HUR.L Share Chat (HUR)

Oh yes, we took a few shaftings over the years. Starting to forget from who and where but that's probably for the best.

Eskibeater

We were shafted by Maris and Chaffe who treated the shareholders like the dog faeces. Remember their intention to give away the company to the bond holders and the failed court application. Prax took advantage of their malfeasance.

Could possible go on for an additional 12 months then. I feel like they are continually vague on what we are entitled too. Will it be merely a part of the cancelled/missed payment or compensation further for the sale. Strange to think it was 2023 when we got shafted by prax. Time flies.

Https://find-and-update.company-information.service.gov.uk/company/12157790/filing-history

Thanks for updates documebt avail this morning to view , the dcu,s are mentioned and very possible we will receive a payment looks like we will have to wait further September is next update

Part 1/2:

Key takeaways from the April Progress Report for Prax E&P:

Timetable (see post 2/2 below) – as for State Oil, Teneo are indicating that a 12 month extension beyond the initial statutory deadline [29/9/26] will likely be required.

Serica retention – see also post 2/2 below, £1m still possibly repayable to Serica at end of April. In addition, Teneo have now stated “The Consideration was subject to a final true up mechanism in respect of certain costs incurred by the Target Group in the period between signing and completion and resulted in final Consideration totalling £13.9m being received in the administration.” [page 7] So this is £0.6m less than the initial reported £14.5m which is a reduction to the funds available to pay out to creditors.

Payment to DCUs – no new information, still indicated as uncertain [page 4] as to both amount and timing.

Investigations [page 9] – “We have complied with our statuary duty to report on the conduct of the Company's directors and submitted our confidential report to the Insolvency Service on 22 December 2025.” and “We have reviewed the information available to assess whether there are any matters that might lead to a recovery for the benefit of creditors, such as potential claims that may be brought against parties either connected to or who have had past dealings with the Company. Having completed this review, no further avenues of recovery have been identified.” The State Oil progress report had more detail on court action for the wider group but the above suggests that will not benefit Prax E&P creditors, including DCUs.

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That’s all I can see of relevance just now, until later in the year.

The above is all IMHO and no advice intended. I do not give permission for any AI or LLM to use text or data from any of my posts on this forum.

Part 2/2:

Update to timetable of remaining events (approx.; first posted in January):

30th April – end of the retention period for the £1m held by Teneo which is “…repayable to the Purchaser [Serica] under certain confidential circumstances specified in the sale agreement.” The Progress Report is dated 28th April and therefore still contains this statement [page 7] without any indication of the final position. It can only be hoped that they would have known at the time if a repayment was likely and the absence of any clarification is for the good? :/

7th May – Serica confirmed Lancaster has ceased production and decom underway. This has no impact on DCU claims on the administration.

Ongoing – Teneo continue to resolve outstanding issues across the Prax Group and we need to wait for an indication of when that might conclude for Prax E&P and details of any final small payment due to DCUs as unsecured creditors. The timing and amount of this is still unknowable at this time and although a payment has been indicated as possible it is not yet guaranteed.

End of July – next 6 month progress report for State Oil Ltd. As stated by Teneo in the last Report “It is likely we will request extensions to the period of the administrations for a period of 12 months from 30 June 2026 for SOL…”, so the wider picture is not likely to be resolved soon and this will impact on how long the DCU claims take to resolve as well.

28th Sept – Initial statutory 1 year deadline for Prax E&P going into administration, however, from the Administrators’ Progress Report 28/4/26: “Whilst we continue to progress all final matters as quickly as reasonably practicable, it is likely that an extension to the administration period will be required.” [page 6] and “We intend to request an extension to the period of the administration for a period of 12 months from 28 September 2026 to address outstanding matters including potential future realisations and creditor distributions.” [page 9].

End of October – the next 6 month progress report to 28th Sept for Prax E&P is due.

