Member Info for senseman

This Teneo clapping is nauseating, misplaced & wholly misses the point. In 2021 the HUR/Ad Hoc bondholder lawyers got 21 million, in 2023 the HUR/Prax lawyers got 4 million. For thousands of hours of needless work producing reams of worthless toilet tissue, the essence of which could have ben written on 2 A4 pages. So Teneo's approach will be similar, ie:

Being appointed as liquidator is a blank cheque at circa £500 an hour with little if any oversight. Teneo will have been told sell it ASAP to a UK buyer for what you can get even if you have to give it away. A day or two working the phones will have 'identified' Teneo the firms which may be interested (it ain't a hard job) if the deal was sweet enough. Likely it became clear early doors a couple ie: Serica + another were prepared to clear the desks quickly enough to make it happen. So now Teneo pads it all out at 500 an hour to create it's statutory dur diligence protection & paper mountain for it's multimillion quid end fee. Write to all 'identified' companies with promotional blurb and process the queries and written responses most of which you knew before you wrote (all billed £500 an hour, office staff paid what £20 an hour?). A fair question - how hard do you think it is to create a facade of hard effort when the reward is £500 an hour. Lock me in a room for a day with the Teneo time sheets, email trail and reports and I promise I will identify +80% as being unnecessary fee-earning padding - aftertiming dressed up as due diligence. Plauditers of Teneo would serve better purpose writing asking for (i) lay explanation of what financial difficulty Prax Exploration was in which necessitated administration? (ii) why it was not left functioning, strengthened by the Total deal, as a cash cow which would instantly have benefitted creditors more than it's sale?

Wrexham you joined LSE only 3 days ago 3 December. When written, copy & paste your Teneo email (with your email address redacted and others may then write in similar fashion amended as wished. As you will have expected 12.5p and will be as upset as all at being robbed, incentive exists for you to expend time writing a powerful erudite email others may feed off.

I would be interested in following P6 production figures till end Dec 2026 to see how much we would have got on P6 standalone figures. I think it's now generally accepted that with Total deal 12.5p total would have been achieved. Given that, I wouldn't mind following the Total deal production figures till end 2026 also. Do folk think these good or bad ideas? An email at some point to forum admin would likely keep forum open till 2027. Also, who (forgive me I forget) has been posting the monthly production figures from the site which by law must record them?

I sense a variation of the 'Stockholm Syndrome' is in play - being wholly dependent on the administrator, folk were pleased & happy to be told we will receive 'at least something'. And with the administrator being polite, ergo he is our friend we should be grateful to. Sorry, I don't buy it - being grateful for crumbs off a rich man's table because the rich man speaks kindly? 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. These are basic explanations that were I an administrator I would feel duty bound to provide, unasked & unprodded. He hasn't. And of course we haven't asked him these self evident basic questions so have made it easy. Ask him them and see how much info he provides and how friendly he remains.

I expect folk to cry when it is eventually revealed how little we will receive. The administrator is Bernard Matthews and we are turkeys grateful he's turned the heating on a while before we're knifed. The Serica BoD meanwhile have are shortly off on a 3 week winter cruise in the Carribean

Https://www.youtube.com/watch?v=Y_nPQeoKwfo

Before giving me heat please watch the Serica purchase announcement video at leas twice. Having done so multiple times, I still see nothing justifying such a deal by the administrator. I regard it as pitiful. Essentially on completion date perhaps next month, for paying $25.6 mill, Serica receive via a deal backdated to 01.07.25, $100 mill cash tax paid, decom costs underwritten by tax losses, Total assets, expected 2026 $50 mill profit (if P6 ends Q3, continuing if it doesn't, huge tax losses to monetise & huge upside possibilities.

I reject the argument that $25.6 mill was the best achievable deal( & backdated). The deal was found and sorted in days & weeks - what proper effort is that? If I have to sell my £5K car over a single weekend to pay the mortgage on Monday and only one guy turns up and offers £2K, that does not mean the car was worth only £2K. The administrator could and should have allowed Prax Upstream to complete the Total deal and run itself, throwing off cash until a fair value buyer was found. Whilst one may dance around the head of a pin on fine detail there is a strength in being able to apply common sense - who the hell accepts $25 mill for a company which comes with $100 mill in it's current account plus a goody bag of valuable gold bars, gift-wrapped nicely in a big pink bow?

