Member Info for DiveCentre

It will be interesting to see if Praz do another offload before the deal completes. I cannot help feeling that it will be timed to suit the terms of the deal.

I hope you are still ship watching Laser. I'm afraid to say I have become rather disillusioned.

Stop losses would have kicked in well above the current price. If you are hoping to buy in cheap now is the time.

A good example is this report about Sweden’s pension funds disaster in todays Telegraph.

https://www.telegraph.co.uk/money/net-zero/sweden-net-zero-pension-push-cautionary-tale-britain/

Will Reeves take note?

Given that Total Energies have declared an intention to exit the NS why not do a deal to buy their share.

Ronwoking you say:

"The dcu holders will be entitled to their share of all uplifts prior to completion of the serica purchase including the September payment plus a share of the amount received by prax from serica"

Has this been confirmed by the administrators?

Also are you suggesting tha DCU holders will receive 100% of the extent of DCU holders claim?

No, there is no way the full amount will be paid.

Prax E&P is in administration. This implies that it owes more than it can pay in which case the creditors will only receive a proportion of their respective claims. Since the maximum due to DCU holders, and thus the maximum claim can only be the capped sum set by the Prax acquisition of HUR then the eventual payout will only be a proportion of the DCU holders claim.

The extract is part of a quote from the Mail on Sunday's 'Midas' column.

I am not going to argue the wisdom of investing in Serica but I would suggest that JOG's future is rather more dependent on a relaxation of the EPL.

The difference between JOG and SQZ is that the potential upside for JOG is far greater than that for SQZ.

It should be obvious that there will very likely be speculative buying in the lead up to the budget, and no doubt there will be traders taking profits as the date nears. However it is worth remembering that the sp was around 200p when the Serica farmout was announced, and if there is any meaningful relaxation of the EPL the sp will fly.

Amazing day when you go xd and are still up 2.84%

Accounting for the dividend that is a net gain of 10.6%

Ronwoking.

I am with Halifax Share Dealing.

0n the 3rd October I sent this email to HSD:

Hello Ms Rowan

Thank you for your reply.

It is now apparent that the payment expected on the 30th September has been withheld and it is unclear what if any further payments will be made to holders of Prax DCU’s.

In case you are unaware on 30th September Serica Energy announced it has signed a sale and purchase agreement to acquire 100% of the issued share capital of Prax Upstream Limited ('Prax Upstream') from Prax Exploration & Production Plc (in Administration). I have enquired to the administrators and received the following reply:

Dear ****

Prax Exploration & Production plc (in Administration)

Thank you for your email.

On 29 September 2025, Daniel Smith and Matt Mawhinney of Teneo Financial Advisory Limited were appointed as Joint Administrators of Prax Exploration & Production plc. In accordance with their statutory duties 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 have not received any information by post or email by next Wednesday 8th October please contact this email address again.

We thank you for your patience.

Kind regards

For D Smith

Joint Administrator

Daniel James Mark Smith and Matthew Mawhinney of Teneo Financial Advisory Limited were appointed Joint Administrators of Prax Exploration & Production Plc (“the Company”) on 29 September 2025. The affairs, business and property of the Company are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability.

James Moran

Senior Associate Consultant

Teneo

1st Floor, 1 City Square

Park Row

Leeds, LS1 2ES

As I am only a beneficial holder the administrators will only provide substantive information to your nominee company since they are the holders on record. Would you please therefore ensure that I will be informed of all communications received from the administrators, and can you confirm that this request will be complied with.

Regards,

*********

I suggest you send a similar message to Barclays.

If full year dividend guidance of 8.9p is to be met it has to be 2.3p minimum.

Although there is nothing new in the information provided by the administrators it does at least confirm that they are communicating with registered holders. My concern was that nominee companies/providers could be complacent and fail to lodge claims should that be necessary.

Given that TotalEnergies have a stated intention of exiting from the North Sea I see NEO as the more likely of the two to pre-empt. Do not discount NEO, they recently partnered with Repsol to form NEO Next.

https://www.upstreamonline.com/finance/repsol-completes-merger-of-its-uk-north-sea-business/2-1-1851600

Ronwoking

Your statement:

“Should a further oil uplift from Lancaster occur prior to the Serica closing that should provide additional Net Revenue to Prax UL available for distribution to unsecured creditors including DCUs”, which as you say is your personal opinion, but is also something that has occurred to me.

There have already been two uplifts since the end of June (11/07 and 24/09) and there remains the possibility of another before the end of the year.

It is not unreasonable to suggest that until the deal with Serica completes Prax Upstream Limited remains bound by the terms of the agreement by which HUR was acquired.

Whilst we don’t know the extent of creditor claims the more that the DCU holders claim is valued at will proportionally increase the potential benefit to DCU holders. And there is also the question of entitlement to the proceeds of sale and whether the 17.5% promised in the Prax/HUR deal will still hold.

All of this remains unclear. The Serica announcement states they will receive payments totalling an estimated c.$100 million reflecting interim post-tax cashflows between the economic dates of each transaction and estimated completion dates, but there is much about this deal which has not been disclosed.

It is time to put these questions to the administrators.

Should be "compensate", sorry

or might it possibly be condensate!

Hank 13

Teneo will only communicate with shareholders listed on the register.

For people who hold shares via a provider such as Hargreaves Lansdowne, AJ Bell and others they will not be listed on register as a holder. The only information Teneo will have is the contact details for their providers nominee company and they are only going to communicate with the nominee company, AND NOT THE BENEFICIAL SHAREHOLDER.

Frankly I am amazed at the ignorance of people who do not understand this concept.

It is worth reading the post by Rahosi on advfn which quotes a reply from the administrators.

It includes this statement:

“On present information, we anticipate that sufficient funds will be realised to enable a distribution to be made to unsecured creditors, however the anticipated dividend rate is uncertain at this stage of the administration due to the complexity of the claims that we expect to receive. We anticipate that the adjudication process may take a number of months.”

Another blue day and we still have an 7.6% yield.

Ronwoking

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

Corryvreckan1

I see all your posts have been copy/pasted on th advfnhur board by davidsmithcheshire1 with no credit to yourself. I suspect he is the same individual who used to post on this board as Kever.