Hurricane Energy Share Discussion Threads

[jacks13] 09/8/2023 12:48

"continues pumping away like a good 'un". It looks that way; Prax will have done their due diligence. The latest available numbers from North Sea Transition Authority are for May 2023. They reported oil production at 7,345 bbls/d and water at 8,577 bbls/d (c54% water cut). Good for another year or three it seems.

I believe things would have turned out so much better and we who were invested at the time could have been so much wealthier had Well 7z been drilled with more care. Trice's geology was sound, it was the engineering that failed in my book.

[senseman] 09/8/2023 11:46

Courtesy senseman LSE:-

REFLECTIONS Today 12:44
So disgusted at Prax being gifted HUR, first time logging in for weeks. And so things begin to play out confirming worst fears:-

DCUs - Since HL messaged clients on 18 July stating DCUs can't be held in ISA, most of us will get tax-stung. For thoroughness am awaiting phone call from HL confirming HMRC confirmed such in writing to them, but regard the call as formality.

BRENT - today$86.7 & slowly creeping up as supply tightens. I expect it to be clear by early 2024 that HUR's P6 standalone figures were fairytale, and markedly greater than Prax's slightly higher promised P6 figure.

LICENSES - scared of losing election, Tories blinked first and will issue 100+ new N. Sea/ Shetland licences. Labour, if it wins election, won't reverse licenses decision as would have done similar post-election win. Let's wait to see if P8 now revisited, + other goodies spring up to help now privately owned HUR make a fortune & rub our noses in it further.

DCU's again - some will argue HUR doing well enables us to get full DCU money (less tax). That may be, but why should we be grateful for a shilling when a pound was stolen from us? And remember there is often a slip between cup and mouth.

P6 - continues pumping away like a good 'un, problem free

[porrohmahnn] 08/8/2023 14:27

Another follow-on question.

Will the DCU payments take account of oil produced or just oil delivered by tanker, sold and paid for? If it's the latter, there might be no incentive for Prax to collect a final tanker-load towards the end of 2026 and it would make the DCU payments quite volatile from one period to the next.

[ifaze] 08/8/2023 14:12

Not seen anything Porrohmahnn. I am relying on someone here posting that they have had something paid into their account so I can then tell Barclays ThickInvestor to pull their finger out and give me my money.

[porrohmahnn] 08/8/2023 13:50

Ref Laserdisc's message #37730;

Have we been told when / how the DCU payment amounts will be communicated with DCU holders and what verification, if any, will accompany the declared payments?

The first payment is supposed to be made by 30/09/2023 with subsequent payments at 6 month intervals until 31/03/2027 but, given that this is an unusual arrangement, I'm anticipating that there might be more of a delay than with normal share dividends before the proceeds reach our share trading accounts / SIPP etc.

[laserdisc] 02/8/2023 14:36

someone bought DCU's on 21/07/2023 1,007,585 @1.77 GBX

[impvesta] 02/8/2023 07:55

"If hurricane shares were held in an Isa,the allocation of dcu’s would have been credited into the Isa but the Isa manager will remove them and credit them to a trading account.
II Lloyd’s and Barclays have already either done this or stated that the dcu’s are not eligible to be held in an Isa"

As have HL. They have said they will move DCUs from an ISA into a Fund and Share Account soon after 31st July.

[nimrod10] 01/8/2023 21:02

Prax dcu’s are not eligible to be held in an Isa.
If hurricane shares were held in an Isa,the allocation of dcu’s would have been credited into the Isa but the Isa manager will remove them and credit them to a trading account.
II Lloyd’s and Barclays have already either done this or stated that the dcu’s are not eligible to be held in an Isa

[rahosi] 01/8/2023 09:10

Can the DCUs be bought in an ISA?

[wbodger] 26/7/2023 16:35

Re #37336 No central banks are cancelling banknote contracts afaik, except maybe El Salvador! But your point is generally right: CA is not risk free.

I have an account with II (but not an ISA there) and I was told they would hold the DCUs when they were issued and I could give instructions to sell them, but they would not buy more for me. If ever you do want to sell them Interactive will, but currently will do it through Jenkins's Matched Bargain Facility.

[ifaze] 26/7/2023 09:45

Wbodger I don't even seem to have the option to sell my DCUs in my ii account (not that I want to)

Crystal Amber strategy looks attractive alternative but with that comes a lot of risk elsewhere - De La Rue seems to have turned a corner but they still have a pension deficit problem and how long before no one is using bank notes?