Laser - my thanks also Laser - much appreciated at all times. Very well done. Shall miss them.

Eski - unless I am mistaken, on completion date Serica receive all Prax Upstream tax paid profit dating from the 'Economic Date' ie from 01.07.25, to completion date. Reckoned in Serica video to be circa $100 million. The deal is being backdated

Hi Ron - no problem at all if our views differ. Though not posting, read & rattled events round my mind for weeks for the how when & why, prior to a view. I Teneo being friendly folk also promising us a few kopecks irrelevant. Bureaucrats appointed Teneo, who would have quickly appraised that cash-cow Prax Upstream was reliant on 1 well, the AM subject to 6 months notice, & falling production (would have relied on Prax/HUR mickey mouse figures). Teneo - 'Do you prefer we leave Upstream running for 1-2 yrs making oodles of cash and time to find a fair-value buyer, but run the risk of a black swan event suddenly ending production etc? Or that we get whatever we can now for Upstream PDQ?' Bureaucrats - 'We're already red-faced from ignoring the dodgy-Soosai warnings, & no one will buy the refinery. We'll look right t its if Upstream fails on our watch. Sell it PDQ for what you can get, to give the peasant creditors a few quid & we can claim it a job well done & it's off our desk. It must stay in UK - start phoning our friendly UK oilcos - make it cheap (or free) enough & one will bite - the fine (real) financial details don't matter provided the headline is it was 'sold' for a few million.'

A precis of the Serica CEO's announcement presentation was - 'We've just been given a fortune....' . No prior press mutterings warnings or intimation of interest from any company. DCU cheques & whole DCU payment cancelled - millions 'retained'. Sale contract date backdated to 1 July.

I think it naive to believe the above 'Yes Minister' type exchange doesn't occur between bureaucrats & gov appointed liquidators/administrators (the head of firm) - why else are they chosen?

The PRICE an administrator gets for an asset is THE most important aspect - the sale gives away more cash than the sale price received.

I did not know & until it is shown do not accept Prax Ex & P are heavily indebted. Please could someone explain how much & why? It will not alter my view that Prax Upstream is better used as a constant funding source rather than be sold. But I should like to know

Apology - should read 2023.

NB. By simply referring enquirers to the administrator, the DCU dude appointed to protect our interests is pure negligence...quelle surprise. He should be proactively asking the administrator the questions asked on here, reporting back to enquirers, ie: holding the administrator's feet to the fire

Preoccupied with other matters I have recently been unable to contribute and also thank those who have worked hard to make sense of this debacle - much appreciated and do please continue. My overview is:

1. The sale is so pro-Serica & contrary to real market value I feel Teneo were given the political nod (& protection) to secure ANY deal, providing it was with a UK based company. The failure to find a buyer for Prax refinery will have increased that political need. The sleight of hand separation of Prax Upstream from Prax Exploration; timing a day prior to DCU payment; backdating contract date to 1 July; inclusion of Total deal; huge sums due to Serica; the whole smacks of desperation & legal elasticity.

2. I am sure a top notch legal eagle could drive a coach & horses through the sale's legitimacy, for reasons others have herein previously expounded. But that will not occur, & barring black swan difficulties the administrator's legals will, with one eye deliberately closed, slither the sale through.

3. The sale is another donation of ownership from the disenfranchised to an opportunist; for a pittance & principally to clear administrators & politicians desks.

dflynch - if you remain a forum reader - do you recall specifically what was the 'DCU protective document' Prax/HUR lodged with the court in 2022 on the hearing day? Neither picsmaister nor I can recall, and a remote possibility exists it may be useful.

Ronwoking

Thanks for kindness. Received email & deed poll & will read. Without inet till yesterday (laptop needed repair). Also huge flu totalled me 10 days. Today 1st day feel human & with inet. Will be having big forum read & catch up

Pics

At the 2023 hearing the other side introduced on the day a document they said would provide protection from the or a 'parent' company in event the 'new HUR?' entity couldn't pay DCUs in certain circumstances. Essentially it's intention was to satisfy the judge that HUR SHs had protection in event Prax proved to be bunch of cowboys. We 3 were stressed and I can't remember details. Can you recall any details and were we given a copy? This is just me being thorough and wanting to lay to rest the possibility it could be consequential in protecting us in some way and a document missed by all & sundry including Teneo.

