Member Info for DiveCentre

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.

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.

Hello Laser

I have read the advfn board posts and they are more informative than what is being posted here.

I emailed the DCU representative and was advised to contact the administrators, which I did yesterday. I had a reply today which advised:

"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."

So it would seem DCU holders are now creditors. The question is whether the Prax E&P administration is separate to the Lindsey Oil liquidation because if it is we might possibly, and I emphasise possibly get some future payment. If they are connected then as unsecured creditors we will get nothing due to the secured HMRC debt.

As Corryvreckan1 said

“cheques are just pieces of paper until banked and funds transferred”

No one who holds via a provider has advised receipt of payment and my provider, HSD have told me they have not as yet received payment.

Anyone who expects 17.5% of the sale proceeds can forget it.

The administrators have no mandate to protect the interests of DCU holders and in my opinion they have manipulated this to achieve a sale for the sole benefit of Prax creditors

My provider has informed they have not (as yet) received payment.

We have been shafted.

The Aoka Mizu does not have the fluid handling capacity to replace Triton.

I am still waiting to find out if the advised 0.3p payment will actually be paid.

The worst outcome of this is that DCU holders will get nothing more and no explanation of why.

If Reeves is speaking sincerely she has to address the energy profits levy. There will be no investment whilst this punative tax regime remains.

Haggis

There was no debt when the Prax deal took place. The bond holders were previously paid off. Shareholders were betrayed by a corrupt management, Maris and Chaffe who prioritised their own personal interests. The situation was compounded by Bernstein’s position and the management decided to put the company up for sale. arguing that declining production would make the company unviable.

And yes, despite all the warnings from the corrupt board the latest NSTA data for Lancaster indicates 6000 bpod.

More news reports on the likely u-turn by Miliband on NS development.

“Ed Miliband considers expansion of existing North Sea oil fields”

https://www.thetimes.com/uk/politics/article/ed-miliband-north-sea-oil-gas-fields-prtjjf506

It has been reported Miliband was asked to resign but refused. Is it possible he was not sacked and only allowed to remain in post provided he changed his stance on oil and gas production?

However this is only half the story and, as mentioned in this article NS producers will only respond when the tax regime is relaxed. So will Reeves play ball and replace the EPL with a regime that encourages producers to start drilling in order to replace declining production? It looks like we will have to wait for the budget for an answer but ask yourself why there has been leakage of Milibands changing attitude. Will we see speculative news articles in the lead up to the budget, and how much advance notice will the market makers have of positive news articles?

Thanks Laser

I will wait for production figures before I make my estimate.

Hi laser

I see that Altera Wave has now departed en route to Wilhelmshaven. Do you have a departure time?

Cameo 4 has posted on advfn

My AJ Bell accounts in the corporate actions section 0.003 p per DCU to be paid,

Spoke too soon.

And in the live poll:

Should the UK drill for more oil and gas in the North Sea?

96% voted YES.

When will this government get the message?

Thanks Laser

Interesting timing as it is earlier than I was expecting and suggests we could get another offload before the end of the year.

As regular readers of this board will know the information requested has previously been posted twice. First on 28/06 and more recently on 08/08. The second post was in answer to a similar enquiry by a certain member who then asked the same question 24 days later.

It does take some time and effort to predict payments, watching for offloads, monitoring NSTA production data and then doing the sums so if you are not a regular reader of the board and are too idle to read back though posts then do not be surprised if you don’t get a reply.

Yes.

Nice to see that today's rise has held at close.

Also being reported in the Telegraph:

https://www.telegraph.co.uk/business/2025/09/11/dale-vince-urges-ed-miliband-to-subsidise-north-sea-oil-gas/

More presure on Miliband to go and on Reeves to cancel the EPL.