Hurricane Energy Share Discussion Threads

[bionictroller] 28/6/2024 20:14

I am voting REFORM UK so when the filth invades us they are sent straight back to France

[wbodger] 28/6/2024 19:06

The Prax news is a reminder not to vote Labour on Thursday. Miliband is still spouting off on windfall taxes and he is the shadow Energy Minister. AIU him he seemed to be talking about a "loophole" (sic) whereby some oil producers had been able to not pay the windfall tax due to having pre-existing unrecovered tax write-offs, chargeable against profits. Sounded familiar to me. Not sure how secure the ring-fencing is on Lancaster tax situation.

Also will the Total assets have any ring fence around them, allowing an offset against future windfall Tax?

At first pass it sounds positive for DCU holders. I commented somewhere that Prax should look at Shell's Buzzard interest because it produced 18 kbopd, but to get 7.5 kbopd is probably better suited to Hurricane. Depends on windfall Tax, which they will have thought about.

(Vote Scots Nats if you can! Just kidding. Vote Tory.)

[bocase] 28/6/2024 07:21

Thank you Laser. I appreciate your response. Yes it is the dividend at takeover that I refer to. It seems unfair that the company is taken from us at a song and yet we have to pay tax on the paltry sum as if it were profit. I will read all the posts but thank you for your valuable posts over the last several years.

[laserdisc] 28/6/2024 06:59

Good morning bocase over on lse thread there are a few posts
Tax treatment of DCU payments
Started: Corryvreckan1, 22 Mar

i am no expert but do read all the threads on taxation aspect, is it the extra special dividend at takeover you refer and not from the dcu's
The 4.15p in cash will be comprised of a transaction dividend of 3.32p per share and a cash consideration of 0.83p per share. The supplementary dividend is dependent on whether Hurricane Energy plc has sufficient cash resources, in particular it will need to have received the proceeds from the oil lifting from the Lancaster Field.

The DCUs may deliver up to 6.48 pence per share in cash. Clients who hold class I DCUs will be entitled to elect to receive a loan note instead of cash in respect of the amount of the DCU cash amount.

[bocase] 28/6/2024 06:02

Apologies if this has been discussed before but I have just received my Consolidated Tax Certificate from IG Markets and the initial payment we received in the respect of the HUR shares is indeed shown as 'dividend income' and therefore fully taxable so we are in a situation where most of us will have incurred a massive capital loss but are to be fully taxed as income on the paltry sum we received from the takeover. This amounts to being taxed on the loss. Anyone see any solution to this? Thank you.

[laserdisc] 27/6/2024 20:28

all good then thankyou Prax

Brent presently 86.48 and Lancaster still flowing outlook for DCU holders looks good
just the timescales

[bionictroller] 27/6/2024 20:25

"A month ago I I expended several hours difficult grunt work ascertaining from 2 impeccable sources - whose position and interest would be advantaged to report that producing assets were being procured - that to date no such purchases had been attempted, and that no dialogue with any possible producing asset was currently occurring. Since I want and need DCU's to bring us 12.5p.p.sh total at least if not more so than most, it depressed me having to report what I had found. Intelligent readers know that if I report something as fact, it can be relied upon."



I am still laughing at this post from Senseman only a couple of months ago.

"if I report something as fact, it can be relied upon"

LOL

Hilarious stuff

[bionictroller] 27/6/2024 20:23

Remember only a couple of months ago Sensemans 2 "impecabble sources" said there were no talks going on !!!!

I said different.

Who was correct ?

What say you Senseman ??????