Ronwoking

Apology delay replying - no inet till few mis ago and perhaps no email likely till Monday so been unable to email the Chapman DCU guy. But would greatly appreciate you emailing me copy of Deed Poll ASAP - I can't find one this end. PS. Does it have date of signing on ii and if so what is it? Again, thanks.

Ron - beautifully explained

I cling to the hope that because Prax E&P entered administration so suddenly, the administrator ordered brokers to delay the anticipated DCU payment until the legal position was clarified.

I have a question - given that Prax UL are Hurricane Energy simply renamed, and HUR signed the deed poll, do not the HUR deed poll obligations automatically pass to Prax UL? Common sense would surely say yes and it is irrelevant whether Prax UL signed the deed poll?

HANK - when I chastised you now months ago for lazily confusing & undoing good work done by many clarifying the DCU position AT THAT TIME, Serica had NOT bought Prax UL & no public information existed that it would. Nor that Teneo would ever allow a future purchase to seperate Prax UL from Prax E&P or allow a sale transaction date to be backdated to 01/07/25. You did not raise any of these possibilities at the time - essentially you wrote - 'I haven't bothered to keep up to speed, please someone fill me in, it looks like we won't see a penny more.' My comment was wholly justified. You now seek to utilise a later black-swan event to argue 'I was right, senseman was wrong'. Do you think members are idiots who will not recognise what a twat you are again being? Think again!

Eski

Am also working silly hours, not good. My view on aduk's death - walking into a river near new french home he was renovating - is i find it difficult to believe it was not related to HUR, depression & sadness. An ex oilie Invested heavily but not stupidly after considerable research as his retirement fund - like many others the skullduggery & repeated periodic share price decimation allowed no scope for normal bounce back & dignified exit with acceptable loss. The trolling by paid bartlebottom was horrific. my best guess is he thought one day - if life is losing my savings so I can't even do up my retirement home let alone pay bills, I'd rather not live in such a world. I am angry that not enough 'normal posters' had the brains or balls to help eviscerate & silence the troller. There have always been a few stalwart exceptions aware of the danger trolls (paid or otherwise) promote and willing to get their hands dirty by stepping in and silencing them via keyboard. But far too many lazies happy to let the paid (or otherwise) troller succeed. It's often a very real war - and in a war you have to get down & dirty to defeat scum. Asking nicely does not work.

This is a good forum but has never done enough to protect it's best warriors. In 2021 it nearly broke me. Often spending 12 hrs a day unpaid for months to silence the huge volume of HUR/ bondholder paid trolls & turn a forum without hope into an extraordinary fighting force, I ended up with 4 am threatening phonecalls, where I live being posted on the forum (info came from HUR), my neighbours being questioned about me (private investigator). At one stage I was checking if I was being followed when I went out. Bad people get very serious when spending £21 million trying to steal a half billion pound company.

The Serica steal (not Serica's fault) is effectively yet another free gift - the cash flow alone from July 1 to which Serica are entitled is circa £32 million (less production costs). Which itself more than pays for the whole purchase price. What planet does the administrator live on? As you say, each time something bad happened and we thought it could get no worse, it has.

I like also like wood and have made a few pieces in my time which I treasure and are like old friends - very therapeutic. Sleep beckons - keep cheerful. .

No time for thorough think but:-

Corry - You correct, sale proceeds net revenue not capital transaction, hence we should get £14.5 mill/ 0.127p DCU. Economic/transaction date 01/07/25 crucial - noticed it before couldn't compute impact. Renders Rodney T's solicitor-client opinion likely correct, save for his 0.127p error. A question - Aoka Mizu tanks nearly full 01/07/25 (offloaded 12/07/25). Who does oil in tank up to 01/07/25 belong to? Pro rata to us, or 100% to Serica as unsold prior to 01.07/25? Like Dive, I'll believe expected DCU when members report cash in broker accounts - not least because it normally shows there earlier than posted cheques are received.

