Hurricane Energy Share Discussion Threads

[flyinghorse1] 26/6/2023 10:59

I just received the .83p cash payment in my HL SIPP but no dividend yet.
HL also confirmed if the DCU cant (HMRC determination) be kept in a ISA/SIPP they will be moved to their fund and share facility (I have already).

Whats not clear is if this transfer will count as a SIPP crystalisation event as a key SIPP benefit is if undrawn down by holder your beneficiaries (In event of your death)get the benefit tax free.(DYOR)

[rahosi] 26/6/2023 08:36

Broker XO. DFUs separately in our Nominee & ISA accounts.

[ifaze] 24/6/2023 12:23

As usual Barclays is Sh*te! Only made 2 of the 3 payments to my accounts.

I have previously chased other divs down that haven't been paid - worst case when they actually sent the money back to the registrars for Coral when 2 divs were paid on the same day. I spent hours trying to sort it out and arguing with different people that I wasn't wrong - sending them copies of RNSs etc to prove my case. Unbelievable they actually rebranded themselves to Smart Investor!

[goldry] 23/6/2023 19:25

Just had a snotty email from IG. They are telling me they've not had the funds yet from CITI Bank.

[goldry] 23/6/2023 11:09

Same for me with IG. I'm still waiting for them to get back to me after I questioned what was happening

[bocase] 23/6/2023 07:17

IG Markets are being a bit slow. The 0.83 cash is still not showing but the two 'dividends' are. The HUR shares are still showing but no mention of the DCU's.

Are other IG Market account holders in the same situation?

[oilretire] 22/6/2023 22:12

HBOS - The 0.83p cash is finally in my account now. The HUR shares have disappeared but there's still no DCU's showing.

[laserdisc] 22/6/2023 14:51

iii also updated my dcu's showing in an ISA. Will they stay there just for the 30 days till tax situation agreed with HMRC We will see ?

[laserdisc] 22/6/2023 14:43

hargreaves lansdown have updated my holding now shows as Prax Exploration & Production plc class 2 as retained in a SIPP

[goldry] 22/6/2023 14:10

Yes, meant class II

[roks] 22/6/2023 13:27

I forgot to vote so I will be getting class 1 dcu , would have preferred the cash rather than messing with loan notes

[laserdisc] 22/6/2023 13:24

If you did not return a Form of Election by 2nd June deadline you will receive Class II DCUs

[goldry] 22/6/2023 13:07

Thanks. I was not offered the option by IG so I guess I'll be class 1.

[laserdisc] 22/6/2023 12:55

FROM ABOVE LINK
How will Holders find out information on future acquisitions or the Lancaster Field?

Prax intends to provide upstream press releases and information pertaining to DCU Holders, for example future upstream acquisitions, if and when relevant, on the news section of the Prax website at www.prax.com/dcu/.

ALSO
UK North Sea acquisitions by Prax are likely to be completed through the Hurricane Group given its advantageous tax position.

[laserdisc] 22/6/2023 12:49

if you did not elect by 2nd june then you receive the class2 , election for dc1 was for a loan note which could be cashed 6 mths later than the class 2 payments ie appears to me it was for holders who wished to do tax planning for 2023/24 . Any dcu payments ie then could fall into tax year 2024/25 if you elected for the dc1

[goldry] 22/6/2023 12:41

This might be a stupid question. What's the difference between class 1 and class 2 DCU's. Who gets which and why?

[laserdisc] 22/6/2023 12:25

website update

[cameo4] 22/6/2023 12:25

I have now received the dividend, so I have received everything including Prax DCU's in my AJ Bell sipp.
Prax DCU's are credited with no value.

[laserdisc] 22/6/2023 11:34

iii tell me when dcu's are allocated they will be held in my trading account, however nothing to indicate i hold any at this time, in transactions of yesterday it does show a ref number but that then refers back to scheme of arrangement details, would be nice to see a holding figure of actual dcus in account but perhaps that is not possible on iii platform

[flyinghorse1] 22/6/2023 11:30

So where can you hold a DCU?
HL have said they will revert with answer from HMRC re SIPP/ISA as holding area for DCU, but not offered (In the case of a negative HMRC response) any other vehicles the have that they can be kept in (ie fund and share account).
FH

[brinks_matt] 22/6/2023 11:05

Laser / Impvesta - our understanding is that, on currently advice, you can't and won't get or be able to hold DCUs in either your SIPP or ISA as they are not recognised as the correct instrument by HMRC for SIPP/ISA.

This understanding is based on current info from brokers. We however believe that if someone was seriously to take it up with HMRC, then there is a very small chance that the DCUS could be recognised as permissible instruments. At this time they are not allowable within the wrappers.

The initial total 6p dividend payment (due around today) should be treated differently (i.e. should be treated within any SIPP/ISA wrapper, so not attracting dividend tax), but best to confirm with your broker.

[impvesta] 22/6/2023 10:45

No funds or DCUs in my HL yet (SIPP and ISA).

[laserdisc] 22/6/2023 10:29

recent oil voice article states Prax plans North Sea growth surge. Firm seeks to expand production six-fold through North Sea acquisitions .

the Prax vision is to increase production to around 50,000 bod if they succeed in part it will be reflected in the dcu's future payouts


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 in the UK North Sea 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.

[roks] 22/6/2023 10:08

So we dont get cash for the dcu.? And its going to get spread out all the way toend of 2026?

[laserdisc] 22/6/2023 08:17

jenkins now quote 1.77 on prax dcu



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