31 March 27 – The original date when DCUs were due to expire. This date no longer has any direct relevance as DCU holders are now registered as unsecured creditors for past claims only and this date related to potential future oil sales that no longer apply.

What are system we have in this country! The authorities say they don't know where the couple are, emails and phone calls go unanswered and yet somehow they can get a court to approve things!!??

Sanjeev Kumar (Winston) Soosaipillai, the owner of the collapsed Prax oil refinery group, has received approval to sell a "palatial" multimillion-pound Surrey mansion to cover personal debts. The property, featuring an indoor pool and gym, was bought in 2022 for £7.8 million. The sale follows the 2025 collapse of his business, which left significant debts.

The Times

.....and Serica are doing well with "our" cash producing asset. Well still producing barrels and Brent price up!

....and Serica share price rising and rising on the back of Brent! Good buy on their part but was our asset

My dcu holdings were transferred by my USA managers ( II,Barclays and lloyds) out of my Isas and into trading accounts.

I have my DCUs in an AJ Bell ISA. Got a message on 16/1 saying HMRC no longer recognise these PRAX DCUs for inclusion in my ISA. So I either had to ‘sell’ them or transfer the DCUs out of my ISA into a dealing acct.

On contacting AJBell, they confirmed these DCUs could not be sold, so it looks like by 31/1 AJBell will delete the line in my ISA.

I guess if any sum is received from the PRAX Administrators it will go into my ISA as a cash payment, but that seems unlikely.

A sad end to the saga☹️

Finally some transparency on Lancaster. So production appears to be steady at 6000 boepd until Q2 when the FPSO leaves the project to presumably head south to sea lion? I got some SQZ last October and doing well out of them in a brief 3 months!

Https://www.serica-energy.com/downloads/releases/Serica%20-%20Trading%20and%20operations%20and%20update%2021-01-26.pdf

Thank you very much for taking the time and trouble to explain the situation, that is very much appreciated. It seems that my worst fears have been realised and that my ‘investment ‘ is now totally worthless.

Again thank you for your response.

Your shares in Hurricane energy were converted to Prax exploration DCUs on a 1for1 basis in Sept 2023.

You should have received a small cash return on the Prax DCUs in Sept 23 April 24 Oct 24 and March 25.

The payment that was due in October 25 was not made as Prax entered administration.

The DCUs were scheduled to expire worthless at the end of Sept 2026 with payments based on the net revenues from the Hurricane energy operation twice a year at the end of each March and September

The DCUs are unsecured obligations of Prax and therefore stand at the bottom of the pile of creditors of Prax.

The administrators have previously stated that there should be sufficient funds to make a payment to DCU holders in April 2026 but IMO if any payment is made it will be a very small one. The DCUs themselves have no value other than the possible payment in April 2026.

This is a short summary of a complex situation.

So IMO virtually all of the funds to be received as a result of the Hurricane takeover have all ready been paid to Hurricane shareholders and DCU holders.

Good evening,

I was one of the unfortunate, gullible, naive, inexperienced investors who fell hook, line and sinker for the theory of Dr Trice. I smashed the golden rule of investing by investing far more than I could ever afford to lose, to the tune of tens of thousands. Like many others I watched as my life savings disappeared before my eyes. I read about the Prax takeover and the allocation of the DSUs but, quite honestly, it was all above my head and exceeded my knowledge of the world of investment and finance. I’m not ashamed to say that the episode had a detrimental effect on my mental health, and I decided that the best way to deal with it was to accept the whole situation was one of my own making and naivety and to put the whole thing out of my mind and try to move on with my life. As such I didn’t seek advice or guidance and just forgot about it. I am in a better place now, mentally if not financially, and have become curious about the latest goings on with the company. I really haven’t got the first clue as to what, if anything, my shares / DSUs are worth, or how I go about finding out. My shares were held between Barclays and Hargreaves Landsdown. Is there anyone out there would be kind enough to spare a minute and give a little advice as to what I hold, whether they are worth anything and whether it is worth my while looking into this further. If these are stupid questions then I apologise but I really have no idea where I stand. If you could suggest where I might be able to find answers then I would be greatly obliged.