[wbodger] 26/7/2023 08:36

Not in addition. Prax paid 0.83 pence plus one DCU for Hurricane. The 5.19 you received was from Hurricane's free cash balance plus the net proceeds of the April offload. All of that 5.19 was Hurricane's to distribute to its own shareholders. So Hurricane's own cash accounted for most of the trading share price of 7.79 pps at the end. Prax added 0.83 pps of their own money to the 5.19 capital return (total 6.02 pps) and also one DCU to recognise the future net revenue of Lancaster they were buying. Prax and the Board made the capital return dividend a condition precedent of the Scheme, so without it the Scheme would not be sanctioned.

Prax's Deferred Consideration Units from future profits of Lancaster do not guarantee anything and their payout is limited to 6.48 ppu accumulated total payout in future. It is likely they will pay at least 3 ppu but not certain. (The risk is still carried by former Hurricane shareholders, but the upside is limited to 6.48.)

Nasturtium asked if there was anything else to add. Poster senseman commented in one of his posts that he had received assurance that if the bid had been voted down a different bid which the Board had earlier received and rejected without putting it to shareholders would have been presented again. The bidder (Albion) was still interested. (Well, why not. Lancaster shows no sign of finishing prematurely and could likely be extended with a successful infill drill, to extend its life for years.)

[wbodger] 25/7/2023 12:21

www.sharedealactive.co.uk

They don't deal with certificates afaics, but they have an account with Jenkins and offer Buy and Sell of DCUs. I did toy with reinvesting my Hurricane proceeds into Prax DCUs at 1.77 pps and hoping for more than that (up to 6.48 pps) in eventual proceeds. (My broker II only offered me a Sell option but sharedeal offered Buy and Sell.)

In the end I chose a different proxy for the DCUs: I bought CA Fund shares. Crystal Amber have 590 million DCUs, which could fetch them up to £38 million if 6.48 pence per DCU is paid. Depending how much their other assets are worth (very unpredictable!) that figure should heavily gear up the Fund's NAV.

Everyone should make their own calculations, but at least a quoted Fund has to inform its investors how it's getting on and produces monthly NAVs.

[marmar80] 21/7/2023 08:21

I found out that I can't buy and even sell my DCUs thru my Saxo brokers. Jenkins maybe is a good platform but not working for all.

[rahosi] 21/7/2023 08:16

DCU2s - LATEST TRADES
Mid Price
11/07/2023 44,616 1.73 GBX
10/07/2023 22,750 1.65 GBX

[steve73] 16/7/2023 07:15

thanks laser.... good to see you're still around and doing your tanker stuff..!

[laserdisc] 15/7/2023 17:15

steve the presentation indicated 6.29p so now following oil offloads i anticipate a 1st payment via dcu of 0.27p in September

[laserdisc] 15/7/2023 16:01

2023-07-14 12:40 MyT (UTC +1)

2023-07-15 16:29 MyT (UTC +1

oil offloaded @ rotterdam today 533000 est

first dcu payment will be made in September 2023 (covering the initial period to 30 June 2023)
DCU holders to receive 17.5% of all future net revenues earned by Hurricane from 1 March 2023

[ticha] 12/7/2023 12:00

DCU's currently trading at 1.77pps via JPJenkins
hxxps://jpjenkins.com/company/prax-exploration-production-plc-dcu-1/

[northwestwirral] 12/7/2023 07:41

Steve73
My H&L Statement

Cash - Transaction Dividend 3.32pps
Cash - Cash Consideration 0.83pps
Supplementary Dividend 1.87pps

Total to Date 6.02pps

and Prax DUC holding also listed as zero.

[steve73] 12/7/2023 04:17

At last my payments have been credited by i-dealing (post-dated to June..!!)

Seems I received the following:
0.83 pps for the SoA
5.19 pps as dividend (actually paid in one large chunk and one very small "top-up".

And the Prax DCU as a listed holding (with zero value, as expected)

Is this consistent with others' experience elsewhere?

[laserdisc] 11/7/2023 20:50

Departure of tanker ALTERA THULE this evg 12.6m draft heading to Rotterdam refinary for BP
from
AOKA MIZU (UTC 0)
2023-07-10 17:46 MyT (UTC +1)

Arrival
2023-07-11 21:14 MyT (UTC +1)

My Estimate for this load is 533000 . 76 days Next offload should be about 1st October 2023

heading to REFINARY 1 on the map

[marmar80] 10/7/2023 17:32

Sky is limited to 6.48 btw:)