Member Info for mariog

Ask them please why they can't keep Hurricane listed until 2026

Perhaps rising oil prices adding some pressure to close that shady deal.

Not impossible task to do

The idea is not to keep current lazy BoD, but to takeover another producer generating cash, pay dividends, work on development using extremely good programme 91p back from every 1£ spent, this is actually the best time ever to work on building OWN brand. What else do we need? Prax is not offerring anything better than we can achieve with new proactive people.

we don't know if Prax was not behind the scenes even THAT time

Time to call Zaccaroni

Dentons advises Hurricane Energy on its proposed acquisition by Prax Group
March 20, 2023
London—Dentons is advising longstanding client Hurricane Energy plc ("Hurricane), the AIM-listed UK-based oil exploration and production company, on its proposed takeover by Prax Exploration & Productions plc ("Prax"). The terms of the recommended acquisition value Hurricane at up to £249 million. The acquisition is the conclusion to a comprehensive Formal Sale Process.

Prax is a wholly-owned subsidiary of State Oil Limited, which is the ultimate operating holding company of the Prax Group, a leading, British headquartered, international integrated and diversified midstream and downstream energy group. Prax is committed to building a sizeable upstream business in the North Sea, complementing its midstream and downstream activities to create an integrated business, and it is focused on rapidly developing its oil and gas portfolio via acquisitions. The acquisition of Hurricane is the first strategic step, providing a platform from which its upstream division will grow.

Antony Maris, Chief Executive Officer at Hurricane commented, “We are very pleased to have agreed terms for the recommended offer by Prax. Dentons has been a trusted partner of Hurricane for many years and the team has provided invaluable support to us. We are grateful to Darren and the team for their tireless support and expert guidance, and look forward to continuing our work with them as we progress the transaction.”

Darren Acres, UK Corporate partner at Dentons said, "It has been a real privilege to assist our longstanding client on what is an innovative and complex acquisition by a leading energy group.”

The Dentons multi-practice team advising Hurricane was led by Darren Acres, together with Corporate counsel Paul *****, Corporate senior associates Simon Mitchell and Nicola Rae, Corporate associates Abby Dorani and Vasilis Andreou, Corporate trainee Emer Lynch, Corporate apprentice Lemuael Kyeremateng, Employment Partner Alison Weatherhead, Employment Counsel Sarah Jackman, Tax partners Alex Tostevin and Lorna McCaa, Tax senior associate Alasdair Graham, Tax associate Ivan Jelocnik, Restructuring partner Neil Griffiths, Restructuring counsel Luci-Mitchell Fry, Restructuring senior associate Mark Price, Restructuring associate Danielle Stanley, Energy senior associate Torquil Law, Regulatory partner Katharine Harle and paralegals Lucy Cleary and Michael Munn.

Dentons has been advising Hurricane since before its admission to AIM in 2014.

About Dentons
Dentons is designed to be different. As the world's largest global law firm with 21,000 professionals in over 200 locations in more than 80 countries, we can help you grow, protect, operate and finance your business. Our polycentric and purpose-driven approach, together with our commitment to inclusion, diversity, equity and ESG, ensures we challenge the status quo to stay focused on what matters mo

Good question about the licenses. Can yoi drop an email to the company, maybe they know?

I regret to say that expected more enthusiasm from the No crew after posting this email with an updated plan B.
Lada if you you like it and think this can be done, say it and vote No to the current proposal.
With the new route we can achieve the same payout in 2023 and generate more money over time. Even Yes guys, think of it.

It is worth to try. I'll vote No.

Will you vote Yes then?

Guys, I would like to encourage you to ALL read the long email I have posted earlier today.
I would like to hear from YOU what is your opinion about this UPDATED Option B idea, is this a feasible plan, what should be changed? Do you already have any companies in mind to takeover for up to 50m USD, because if not, I will start looking around myself. Time to act or accept the Prax offer without further moaning.

Sorry for no more than 50m

This is not an easy plan, but possible.
Matter of finding a suitable company for no less than 50m

Included RB of CA and Kerogen.
What u think?

Part 3/3.

The above numbers of course are for informative purposes, but I am seeing them as realistic, especially if you allow yourselves and us, shareholders, to look proactively for a company to take over.
Some additional effort would be required in 2023, but the advantages are greater than risks and worth to explore.

Please let me know if you have any questions. Looking forward to hear from you.

Part 2/3.
Advantages to Hur A shareholders:
A) 7p per share paid in 2023 (capital return + sale proceeds)
B) right to a special dividend from 17.50% capped at 6.48pps
C) no need to deal with tax matters related to DCU proceeds received off the exchange and no need to deal with ISA holdings before and after the sale
D) keeping the company listed will allow shareholders to sell their shares at any time
E) any share price higher than 0 (zero) is creating additional value to shareholders immediately after the split
F) possibility of receiving 0.50-1.0p per share from 2024 (from taken over company)
Shareholders to deliver a list of companies meeting the criteria. Dividend of 0.50p per share should be available if the taken over company delivers 10m return a year
G) return from investment can be higher than 12.50per share by end of year 2026.