Thank you in anticipation.

Hello again. Just checking in with you to see how things are. I hope your health and financial position are now in a better place. I understand things were very hard back in 2022/23 but hopefully you are beginning to bounce back to some sort of normality. ( if that's possible in todays crazy world). I still remember the intensive hard work you put in for shareholders here on HUR and the damage it inflicted on your lifestyle. Idiotic posters making threats were no help to you and I still see a certain idiotic poster over on Vast. Still life moves on ......so wishing you and your family a very happy Christmas and a profitable new year. S&F Euston. 👍

I would be interested in following P6 production figures till end Dec 2026 to see how much we would have got on P6 standalone figures. I think it's now generally accepted that with Total deal 12.5p total would have been achieved. Given that, I wouldn't mind following the Total deal production figures till end 2026 also. Do folk think these good or bad ideas? An email at some point to forum admin would likely keep forum open till 2027. Also, who (forgive me I forget) has been posting the monthly production figures from the site which by law must record them?

Eski – I think you have already come round to it since your original post. Serica don't own the production until the deal completes so can't include the 5,900 in their current figures. Any backdating of revenues and costs/obligations will then be applied on completion as well, final implications of that Economic Date soon to be seen.

Expect there will be a further RNS from Serica in the next couple of weeks that may shed more light on the position, if approved by the regulator and in the absence of clarification from the Administrator.

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laser - my thanks as well, always grateful for ship watch and understand that it’s now the right time to hang up your ‘binoculars’.

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I’ve had a quick glance through the Statement of Affairs now filed at Companies House and there are several important observations. I’ll try to write up a useful summary of them tomorrow or Saturday but for now note that it is a regulatory requirement for that to be produced by the Director(s) soon after Admin is announced, and it’s dated 16th October so a statement relevant at that time and not to be taken as a reflection of what the final position might be.

Sense, i believe you are correct with that and from the outset I believed that to be the case too hence the term 'economic date' being utilised (I only understood that as when the offloads/liabilities etc become sericas).

However, at the same time, I note there are some within the BB who discuss offloads since and mention things like "we may have another offload before the deal completes" I believed that doesn't matter anymore for us as we do not benefit from it but at the same time, considered maybe I'm not up to speed or interpreting it correctly and so just pondered the idea that maybe it's not sericas yet. As when reading their RNS about their current production and how that will be boosted after completion that maybe it's not theirs yet. İ suspect maybe it's as easy as it states, from the economic date and I'm just being wishful.

Laser - my thanks also Laser - much appreciated at all times. Very well done. Shall miss them.

Eski - unless I am mistaken, on completion date Serica receive all Prax Upstream tax paid profit dating from the 'Economic Date' ie from 01.07.25, to completion date. Reckoned in Serica video to be circa $100 million. The deal is being backdated

My thanks too Laserdisc. Your posts have been so helpful!!

Ever since trice, every single possible moment, we got shafted a little harder. That I just became resigned to it all. Any moment a glimmer of hope surfaced, some how, we just ended up taking it a little more. İt's amazing how I now seem to be looking forward to the end, like it's some reward. Yet, I always ponder how this should have been entirely different for us but then I just consider - UK aim markets and realise it was destined to be like this.

"The administrator has not explained to creditors what efforts were made to find a buyer, how & why the Serica deal is good, or why Prax Upstream could not be left functioning with the Total deal completed" - yep!

But we shouldn't be surprised ever since trice was betrayed. At every single possible step we have been wronged by rampant deceit.

I entirely agree. That's why I'm stunned not only is it a sweet deal for serica, but it's also backdated. I also agree as to why the admin team didn't continue to run it as it was/is profitable and to then complete the total deal to add further value. İ always anticipated from first admin announcement of the parent company that would have been the case.

