Member Info for senseman

Been musing - someone shout out if if I have it wrong and explain why - we need 4p more to get to 12.5p. i say .7p max currently offloaded or in AM tanks, so 3.3p left outstanding. 3.3p x 2 million shares/dcus = £66 million. But since we only get 17.5% of any asset sale, Prax upstream, were it to be sold now, would need be sold for 66 x 100/17.5 = £377 million for us to get to 12.5p

To corry's erudite precis I would add besides legal power there is 'soft power'. the soosis (hubby & wife prax 'built on debt'' owners) prime concern will be retaining their private prax self-awarded salaries and divis wealth, and escaping prosecution. currently, they will be soiling themselves with fear. irrespective of whatever finite legal powers the administrator has, any 'suggestion' the administrator makes regarding finding fuds to pay HMRC, soosis will agree to. in a worst case scenario prax upstream could be sold blow value (along with other Prax assets) to pay HMRC and since we get only 17.5%, we could end up with DCU peanuts. clearly i hope otherwise .merley pointing out the soosis will sell the silver to protect their personal wealth and escape prosecution. my most visceral scorn is felt towards those who harranged and abused us naysayers that the hurr sale, prax & dcu's were good good good. some of whom have posted recently (yes, you know who you are). I have to no avail patiently waited for a single 'mea culpa, sorry guys i was a gobby abusive 'talking my book' merchant who got it badly wrong. i apologise unreservedly'. egro, i invite them to belatedly apologise now - better late than never

Corry - most eloquent precis. If you pop over to ADVFN you will see that vastprelea (Kever under his umpteenth moniker) has just pasted your post in full there...promoting it as his own post. i have alerted ADVFN forum

From guardian. ugly

https://www.theguardian.com/business/2025/jul/04/the-bubble-had-to-burst-the-inside-story-of-the-lindsey-oil-refinery-collapse#:~:text=A%20deal%20has%20since%20been,paid%20out%20of%20taxpayers'%20funds.&text=The%20company's%20sudden%20collapse%20blind,it%20came%20as%20no%20surprise.

Actually that search brings up all the goodies, which aren't pretty, incl the 250 mill tax. guardian link sets the tone

.https://www.google.com/search?q=prax+lindsey+refinery+strikes+glencore+deal&sca_esv=8b6a25ba0a48dae8&rlz=1C1CHBD_en-GBGB882GB882&sxsrf=AE3TifP8ItlfDFFYKwuP9Tdk6Ns9nexN-w%3A1751635935217&ei=39dnaNuBDYOrhbIPhOqa6Ag&ved=0ahUKEwib7catqKOOAxWDVUEAHQS1Bo0Q4dUDCBA&uact=5&oq=prax+lindsey+refinery+strikes+glencore+deal&gs_lp=Egxnd3Mtd2l6LXNlcnAiK3ByYXggbGluZHNleSByZWZpbmVyeSBzdHJpa2VzIGdsZW5jb3JlIGRlYWwyCxAAGIAEGLADGKIEMgsQABiABBiwAxiiBDILEAAYgAQYsAMYogQyCBAAGLADGO8FSPZsUJYJWN9RcAJ4AJABAJgBfqAB0AqqAQQxMi40uAEDyAEA-AEBmAISoALaC8ICBxAjGLACGCfCAggQABiABBiiBMICBRAAGO8FwgIIEAAYogQYiQWYAwDiAwUSATEgQIgGAZAGBJIHBDE0LjSgB41YsgcEMTIuNLgHxQvCBwgwLjEuMTEuNsgHeg&sclient=gws-wiz-serp

Google 'prax lindsey oil refinery strikes glencore deal' - gives a decent read. not found the 250 mill tax thing yet

Laser - where can we read? Just general Google?

Laser- can you jot down your workings at 500,000 barrels with brent $68 as current? i make it a healthy chunk lower than you and may be in error but can't yet see how

Brent $68 x 540000 = $37.7 mill x F/X £1 = $1.35 = £27.9 mill. for 500000 offload £25.8 mill. Laser forgot F/X as we all sometimes do. i make it circa 0.21 p every circa 3 month full offload. so 0.21 x 6 = 1.26 p for next (and final) 18 months

add 1p for oil sold or in AM (Laser's calc, maybe slightly less, I say 0.7max). So we're looking at 2.26p left to come. I say 2p tops. Less if Trump continues dissing world economy, oil price & dollar F/X. Plus P6 slow decline & poss AM termination.