Rodney - if you, the head of an investment group, post on this private investor forum in breach of rules re the DCU issue, please ensure it is fully correct rather than partly. Because rightly or wrongly, members will interpret it's origin as being your solicitor-client. Also it would be wise, if expressing a personal view on Crystal Amber/ Saba/ Albion Energy (then putative new CEO/CFO etc), to keep up with the forum and/or CA RNSs - either of which will show your comment to be outdated clickbait. I explained on 26/09/25 how CA pumped their HUR sale + DCU cash into De La Rue & Morphic Medical - this could not have occurred if Saba forced the HUR/Prax deal to monetise it's CA investment. Also, post the 2023 debacle I asked RB of CA for explanation. He categorically denied Saba pressure (when blaming Saba would have been a legitimate deflection of PI criticism). He also cited that when push came to shove Tony B of Albion sought to significantly move the financial goalposts in favour of Albion and oppressively against HUR to the extent that HUR SHs would have been up in arms. Being a dog with a bone I rang Tony B who confirmed seeking a better deal for Albion 'Because I already have enough money & that is what you do when the other side (HUR) needs you more than you need them. I don't do anything anymore unless it's on my terms'. Whereas we will never know the full story my view is that with Maris & Chaffe in place limiting profit by blocking all progress, and having to source a new CEO & CFO from scratch again, CA decided getting it's cash out of HUR into De La Rue & Morphic would produce greater more rapid profit (it hugely has). We were the sacrificial lambs.

B*gger x 3 Disaster x 3

I encourage full listening of SQZ 30min presentation to let basics sink in. Will be hard enough already to achieve clarity & avoid confusion. Bottom is youtube link in case those already posted give trouble. Presentation - 2 competent Cheshire cats citing tax losses/ Laggan/Total deal included/ 2P reserves bought $2/$3 pbo against North Sea average $8 pbo/ sympathy for ex HUR SHs/ DCUs not included. Subtext - deal of century for peanuts. SQZ shares up 12% or 20p. SQZ SHs response - jackpot time.

Teneo Administrator - lazy pen-pusher out to clear desk & get paid. With Laggan/Total money-spinner deal included - is that the best achievable? Corry's £14.5 mill/ 0.127p per DCU correct (£14.5 mill divided by 2 billion DCU's). But will DCU holders see a sou of even that pittance?

DCU payment currently due - will reliables post immediately if anything received. Hargreaves - nothing yet.

Crucial questions (Wiseheads already digging down, ain't easy) 1. Do we get DCU currently awaited (circa 0.30p)? 2. Do we get DCU March 26 for July 25/ Sept 25 offloads (circa 0.6p?) Plus oil till deal completion late 25?. 3. Do we get 0.127p DCU from deal sale price? 4. Or has Teneo administrator been completely negligent?

Anyone with juice? - contact DCU rep Tim Chapman for clarity on tim@geopointadvisory.com

https://www.youtube.com/watch?v=Y_nPQeoKwfo

Broomtree

Prior to recently posting I received emails from 2 separate holders both expressing disquiet at your reappearance after a long absence. Below is an excerpt from one:-

‘…..and wasn’t he the plank who was Kever’s best mate for a while? Who posted that Crystal Amber and a Dutch outfit who bought 2% or 3% for easy DCU money must know more than us so we should vote for the deal like sheep, as well as giving opaque Prax the benefit of the doubt? From memory he was a long termer who benefitted into profit from 2021 low prices then conveniently chose to forget it was a huge con attempt. It was like listening to a five year trying to persuade Stephen Hawking that one plus one suddenly made three. Except he was arguing his book and not giving a damn for objectivity or anyone else. I thought he’d disappeared but now he’s back playing Mr Smarm as if nothing happened and we’ve forgotten. Should members be warned that a dangerous manipulator is back?……..’.