I sense a variation of the 'Stockholm Syndrome' is in play - being wholly dependent on the administrator, folk were pleased & happy to be told we will receive 'at least something'. And with the administrator being polite, ergo he is our friend we should be grateful to. Sorry, I don't buy it - being grateful for crumbs off a rich man's table because the rich man speaks kindly? The administrator has not explained to creditors what efforts were made to find a buyer, how & why the Serica deal is good, or why Prax Upstream could not be left functioning with the Total deal completed. These are basic explanations that were I an administrator I would feel duty bound to provide, unasked & unprodded. He hasn't. And of course we haven't asked him these self evident basic questions so have made it easy. Ask him them and see how much info he provides and how friendly he remains.

I expect folk to cry when it is eventually revealed how little we will receive. The administrator is Bernard Matthews and we are turkeys grateful he's turned the heating on a while before we're knifed. The Serica BoD meanwhile have are shortly off on a 3 week winter cruise in the Carribean

Https://www.youtube.com/watch?v=Y_nPQeoKwfo

Before giving me heat please watch the Serica purchase announcement video at leas twice. Having done so multiple times, I still see nothing justifying such a deal by the administrator. I regard it as pitiful. Essentially on completion date perhaps next month, for paying $25.6 mill, Serica receive via a deal backdated to 01.07.25, $100 mill cash tax paid, decom costs underwritten by tax losses, Total assets, expected 2026 $50 mill profit (if P6 ends Q3, continuing if it doesn't, huge tax losses to monetise & huge upside possibilities.

I reject the argument that $25.6 mill was the best achievable deal( & backdated). The deal was found and sorted in days & weeks - what proper effort is that? If I have to sell my £5K car over a single weekend to pay the mortgage on Monday and only one guy turns up and offers £2K, that does not mean the car was worth only £2K. The administrator could and should have allowed Prax Upstream to complete the Total deal and run itself, throwing off cash until a fair value buyer was found. Whilst one may dance around the head of a pin on fine detail there is a strength in being able to apply common sense - who the hell accepts $25 mill for a company which comes with $100 mill in it's current account plus a goody bag of valuable gold bars, gift-wrapped nicely in a big pink bow?

Seems to suggest they are not benefiting currently from our offloads since entering admin, so I assume it's not backdated. As they tend to infer that post completion they will be benefitting from a boost of approx 5,900bboepd to their current production numbers. so that seems to me like they are not benefitting now/backdated on completion.

I suspect that this one will go on for some months,given the complexity of the Prax Group.

The admin people (teneo) said that they would update us in April

Funny enough I was actually gonna include that to stop it. But always a classic to hear.

How long is a piece of string? For the next time you are asked this...

Twice as long as from the middle to the end.

Thanks

I'm sure this question is no doubt a stupid one but I was wondering how long these administration procedures usually drag on for? Are we talking a few more weeks, months or a year?

This is standard administration procedure. If less than 10% of creditors by value of claims object to the administrators proposals then they are given 'deemed consent' and that allows the administrator to proceed with their plan as already outlined in their statement of proposals.

The rest of the blurb looks like standard communication and filing arrangements and the new doc should be available at Companies House in the next few days for those not directly contacted:

https://find-and-update.company-information.service.gov.uk/company/12157790/filing-history

The same process already happened for State Oil and it was just a few extra regulatory filing pages attached to the front of the original proposal doc, I expect the same will apply here. The only other thing to look out for is if there are 'details of any modifications'. Otherwise, we continue to wait for the final outcome...

Notice of the creditors' decision on the administrator's proposals (paragraph 53(2))

3.41.—(1) In addition to delivering a report to the court and the registrar of companies (in accordance with paragraph 53(2) of Schedule B1) the administrator must deliver a report to—

(a)the company's creditors (accompanied by a copy of the statement of proposals, with the statement required by rule 3.35(10)(a) and (b), if it has not previously been delivered to the creditor); and

(b)every other person to whom a copy of the statement of proposals was delivered.

