HUR.L Share Price (HUR)

Aoka Mizu has just departed Lancaster. Showing destination Belfast.

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

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.

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.