Member Info for DiveCentre

Ronwoking

If the administrators were to find a buyer for Prax Upstream then I agree that DCU holders would have no entitlement to any proportion of the sale proceeds. However I think it is quite reasonable to argue that any buyer of Prax upstream could be bound by the terms of Prax’s acquisition of HUR and be obliged to continue payment of a proportion of revenue to DCU holders. That said I think the administrators will find few if any buyers given the approach of uneconomic return and the possibility of Bluewater terminating the contract If Navitas go ahead with sealion.

You can upload it to a cloud storage service like OneDrive or SharePoint.

Google “how to post a word document online”

Then post the link.

Thanks laser.

Laserdisc

I see that Altera Wind has now departed. Do you have an exact departure time?

Some here might remember the poster bartlebobton. He was not popular because he was abrasive and invariably critical of the company. I know certain members including the late ADUK “green boxed” him, and I myself was not a fan of his posting. However, he last posted on 17/04/23 and 09/05/23 on the Prax offer with some sage advice. These posts can easily be found if you click on members and search. I distinctly remember these posts and being quite surprised by the fact that he was offering advice for the benefit of shareholders despite all his prior negative comments. Had his advice been taken up by enough shareholders to form a funding group sufficient to instruct legal representation it could possibly have defeated the Prax takeover.

The DCU representative is said to be for “matters in dispute”, but only accessible via a Prax email address and you have to question what powers this individual has to truly represent the interests of DCU holders. In the current circumstances I seriously doubt that individual shareholders will get a binding of even an informative response to enquires. DCU holders need an independent representative to engage with the liquidators in order to find out where they stand.

The Official Receiver will wind-up the companies in accordance with his statutory duties. He also has a duty to investigate the cause of the companies’ failure and conduct of current and former directors.

Why is there going be an investigation if it were not due to the possibility of malfeasance on the part of the owners?

There is the distinct possibility that control of the remaining Prax companies could pass to the liquidators.

Is that relevant?

JOG’s future will be decided by NEO, and or Repsol. Whether Benitz is still CEO or someone else will not change that.

We know that Lancaster production is in decline and without intervention will become unviable in 2 to 4 years. There is uncertainty over the future of the Bluewater contract and if Sealion gets FID it can only mean notice has been given, and goodbye AM. In such circumstances how attractive does Prax Upstream look for a potential buyer. If the liquidators can find a buyer it will be for a pittance.

Laserdisc

In order to trade the DCUs your broker will have to find a willing buyer.

Given the current circumstances I doubt there will be many willing to buy, and if there are what do you realistically think they would be prepared to offer.

Certainly not 1.7p

I haven't done the sums yet on future production but I think we will be lucky to get 1p.

This is the link but it will only show you the headline:

https://www.energyvoice.com/oilandgas/575433/shetland-gas-plant-evades-prax-collapse

This is from the article:

“Employees and contractors working at the Shetland gas plant and on Greater Laggan Area fields will be breathing sighs of relief after it emerged a deal to sell assets to Prax Group have not yet completed.

Although the deal to sell TotalEnergies’ West of Shetland assets to the Prax was announced in June 2024, the French energy giant said it remains as operator.”

The deal was still subject to regulatory approval and in light of events it is not hard to imagine that the NSTA have indicated approval will not be given.

It should also be noted that the Investors link on the Prax website which gives access to DCU documents and information has been taken down leaving DCU holders without access to information on future payments.

I suggest holders email the DCU representative:

Tim Chapman

Email: Dcu.representative@prax.com

The total energies deal is off.

This has just been published b Energy Voice:

"TotalEnergies retains ownership of West of Shetland assets in wake of Prax insolvency."

It means that even retaining income fromLlancaster the further returns will leave us well short of the promisted 12.5p

Sharvey44

If you check members you will find that Kever is no longer listed.

He upset a lot of members on other boards and I suspect LSE finally decided to get shot of him.

Would be interesting to hear the views of those other members who were for the deal.

The question is whether this will scupper the GLA deal because if it does further payments will be pretty meagre.

It should be obvious to those who watch that there will not now be another offload before the end of the month. Accordingly revenue this half year will be from the two sub par offloads which in my estimation have generated $47906million. I am therefore estimating between .00325p and .00345p for the September DCU payment. All dependent on the exchange rate mid September.

An RNS on the 26th would do very nicely as it will present a quandary for the mm’s as to how much to write down the sp on going ex dividend.

It would be a mistake to not take the BBC seriously.

The fact is the BBC is staffed with people whose personal views determine the output. On the question of climate change the BBC has taken up the mantle of pushing the climate change argument and they have done this to such an extent that a significant proportion of the UK population have been indoctrinated with the idea that we have a responsibility to do something about it. You only have to look at how many MP’s, particularly Labour are supportive of green policies.

From todays press reports:

“Government sources say the Treasury is pushing hard to allow the new developments as it focuses the government’s economic policy on growth. But many Labour MPs want Miliband to rule them out if there is a risk they could lead to the UK breaking its climate commitments.”

And this is despite the fact that the UK’s ability to affect global climate change is miniscule.

The BBC continually make pompous statements claiming to be unbiased and the problem is there is no one to hold them to account. The damage has already been done.

More likely an expectation of a change in government policy.

SP is up. Somebody knows something.

The last two offloads have both been well below the norm. Based on production figures my estimates are 324k for February and 349k for April and it is difficult to come up with a logical explanation for this other than there being a reduction in the AM’s storage capacity. Piscis21 offered an explanation in his post on 25/04/25 and given the uncertainty over the Bluewater contract it may be that Prax have chosen live with the issue to avoid any downtime for maintenance.

If capacity has been reduced to below 400k there will be another offload this month.