(2) A report mentioned in paragraph (1) must contain—

(a)identification details for the proceedings;

(b)details of decisions taken by the creditors including details of any modifications to the proposals which were approved by the creditors; and

(c)the date such decisions were made.

(3) A copy of the statement of proposals, with any statements required by rule 3.35(9) and (10), must accompany the report to the court.

Dear Sir/Madam

Prax Exploration & Production Plc - In Administration (“the Company”)

Company Number: 12157790

In accordance with Rule 3.41 of the Insolvency Rules 2016, I write to confirm that the Joint Administrators’ Proposals were approved by the Company’s creditors by deemed consent procedure on 23 October 2025.

Yours faithfully

For and on behalf of Prax Exploration & Production Plc

Prax Exploration & Production plc - Update regarding your DCUs

We are contacting you regarding your Prax Exploration & Production plc Deferred Consideration Unit 2 (Cash) units. We have been advised by the company that Prax Exploration & Production plc has now been placed into administration.

As a result of the administration, the latest fifth DCU payment has not been paid as expected.

Holders of Prax Exploration & Production plc Deferred Consideration Unit 2 (Cash) units are now classed as creditors in the administration, and we will be required to make a claim on your behalf to receive the cash due.

Please be assured that we are processing this claim and once we have received a further update, or cash has been received, we will be sure to update you.

Further information for holders of Deferred Consideration Units 1 (Loan Note)

We have not been provided with any specific information regarding how the administration will affect shareholders who hold the DCU 1 Loan Notes, however we will submit a claim for the cash payment and will provide further updates should we receive them.

Should you have any queries relating to this matter please contact us.

If your circumstances mean you'd like some extra support, or you have specific accessibility needs, there are lots of ways we can help. Visit www.hl.co.uk/support or call us on 0117 900 9000 to find out more.

Yours sincerely

Corporate Actions team

Hargreaves Lansdown

Ronwoking

Thanks for kindness. Received email & deed poll & will read. Without inet till yesterday (laptop needed repair). Also huge flu totalled me 10 days. Today 1st day feel human & with inet. Will be having big forum read & catch up

Senseman

did you receive my email with the deed poll

ronwoking

Senseman

I sent you a message on Advfn private messages.

Trust you are senseman on Advfn

Ronwoking

To add to my previous comment I believe advfn provide a messaging service.

Ronwoking

It costs £25 monthly for premium membership. Subscribe to use the PM service and then cancel before the month end. Obviously the member you wish to communicate with will also need to subscribe.

All DCU's sold by CA, from todays Final Results:

"In both life and the stock market, timing is everything. Last year, I wrote that the Fund had disposed of its remaining holding of Prax Exploration Deferred Consideration Units (DCUs), following the acquisition of Hurricane Energy Plc by Prax Exploration. This brought proceeds from the DCUs to £12.5 million, bringing total proceeds from Hurricane Energy to £47.2 million. In June 2025, administrators were appointed to the parent company of Prax Exploration."

I suspect CA no longer have no financial interest in the DCUs - having made an agreement for them to be purchased at a premium at the time of the Prax deal. I may be wrong but .....

If CA retain DCUs they will be watching the legality of transactions very closely

Hmmm the service advisor said the payment of £0.003 per DCU was happening very soon. That’s disappointing to hear is not the case.

Yeah, so as you will have gathered from the discussions on here that £0.003 was per the previous early notification of a payment that was due on the 30th but which is no longer going to happen. HL will update you in the future once more details are known but the administrator has indicated that could take “a number of months”.

Yes I did see your post. I did a little research off that back of that to try get my head around things.

I phoned HL. The service advisor at HL looked at notes from a department within the company. It was confirmed DCU payment will be £0.003. I asked definitely not £0.3 or £0.03 and he said “no.” I asked definitely no additional 17.5% of anything and he said “no.” He reiterated £0.003 and said there will be official communication of all information they have very soon.

