Hurricane Energy Share Discussion Threads

[laserdisc] 01/2/2025 11:18

6180 daily production for December 24

[fat frank] 17/1/2025 19:19

Porrohmahn:

If the Aoka Mizu is still producing during the last half year of the arrangement, and taking into account the additional production from the purchased Total assets, the maximum DCU payments should have been achieved well before this time.

[porrohmahnn] 15/1/2025 12:37

I have read the Scheme Document and the Deed Poll and cannot find any reference to what payment, if any, that DCU holders would receive three months after the end of the last Half-Year period in relation to any unsold oil that is on board the AM or in relation to any unsold oil from any other asset(s) that Prax might buy using the tax credits. I'm disappointed that the agreements don't appear to include provisions that entitle the DCU holders to a share of the stocks of oil that are held at the end of the last Half-Year, valued at whatever price these are eventually sold for, less applicable deductions.

Am I missing anything? Have I misinterpreted? If not, there would be little incentive for Prax to sell shipments of oil towards the end of the last Half-Year. We have already seen situations where uplifts of oil have been very close to the end of Half-Year periods and its not inconceivable that a similar situation might arise at the end of the last Half-Year.

There is a provision in the Deed Poll that requires; "The Company shall discharge its obligations under this Deed in good faith and shall use all reasonable endeavours to maximise the Deferred Payment." There is also a dispute resolution process but I'm not convinced that these would provide the necessary confidence that the scenario I envisage above could not occur.

[fat frank] 05/1/2025 14:37

Scaleyman - from From Upstreamonline 13 Dec 2024 08:35:


'A Norwegian energy engineering firm has been awarded a front-end engineering and design contract for the redeployment of a floating production, storage and offloading vessel currently operating in the UK North Sea.

Engineering firm Aragon said it had been awarded the contract by Bluewater Energy Services for the Aoka Mizu FPSO redeployment project.

The Aoka Mizu is currently working on the Lancaster oilfield, and has been earmarked by the Israeli operator Navitas Petroleum for the Sea Lion project in the Falkland Islands.

Sea Lion joint venture partner Rockhopper Exploration said last month that a memorandum of understanding had been signed for the supply of a redeployed FPSO currently in the UK.

Aragon, which is majority owned by Seatrium of Singapore, said the FEED contract “signifies another milestone in our enduring partnership with Bluewater, built on mutual trust and shared success”.

“The refit and refurbishment activities are scheduled to commence in 2025, paving the way for the FPSO to become operational by 2027,” it added.'

It's just a case of when they are physically ready to start work on the unit and Bluewater serve notice

[fat frank] 05/1/2025 14:03

Agreed, it will be good to see the Total deal finalised but I would still like to see as much squeezed out of P6 as possible.....

I have a lot of faith in Prax and I think that they will be working very hard behind the scenes to keep Aoka Mizu on location as long as possible - 6000 bpd = $450k per day in revenue

[scaleyman] 05/1/2025 13:57

There has been rumours on RKH that AM is destined for NFB!! That would perhaps fit the narrative regarding down time as a total refit may be in the offing?

[laserdisc] 05/1/2025 13:17

Yes that adds up but i dont know.
Must be some maintenance that has happened, perhaps we will know more in March when the Dcu payment is due.
At present that should def include 2 offloads i missed one of those, this latest offload 31/12 may be included to make it 3 offloads.
Still hopeful that the Prax Total oil field acquisition will make up for the ongoing Dcu payments till end of 2026 whatever happens at Lancaster this year

[fat frank] 05/1/2025 12:01

Hi Laser,

Thanks for that and all the best for 2025.

I may be missing something but there doesn't seem to be any meaningful periods of maintenance shutdowns in 2024?

Slight drops in daily production in January and July but not much.

I wonder if they are reducing/deferring maintenance on the grounds that Bluewater may soon exercise the 6 month notice period.