Disadvantages to Hur A shareholders:
A) no bi-annual dividend from Prax (Hur B)
B) possibility of receiving 0.50-1.0p divi per share from 2024 (from taken over company) depends from a success of finding a suitable company to buy
C) selling shares too early will disqualify from access to 6.48pps special divi (17.50% of all Net Revenue).

Advantages to Prax:
A) Prax to receive a producing P6 well and licences
B) Prax to retain all £300m or 90% of tax losses
C) Prax is able to proceed with any acquisitions immediately after the deal
D) Prax to keep access to the restricted cash of £45m.
E) no need to distribute DCU dividends bi-annually to thousands of ex-Hurricane shareholders
F) no need to distribute 17.50% of all Net Revenues to thousands of ex-Hurricane shareholders

Disadvantages to Prax:
A) Prax to pay more upfront

Advantages to Hur A and Chances:
A) Company still listed on the stock exchange
B) Company to remain a producer and will gain access to new wells and licences
C) Company to keep professional links with Prax
D) Company to keep a change to receive 17.50% of Hur B Net Revenue
E) Buying another producer should make the Hur A share price stronger and return to 2-3p which would represent 40-50m mcap. This is an important and forgotten possible outcome.
F) Company can spend £1 and receive £91p back while investing in a new project
G) Company is able to drill in the future using the licenses from the taken over company
H) Any new successful drill adds cash to the bank and increases share price.

Disadvantages to Hur A and Risks:
A) Hur A to return part of unrestricted funds to own shareholders on the sale day
B) Hur A to lose all or 90% of tax losses and will lose all cash stream immediately on a sale day
C) needs to stay operational after the sale
D) Hur A to continue deal with shareholders and their matters
E) Difficulty in finding a suitable company to take over
F) Company to be represented in the future by the directors brought from a taken over company.

The above numbers...

Emailed comoany on the 27th.

Part 1.
Dear Sirs,

I have an idea which I would like to share with you all.

The idea is to proceed with the "Prax deal" and to keep the Hurricane Energy listed. There are benefits for both sides in this outcome. Let me explain this please.

I believe that Prax is interested in the Hurricane's producing P6 well, license and in access to the tax losses. You can correct me if this is incorrect or something is missing here.

Large shareholders such as like Crystal Amber or Kerogen are happy to proceed with the "Prax deal".
Many of the Hurricane private small shareholders are rather interested in receiving more funds upfront or keeping the company listed and operational.

What if you could split Hurricane Energy into two companies, say Hur A and Hur B and this way satisfy both sides?

Hur A - retaining all the unrestricted cash as they are on the sale day, keeping the stock listed on the exchange and retaining entitlement to 17.50% of all future net revenues earned by the Hur B (part of DCU).

Hur B - receiving P6 well, licenses, restricted funds and tax losses in 100% (if not possible to keep a small 10% in Hur A for their future use).

Prax buys Hur B for cash, but not for 0.83p per share as currently, but for 4pps (approx £80m). Same time Prax will keep ALL the cash stream from the operational P6 (no bi-annual dividends), license, £300m of tax losses and £45m of restricted funds.

Hur A to pay dividend of 4pps to own shareholders from the sale proceeds.
Hur A to return part of unrestricted funds of 3pps to own shareholders on the sale day.
Hur A to pay special dividend to own shareholders from 17.50% of all the future Net Revenues earned by Hur B (capped at 6.48pps).

Hur B (Prax) to proceed with the acquisitions as they wish.

Hur A remains listed - to represent existing shareholders in future dealings with Prax up to end of year 2026. No shareholder is concerned about understanding of tax implications related to DCU proceeds or ISA, no shareholder needs to cash any cheques, trade DCUs on the matched bargain portal or talk to own financial advisor about understanding of DCUs (this part is is impacting many small shareholders).

Hur A retains 10% of tax losses (if possible) and with own cash is able to proceed with a takeover of a low cap producer with debt to clear. Hur A to clear that debt immediately.
This deal is allowing Hur A to pay annual dividend of 0.50-1.0pps as the taken over company is a producer and has no debts.
This deal is allowing Hur A to spend £1 and receive £91p back while investing in a new project.

Advantages to Hur A shareholders:

httPs://www.bbc.com/news/business-65077495
Energy firms have called on ministers to reduce the windfall tax as oil and gas prices fall, ahead of a package of measures on energy security expected to be announced on Thursday.
Trade body Offshore Energies UK said that "when prices drop, it is fair that the windfall tax should fall away".

I will contact Hur Ca Kerogen today, worth to explore this way in my opinion.