Just got this formally via corporate actions on ii:

Update on status of Prax Exploration Deferred Consideration Units

Prax Exploration & Production Plc has entered into administration as of 3rd October 2025. Consequently, at present it is not clear whether holders of Prax Exploration Deferred Consideration Units (DCUs) will receive any payments in the future or not.

When more information is available, we will communicate this to you.

Chatboardnovice – good that you have spoken with your broker but can I ask what the exact words they used were?

Have you read my post below on 5th Oct at 11.58am, the first three paragraphs replying to Gazelleman?

It would be very interesting and happy news to other forum users if HL are now saying that payment WILL BE made (and when) as that would be a change to the current situation. Please be very precise about this as some details are not yet clear from other sources and we are relying on clear information where possible.

Thank you

Hi Everyone, So this saga goes on, I hope you're all keeping well and have enjoyed some success with your other investments.....Best wishes

https://www.bbc.co.uk/news/articles/cj4y7rl9vp9o

When is the DCU payment due?

Thanks Dive

I remember this "anomaly" from the share voting arrangements for the Prax takeover. I have already asked AJ bell to forward anything. They are pretty good to be honest.

Picsmaister

The administrators will only provide information to those named on the register as holders.

“the Joint Administrators will be providing further information to creditors which will be distributed early next week to the contact details the Company hold for you”

If you hold via a provider the registered holder will be your providers nominee company. I suggest you contact your provider and ask them to inform you as and when information is received from the administrators.

I dont see any harm in everyone emailing the administrators and putting a bit pressure on them. I smell a rat withing the administration process itself and we should let them know we are following this closely. I have emailed earlier today

Sense

I do believe hearing something along those lines but dont recall being given anything. We could check with the court papers if they are available.

There's information on Prax's web site:

https://www.prax.com/information-for-holders-of-dcus/

The final insult is my AJ Bell account is showing my DCUs with a value of £1.7p each....!!!!

Serica referred to them in their presentation. Couldn't make it up...

Nothing received here either. I'm with II.

So what will now happen to the tax credits? Wasn't that a major part of HUR/Prax deal?

No monies here. I guess cash could have been received by CS, cheques sent and then administration was annnounced? Instant change of situation and obligations legally. 'Stranded Asset' created?

It suggests to me that the ComputerShare cheque story is fantasy

Senseman – Here’s how it transpired. Feel free to go back and look for yourself. I was right to feel we were now in a 'game over' situation, and then went on to question whether or not I might be wrong, as I was seriously hoping to be wrong. Littlened and myself were discussing it, and then you barged into our conversation with your insults.

Hank: 30th Aug

It looks like we won't be getting any more payments now. Game over!

Hank: 1st Sept

From everything i've read, Prax is in the toilet. I doubt we'll see a payment at the end of this month... if ever.

Senseman: 2nd Sept

The diaologue between littlened & HANK is a tragi-comedy of morons.

littlened - 85 yrs old, owner of over 3 million DCUs, opiner of the HUR/Prax sale being good and now hopeful of Prax Upstream being sold rather than P6 being allowed to run till end 2026 - why do you still post that Prax Upstream is not part of the administration process when the administrator has announced it is seeking a buyer (unfound as yet) for Prax Upstream?

HANK - you have been previously called out for appearing after long absence, posting drivel and asking others to waste time bringing you up to speed because you can't be bothered to have a catch-up read. Why do you continue such behaviour?

Village idiots or mannerless ignoramuses? Sadly, the latter.

You've got to be next level evil to be a liquidator/administrator!

Just been returned unpaid. They have placed a stop on it. I've been speaking with Barclays and it looks like the cheque I have paid in has been cancelled, and that means my prediction of us not getting anything more has happened. You ridiculed me for suggesting in might happen, Senseman, and called me an idiot when I asked questions. Has anyone else got theirs?

