you will see that “Shell have selected three bidders” and Prax are not one of them.