In 2023 you upset & angered many smart, ethical members. Whereas no one minds another making money - they do mind being told that black is white by one promoting a narrow personal profit agenda. You should have heeded my gentle advice that silence was wisest - advice I reiterate. What you could do now is be a man and post a gentle apology for your 2023 errors of judgement - which I am sure the forum will accept with grace. And you should know by now that clickbait attacks on me don’t work, so kindly stop them. Should you not, I may be minded to repost a few of your embarrassing 2023 posts.

eski - sadly likely yes. deviant soosai chose wisely - he picked a lightweight cfo (google him) & paid him hugely - pay a lawyer or cfo peanuts & they won't lie or cook the books for you - pay them half a million & they will do whatever you want. the cfo will be considering suicide - will it be struck off and lose my home, or will it be lose everything and serious prison? will depend on whether the administrator is a pen-pusher anxious to clear his/her desk (90% of them) and be paid, or if he/she is competent. a competent administrator would off the cfo a deal - 'i know you're just a paid *****, tell me all you know, and give access to all your private soosai whatsapp, and you'll be given a hefty fine, a 3 months open prison and keep your home - alternatively lose all you own and get 5yrs inside. because nice mr soosai will have squirrelled away 25-50 million in half a dozen different bank accounts in different jurisdictions and is now hanging you out to dry. we want him, not you. what's your decision?'

From Telegraph

https://www.msn.com/en-gb/money/other/runaway-oil-tycoon-re-emerges-to-deny-knowledge-of-1-5bn-debt-pile/ar-AA1NrY8v?ocid=winp2fptaskbarhover&cvid=2c3062ac00a9435ff33a566800cf4367&ei=10

'I know nothing, guv. It wasn't me, honest.'

Haggis - nice to hear you again. Guys are spot on. Prax got HUR for free. We were initially paid with our own cash. Since then DCU cash has been 17.5% of oil sales revenue &. Prax have received a free-income stream of 82.5% of oil sales revenue, less production costs.

Crystal Amber never publicly explained why it supported the HUR/Prax deal & threw PIs under the bus. It must have known HUR’s figures, projections & risk profile were lies, also that Prax were flakey. It’s position should have been precisely the same as in 2021. Whereas I could not figure out why it was not, I believe CA’s post-2023 sale actions provide explanation. Committed to ‘winding up’ the fund, it’s 2 other remaining potential money spinners besides HUR were De La Rue (banknotes) & Morphic Medical (medical research) - minority SH in both. Post the HUR sale CA (i) ploughed cash into De La Rue (doubled holding to circa 18%) & Morphic (became 97% SH) (ii) extended CA winding up period (iii) sold all DCUs & put those funds into De La Rue & Morphic (iv) entered full activist mode on both companies. In short - HUR sold to plough proceeds into more profitable holdings. Epic results to date - De La Rue sold a few months ago at significant profit. And Morphic (the biggie) awarded EU & UK approval for revolutionary anti-obesity device & awaiting only USA approval, is currently on ice awaiting a huge sale-payday when the time is right. In June 23 CA SP was 80/85p, in July 23 a 25p dividend issued, today share price 152p. Discount the dividend & CA SP has risen from 60p to 152p since HUR sale, on the back of De La Rue & Morphic. CA’s own NAV May 25 was 184.29 after which it ceased publishing NAV. Citywire estimated NAV at 335p. Explanation enough?

A deafening silence has been the lack of apology or mea culpa from PIs who argued against logic & often with abuse that the HUR/Prax deal was good & Prax sound. Invariably they lacked the balls to state upfront they were talking their book but sought instead to persuade members that black was white and the sale good for all. Often cited as part of the argument was that if CA were supporting the sale, it must be good for all. Er, no - read my previous paragraph. I don’t refer to the ‘known nutters’ but supposedly reasonable men with deep pockets who can write - Broomtree being a prime example. Keeping his powder beautifully dry since State Oil & even a miserable 12.5p hit the iceberg, he precisely knows his & his ilk’s culpability. And no, I’m not seeking a handbags session & advise least said soonest mended as wisdom. Did you guys really think you could escape censure scot-free? Many of you bounced your HUR cash straight into CA and are set to make small fortunes - so you will have plenty of comfort. If anyone disbelieves me look on LSE at Crystal Amber Share Chat to see the SP & RNS histories & Broomtree as chief cheerleader since June 23. The ADVFN CA forum is also worth a read.