> My view on aduk's death - walking into a river near new french home he was renovating - is i find it difficult to believe it was not related to HUR, depression & sadness.

Exactly this.... I never met AdoubleUK. However, his sad death / untimely suicide undoubtedly indirectly related to losses from Hurricane Energy.

I sold out of HUR when the PRAX take over was announced. Didn't like deal offered and re-invested my money elsewhere.

However, the PRAX bankruptcy must feel like the second team Hurricane share holders have been defrauded for 2nd time.

When I originally invested in HUR it was on basis that even worst-case Lancaster would produce until ~2026.

The low end geological estimate of the CPR has indeed proved to be outcome.

However even in that "worst case" production scenario I estimated the share price should have been 20-30p.

That assumption incorrectly assumed that HUR board (Marris, Chaffe et al) wished to keep operating as an oil company - rather than give Lancaster away for their own net gain. Daylight Robbery. SQZ have got a bargain deal.

Eski

Am also working silly hours, not good. My view on aduk's death - walking into a river near new french home he was renovating - is i find it difficult to believe it was not related to HUR, depression & sadness. An ex oilie Invested heavily but not stupidly after considerable research as his retirement fund - like many others the skullduggery & repeated periodic share price decimation allowed no scope for normal bounce back & dignified exit with acceptable loss. The trolling by paid bartlebottom was horrific. my best guess is he thought one day - if life is losing my savings so I can't even do up my retirement home let alone pay bills, I'd rather not live in such a world. I am angry that not enough 'normal posters' had the brains or balls to help eviscerate & silence the troller. There have always been a few stalwart exceptions aware of the danger trolls (paid or otherwise) promote and willing to get their hands dirty by stepping in and silencing them via keyboard. But far too many lazies happy to let the paid (or otherwise) troller succeed. It's often a very real war - and in a war you have to get down & dirty to defeat scum. Asking nicely does not work.

This is a good forum but has never done enough to protect it's best warriors. In 2021 it nearly broke me. Often spending 12 hrs a day unpaid for months to silence the huge volume of HUR/ bondholder paid trolls & turn a forum without hope into an extraordinary fighting force, I ended up with 4 am threatening phonecalls, where I live being posted on the forum (info came from HUR), my neighbours being questioned about me (private investigator). At one stage I was checking if I was being followed when I went out. Bad people get very serious when spending £21 million trying to steal a half billion pound company.

The Serica steal (not Serica's fault) is effectively yet another free gift - the cash flow alone from July 1 to which Serica are entitled is circa £32 million (less production costs). Which itself more than pays for the whole purchase price. What planet does the administrator live on? As you say, each time something bad happened and we thought it could get no worse, it has.

I like also like wood and have made a few pieces in my time which I treasure and are like old friends - very therapeutic. Sleep beckons - keep cheerful. .

Trice was spot on from the start and severely wronged. I still don't believe sericas estimation of the well life. I envisage it being far longer and that every single scumbag that sold us down river knew that but obviously could permiss such with a nice under the table payment. Makes you sick. I once had an investment in fevertree and got very lucky on that. I had an investment in this that had all the promise and although made something, it was far from what should have been. In last 6/7 years I've been a huge proponent of crypto to avoid the farce that is the UK markets but even though I'm not surprised this injustice is cutting and disgusting!

Sense, agreed, currently I'm a bit taken a back (funny, as it keeps happening here, over and over again. When it seems it's bad, it gets worse.

Moreover, I hate hearing the names Maris and Chaffe. More so as time goes by.

It doesn't get easier, it gets worse. Reminicising on what we all rightfully identified as something that should have been far more lucrative than we we all received. However much profit some earned, it should have been far more. Their names, in my mind, opitimise AIM shares and more recently - UK stock markets in general.

We didn't just endure rape, we took a full, no lube gang bang of corruption with a side of fisting for afters. All of this makes you completely disgusted at the entire system.