Ironically my biggest concern now is that we will lose the FPSO well before the P6 goes sub commercial

[laserdisc] 01/1/2025 15:27

daily production 6,360

Offshore 202411 11 November 2024 25,264.14 30,329.10 6.36 833.00 0.00

to get the best out of link & save time if you just want to view Lancaster

at bottom of screen;

Field Production Data, PPR (WGS84) select: 'Options'
from the drop-down menu select: Filter

A dialogue box will then appear, select: 'Add expression'

In the left-hand drop-down box select: 'Field name (String)'

Then in the third box type in Lancaster and click 'OK'

The data for Lancaster will appear

[laserdisc] 01/1/2025 14:11

Tide Spirit offloading Lancaster oil from yesterday 31/12 its a part load my own est around 400,000 but not sure unknown whether this offload will be included in the March dcu payment cut off is 31/12/24 so payment for this oil would be an accrual in Prax upstream accounts.

Next offload say around 31/3 to 10th April given a 10% decline for production and downtown of 5%

[scaleyman] 27/12/2024 12:51

Cheers laser, seasons greetings. :-)

[laserdisc] 26/12/2024 09:12

draft 9.5M

[laserdisc] 18/12/2024 15:48

It’s not a contract to move aoka mizu anytime soon it’s a design and costing plan by Norwegian co aregon nothing on aregon website at this time till that’s done who knows costs then if price is feasable party involved has to put up funding ,bluewater still making money on present lancaster performance prax making money on lower oil price because bluewater have reduced day rate for AM

The takeover of hurricane resulted in dcu,sbeing issued payable dividends on income generated till 31/12 /26/ final dividend 31/3/27prax are a reputable co with high integrity I do not think they will just end contract with bluewater as early as some posters on here think you have give time it will be late 2027 before it will be ready to operate the higher fluid capacity needed for rkh Obviusly they need to get the ball rolling for the next phase of fpso am but 2 years completion at this stage is going to be very tight topside metalwork all toe done possibly china will be in dry dock need to look at timescales for other fpso,s on conversion








Prax upstream are due to complete a deal with total in March 25 so that gives Hur Dcu,a boost of 17.5% of revenue prax use tax losses so Hur holders can still be fairly treated going forward.

Dcu price to buy 1.73p today non sold so could be large spread presently

[laserdisc] 18/12/2024 15:27

It’s not a contract to move aoka mizu anytime soon it’s a design and costing plan by Norwegian co aregon nothing on aregon website at this time till that’s done who knows costs then if price is feasible party involved has to put up funding

[dcutrader1234] 18/12/2024 13:58

Hi Laserdisc why are expectations that Aoka Mizu will not be moved until 2026? Also would it be possible for Lancaster Field to contract with a new FPSO, or do you think this would be the end of the economic life for Lancaster Field? I am not familiar with these processes, thanks.

[laserdisc] 18/12/2024 11:40

With downtime presently included we should be producing 180000 per month
So at least every 3 months we should be getting a tanker offload just for lancaster

Something like 4.3p still to come if Prax takeover fulfills expectations of the full 12.5p

[laserdisc] 18/12/2024 11:14

Looking into
Details from accounts day rate has been lowered lancaster performance good balance sheet strong expect Dcu payments to continue till end 2025
Costings
for topside alterations being prepared, do not expect Aoka mizu to be moved off Lancaster till 2026 then fpso will possibly go to a Chinese shipyard mid 2026 depends on rockhopper getting the finance.Bluewater
getting a steady income from Lancaster presently so no urgency to move basically looking forward they have options to look at

[laserdisc] 15/12/2024 20:06

See filing 14/11/24 59 pages for PRAX upstream ltd

[laserdisc] 15/12/2024 20:05

Prax believe that the excellent performance of Lancaster field should continue into 2025

Once regulatory approval received for the Total deal we should get more clarity on what our17.5% of income will amount to

[senseman] 13/12/2024 23:42

'Senseman LSE: DCU2 Today 23:38
Newby Lippy is K Mk7 pulling folk's todgers again. He's copy and pasting same nonsense on ADVFN as newby iqboe.'

The 2024 annual report is only 114 pages long

[iqboeq903] 13/12/2024 17:42

Latest mid price last traded on 13th Dec is 1p per DCU2.

[laserdisc] 13/12/2024 14:58

Thanks for the extract so with notice period the dcu”s should be in line with a march26 payment

Mid price here last traded on 9th. Cannot see you getting that sort of quantity I will keep mine at this late stage

[laserdisc] 13/12/2024 12:38

Altera Wave track tab in port on