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"As Dive says seems likely a shutdown or deliberate lower flow rate. Anyone any other suggestions?"
Could be doing a bit of reservoir engineering, might have let the 'other' well flow (can't remember what we use to call it), to see where it's at, giving the production well area a break to replenish etc.
A reduced production due to an unplanned maintenance issue.
Equipment condition monitoring threw up a spanner than needed a part.
The list is pretty endless with no info other than production was down for a reason. I would'nt be too twitchy until we see the next months figures, most installations have blips in production that nobody gets to hear about.
Cheers Laser and corry for your continued inputs
"Debatable whether its going to be included in next payment, initial offload Altera Wave commenced prior to 31/12 but weather delayed completion till after that date"
Back in the day, this would have been a debatable topic, as soon as the oil left the AM it was BP's so wonder what the contract would have said for a part load over a threshold date? Now, can't see anything paid 'in advance' if it doesn't need to be so think we won't see anymore than the money for the two complete offloads, BWDIK
"fwiw hl transferred my dcu's to a trading account but have put this first dcu payout into the isa as with everyone else. i assume this is a **** up and they will either transfer funds to trading account or tell us to"
Interesting that another platform has done the same as ii, as the more platforms that do this makes it less likely that its a **** up, hopefully.
" We are not going to get fat on that"
FWIW we never were. Next year and 2025 should be a bit more substantial.
As there are no guarantees that we were going to get anything past last June, I just take a bit of solace in that we got 'something' and are a bit more hopeful to see some more.
"On the same basis I think we could also get a March 2027 payment, based on the revenues from the second half of 2026. From the Prax website:
“The DCUs confer an entitlement for DCU Holders to receive 17.5% of all Net Revenues earned by Prax Upstream from 1 March 2023 until 31 December 2026,”
Unless, of course, we have already received the maximum 6.48p before then."
Cheers for posting that. I mused exactly the same ie a Mar 27 payout due to the 90 day in arrears payment, a while back but nobody replied or concurred at the time. Always nice to know somebody else has the same thoughts
I'm with ii,
FWIW Correct cash has been deposited into my SIPP so all ok there.
In my ISA, some time back my HUR DCUs were moved from my ISA to my trading account, so naturally I was expecting any associated deposits to turn up in my Trading account. Wrong, the correct amount has been deposited into my ISA. I hope it stays there but have my doubts
"....trusting Mr. Joe public is powerless to do anything about it. From the top to the bottom where money is concerned it all stinks with dishonesty, greed and corruption and it it always will."
Ordinarily I would agree with you but having just received a cheque for nearly 5k from my old pension provider out of the blue, because they found 'discrepancies' with my termination bonus (which was paid out 5 years ago!) I'm not so sure.
Got interest with it and a note stating they've done a deal with HMRC for any tax due as well. ;-)))
Sort of gives me hope that there are things working behind the scenes in Joe Public's favour
Yes
Hi, I'm with ii and have had one payment which totalled to the expected 6.02p into both my ISA and SIPP
Cheers Laserdisc, glad to see you're still keeping tabs on this for all of us
FWIW June's issue of an independent consumer mag which I subscribe to (hint, there's a clue there which mag it is (and again). carries a big comparison article on investment platforms. Vanguard, AJ Bell, Freetrade and Investengine are all recommended, in saying that I'm with interactive investor and have had no trouble at all with this takeover or anything else for that matter.
Top customer score was 74%, bottom 62% over 18 companies
"and a possible 2nd payment at the end of 2026."
I think that as the payments are 90 days in arrears the last payment could actually be March 2027 if 'we' haven't reached the max of 6.48p by then
OK did a bit of sniffing around on the Prax website and found this, so at least 'we' know its the end of September and end of March that payments (if any) will be made.
"The DCUs confer an entitlement for DCU holders to receive 17.5% of all future net revenues earned by Hurricane from 1 March 2023 until 31 December 2026, including from both the Lancaster oil field and from any acquisitions made by Prax via Hurricane, capped at a total of 6.48 pence per DCU (being c.£129.1 million in aggregate). The DCU payments will be paid biannually in arrears, approximately 90 days after the period ends of 30 June and 31 December."
"As of today Hargrave Lansdown have received no decision from HMRC re DCU's remaining in ISAs or not."
FWIW I'm with ii and my ISA DCU's (as are my SIPP DCU's) are still sitting in my ISA (SIPP), titled "PRAX Exploration a Deferred Consideration Unit" with a number corresponding to the number of shares I had in HUR and no value. I do also have a trading account so would guess ii are also still waiting, as would have expected the ISA DCU's to have been shunted across to my trading account if a decision had been made that they can't sit in an ISA
Yeah sorry should have left the 'p' off and kept in in '£'
I wish it was but that's what I noted for Sept 23.
Also got total for 2024 as 0.0121p, 2025 as 0.0113p and 2026 as 0.0035p. Think these were all for Well 6 performance only as in total with the 6.02p all add up to only 0.0898p which is obviously short of the max 12.5p so guess Prax will be hopefully topping those figures up sometime, if they have a mind to.
FWIW, Don't know when in Sept but I've noted it as 0.0027p on my spreadsheet (can't remember where I got that from). Think that was the Well 6 portion, don't know if Prax are going to add to that though.
FWIW I've received the full 6.02p in both my SIPP and ISA (well nearly, they rounded it down so am a penny short in both to what I was expecting). I'm with ii.
FWIW in my ii portfolio(s) my HUR shares haven't disappeared but are now shown at the bottom in both my SIPP and ISA, as a 100% loss.
Hopefully a little bit more helpful answer, but then again I do have a vested interest in what is happening
"Why should a private company publicise details of it's commercial operations?"
Haven't got a clue, wasn't what I asked.
All I wanted to know was the best way to keep tabs on Well 6 as it affects whether there's a chance I might see some of the 6.48p between now and 2026