Didn't even pick up on this until late in the day but have been expecting the prestige of recent. Wife is visiting her family in Uzbekistan leaving this morning and I'm here in Türkiye doing renovation work on the house, I find it quite cathartic actually. Always had a soft spot for wood work. Anyway, I digress.

Post today's shift and granted I rarely drink, I found tonight a good as night as any to consume some. I found my self thinking about adouble. He would be disgraced but not surprised. I also remember how people treated him. What a disgrace.

No time for thorough think but:-

Corry - You correct, sale proceeds net revenue not capital transaction, hence we should get £14.5 mill/ 0.127p DCU. Economic/transaction date 01/07/25 crucial - noticed it before couldn't compute impact. Renders Rodney T's solicitor-client opinion likely correct, save for his 0.127p error. A question - Aoka Mizu tanks nearly full 01/07/25 (offloaded 12/07/25). Who does oil in tank up to 01/07/25 belong to? Pro rata to us, or 100% to Serica as unsold prior to 01.07/25? Like Dive, I'll believe expected DCU when members report cash in broker accounts - not least because it normally shows there earlier than posted cheques are received.

Rodney - if you, the head of an investment group, post on this private investor forum in breach of rules re the DCU issue, please ensure it is fully correct rather than partly. Because rightly or wrongly, members will interpret it's origin as being your solicitor-client. Also it would be wise, if expressing a personal view on Crystal Amber/ Saba/ Albion Energy (then putative new CEO/CFO etc), to keep up with the forum and/or CA RNSs - either of which will show your comment to be outdated clickbait. I explained on 26/09/25 how CA pumped their HUR sale + DCU cash into De La Rue & Morphic Medical - this could not have occurred if Saba forced the HUR/Prax deal to monetise it's CA investment. Also, post the 2023 debacle I asked RB of CA for explanation. He categorically denied Saba pressure (when blaming Saba would have been a legitimate deflection of PI criticism). He also cited that when push came to shove Tony B of Albion sought to significantly move the financial goalposts in favour of Albion and oppressively against HUR to the extent that HUR SHs would have been up in arms. Being a dog with a bone I rang Tony B who confirmed seeking a better deal for Albion 'Because I already have enough money & that is what you do when the other side (HUR) needs you more than you need them. I don't do anything anymore unless it's on my terms'. Whereas we will never know the full story my view is that with Maris & Chaffe in place limiting profit by blocking all progress, and having to source a new CEO & CFO from scratch again, CA decided getting it's cash out of HUR into De La Rue & Morphic would produce greater more rapid profit (it hugely has). We were the sacrificial lambs.

Just received my cheque. 0.3p per DCU.

Hmmm, the SPA with ONE-Dyas is maybe a little unclear, presentation at 9am may give more clues?

"Serica will host a live presentation on the Investor Meet Company platform today at 0900 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Serica Energy plc via https://www.investormeetcompany.com/serica-energy-plc/register-investor."

Separate note - the offloads on 12th July and 24th Sept (thanks laser) have already created DCU obligations for payment in March 2026 (c. 0.6p roughly?) that should be unaffected by today's news. A further offload before the end of year is possible? but not sure how that would tie in with the Serica deal.

I'm now going to wait for official announcements before speculating further.

They say oil from lancaster expected till 1/4 3 2026

"The Acquisition is a corporate acquisition of Prax Upstream for a consideration of £14.5 million ($18.9 million). Completion is subject only to customary regulatory approvals and is expected to occur by year end."

Quick estimate - I make that around 0.127p per DCU, subject to any other unknown adjustments.

Completion of the Acquisition is expected in Q4 2025

Being bought out from Prax E&P so DCUs get 17.5%. Amount not clear as the $25.6m seems to include other Total assets but I haven't checked the detail.

More here:

https://www.lse.co.uk/rns/SQZ/acquisition-of-uk-north-sea-asset-portfolio-daok3dmie4vapij.html

The proceeds will be used to pay creditors. We will not see a penny of this.

Seriously underwater here, live and learn.