Pretty it ain't. As things stand I say less than 2p tops to come. Without Laggan/Total deal we're screwed

Ever hopeful, I won't count the deal as dead until the fat lady sings. If it still benefits both parties, why not? But powerful headwinds will be both administrator & regulator cautious statutory obligations. What will administrator find it starts digging - any unexploded financial bombs? And how much confidence will remain in owners' future good stewardship? Hiding things for so long whilst paying themselves 4 million recently won't do them any favours, nor will staying hidden and stumm.

Dive - Thanks. Though the article isn't definitive, barring a miracle the deal is dead. The 2 hurdles would seem to be (i) why would regulator ok the deal and trust Prax upstream to be run properly when Prax refinery hasn't been? (ii) if Prax true to habit were trying to buy Laggan on the cheap via promise of a share of future production revenue, what faith would Total now have that Prax upstream would be run properly and not go belly up, when Prax refinery hasn't been and is belly up?

Dive - any link you can post which isn't firewalled? Below is new Guardian link re Prax owner's' pay/divis (not firewalled). in case it is will post headline para beneath link

https://www.theguardian.com/business/2025/jul/02/owners-collapsed-oil-refinery-prax-lindsey-11-million-pounds-pay-dividends

"Owners of collapsed oil refinery Prax Lindsey took £11.5m in pay and dividends. Details of payouts to Winston Soosaipillai and wife Arani emerge as calls grow for couple to financially support 625-strong workforce"

My ass started twitching when 2025 Q1 Total/Laggan target did not materialise. With Prax accountants walking, Total will have known the ins & outs as they developed.

My stressed memory recalls that at the final sanction hearing of HUR sale to Prax, both HUR & Prax were so worried the judge would halt the sale that one of their KCs waved a written undertaking before the judge that in the event HUR/Prax entered financial difficulty, Prax parent would meet the DCU obligations. I haven't a clue what use that may be to us now

Sharvey - most share your angst. prax fired maris afer 11 months. a prax senior, post the meeting (ie. at coffee & biccies time) that HUR called to explain 'the benefits of the prax deal' let slip that prax thought maris a cretin, had promised him job for life to get him to give HUR away for free, but would get rid of him within 12 months. they did

should you communicate with maris via linkedin, of his comment that prax were a great company yardy ya.....remind him also of the above. the fact that (i) prax are proving to be t...ossers (ii) the to...sers royally used and f...ecked him. you will at least feel better. maris - for the rest of his life, each night when sleep beckons, he will reflect on what a c.nut he is. and it WILL affect him

Ned - Everyone else understands the post. Being deliberately obtuse and semantic-quibbling is not endearing

From the Times

'Prax lost Big Four auditor before oil refinery collapse

After KPMG stopped signing off the accounts of Prax Group, owner of the failed Lindsey oil facility, it turned to PKF Littlejohn

KPMG stood down as the auditor to one of the UK’s largest oil refineries in the year before it collapsed following a number of restatements to its financial accounts. The Big Four audit firm stopped signing off the accounts for Prax Group, the refinery’s privately owned parent company, in the lead-up to its insolvency after verifying its finances for seven years, and was replaced by PKF Littlejohn, an audit firm popular with smaller companies.'

Lest we forget also - The original 6p.p.sh we got was essentially Prax paying us from the cash pile HUR had in it's current account, ie. we were paid with our our money. Prax got HUR for nowt!

Kever has been posting on ADVFN for several months under the moniker 'vastprelea' (his umpteenth reincarnation there) his latest DCU comment:-

'30/6/2025 13:46:12 'HUR / DCU payments not affected at all' vastprelea'

Apology - i understand the times article protected by firewall. here is from telegraph via msn not protected re man and wife prax owners and government disquiet re secrecy etc

https://www.msn.com/en-gb/money/other/couple-behind-doomed-oil-refinery-paid-3-7m-dividend-before-collapse/ar-AA1HJKfM?ocid=winp2fptaskbarhover&cvid=aafbaafee59a4fece13d0b847903a444&ei=13

From Times Business, today

https://www.thetimes.com/business-money/energy/article/prax-collapses-amid-losses-at-one-of-uks-last-oil-refineries-rbgz2qcl5

From Energy Voice....."Although the petrol stations and oilfields are not themselves in administration, these will likely be the subject of insolvency practitioners’ decisions about their future ownership."