Member Info for eskibeatbeater

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

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.

Ah I'm not surprised, expected as much.

Cheers for the update.

I do not have access to log in but asked Ai just to see if it would return anything at all....

The document ADM_170, titled "Letter to Creditors re Progress Report," was indeed published on April 28, 2026, at 17:26:06.

This document serves as a formal update from the Joint Administrators (FTI Consulting and Teneo) regarding the ongoing administration of the Prax Group (specifically companies like State Oil Limited, Prax Petroleum, and associated entities).

Key Highlights of the Update:

Completion of the Lindsey Oil Refinery Sale: As of April 28, 2026, the Official Receiver confirmed the finalization of the sale of the Lindsey Oil Refinery assets to Phillips 66 Limited. This includes the site in Lincolnshire and several terminals (Killingholme, Jarrow).

Employment Impact: Of the remaining employees, 109 have been recruited by Phillips 66, while 55 were unfortunately made redundant following the completion of the sale.

Administration Extension: The report indicates that while the current administration period for several entities (SOL, PPL, PTL) is set to end in June or July 2026, the Administrators are likely to request a 12-month extension (extending the process into mid-2027) to resolve outstanding matters, including intercompany debts.

Creditor Claims: Any outstanding invoices or matters related to the liquidation period are now being directed to a dedicated FTI Consulting team (PLOR.invoice@fticonsulting.com).

Context for Creditors

This progress report is a critical milestone for creditors (including "DCU" holders mentioned in market discussions) as it provides a clearer timeframe for potential distributions. However, given the ongoing investigations into "loan irregularities" and the freezing of £150 million in assets belonging to the former owner, Sanjeev Kumar Soosaipillai, the recovery process remains complex.

Note: If you are a creditor or shareholder looking for the full 100+ page technical report, it is typically accessible via the Companies House filing history for Prax Petroleum Limited (Company No. 04595500) or the specific administration portal hosted by FTI Consulting.

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.

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.

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.

Thanks Laserdisc. Always been a great help keeping people informed and updated.

Corry** sorry! Damn phone.

Nuch appreciated for that Corey

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

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?

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.

HL:

Thank you for your query.

Our team is currently preparing the official communication with respect to the present situation of Prax Exploration & Production plc that's due to be sent shortly. It will include all details in relation to the claim form and answers to other important questions. If you end up having any further questions in relation to this event, please do not hesitate to contact us.

I hope this has been of assistance. If you have any further questions, please reply by secure message from your HL account or send us an email. Please note that attachments we send will only be available to view on our website and not on the HL App.

Kind regards

Corporate Actions Team

Hargreaves Lansdown

Hank, what have I missed? What letter? I haven't received anything. I'm with Hargreaves lansdowne. Should I have received a letter?

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.

This is just a consideration but İf 17.5% of proceeds are due to us but because we are unsecured and therefore all proceeds going to those secured first, there may be nothing left for us?