[bionictroller] 27/6/2024 20:10

THE PRAX GROUP SIGNS AN AGREEMENT TO ACQUIRE TOTALENERGIES’
UPSTREAM ASSETS IN THE WEST OF SHETLAND
London, United Kingdom – 27th June 2024: The Prax Group announces the signing of an agreement
to acquire TotalEnergies’ interests in the Greater Laggan Area fields and the onshore Shetland Gas
Plant, as well as its interests in several nearby exploration licenses. The transaction is subject to
approval from the relevant authorities.
The Greater Laggan Area fields include Laggan, Tormore, Glenlivet, Edradour and Glendronach,
located around 140 kilometres west of the Shetland Islands. Current production (for FY 2023) for
TotalEnergies’ interests at about 7,500 barrels of oil equivalent per day, made up of around 90% of gas.
The transaction involves the transfer of relevant employees from TotalEnergies to the Prax Group in
compliance with the applicable legislation. The Prax Group has been a West of Shetland operator since
June 2023, following the acquisition of Hurricane Energy.
Upon completion of the transaction, which is expected in Q1 2025, Hurricane Energy Deferred
Consideration Unit holders will commence to receive a 17.5% gross revenue royalty from the acquired
assets, according to the terms of the DCU deed.

[bionictroller] 27/6/2024 20:09

Confirmed now in the DCU section on Prax website:

"Upon completion of the transaction, which is expected in Q1 2025, Hurricane Energy Deferred Consideration Unit holders will commence to receive a 17.5% gross revenue royalty from the acquired assets, according to the terms of the DCU deed."

So that would apply from the DCU payment due end of September 2025 onward.

Scroll down to the Press Releases section at the bottom, the link there will automatically download/open a pdf:

hxxps://www.prax.com/information-for-holders-of-dcus/

[laserdisc] 27/6/2024 19:47

Thanks bionictroller for that info fingersx then

[bionictroller] 27/6/2024 19:35

Had it confirmed by Camarco (HUR / Prax PR people) that this deal if it goes through will benefit HUR DCU holders.

[laserdisc] 27/6/2024 17:56

Says
This acquisition would see TotalEnergies’ interests become integrated within the Prax Group’s This acquisition would see TotalEnergies’ interests become integrated within the Prax Group’s existing businesses, as part of the Group’s larger, long-term strategy., as part of the Group’s larger, long-term strategy.

Looks like the dcu's come into play for the Hur tax losses says plural Prax Group’s existing businesses

they have numerous divisions

Deferred Consideration Unit (DCU) per share, granting 17.5% of net revenues until 31 Dec 2026, capped at 6.48 pence per DCU

[laserdisc] 27/6/2024 17:53

PRAX website just updated

Latest News ⏎
27th June 2024 ⏎
in ⏎
Press Release ⏎
The Prax Group Signs An Agreement To Acquire TotalEnergies’ Upstream Assets In The West Of Shetland ⏎
The Prax Group announces the signing of an agreement to acquire TotalEnergies’ interests in the Greater Laggan Area fields and the onshore Shetland… ⏎
Read More ⏎

[laserdisc] 27/6/2024 16:18

Thankyou for your post over on lse back in April you were spot on then lets hope the deal is initiated under prax upstream ltd as that division holds the Hur tax losses

[bionictroller] 27/6/2024 16:04

I told you Prax woould utilise the HUR tax losses.

12.5p is nailed on now for DCU holders


Senseman proved wrong yet again

[laserdisc] 27/6/2024 15:28

Alessandro Agostini may know he runs the prax upstream division

[laserdisc] 27/6/2024 15:05

Thanks for the heads up Porrohmahnn will look into link to Total energies

[porrohmahnn] 27/6/2024 13:53

Various news outlets are reporting that Prax Group has bought TotalEnergies share of various onshore and offshore assets. This includes Shetland Gas Plant, six offshore gas fields (including Laggan, Tormore, Glenlivet, Edradour and Glendronach fields) and some exploration licenses. The transaction is subject to relevant approvals.

TotalEnergies share of these assets currently produce about 7,500 barrels of oil equivalent per day, 90% of which is gas.

Does gas BOE production increase DCU Payments? Will Prax be able to use Hurricane tax credits against its purchase of part of the Shetland Gas Plant and, if so, how do former Hurricane shareholders benefit from this?

[senseman] 03/6/2024 12:58

from senseman lSE
With Brent currently $82 doing us no favours, production is our DCU lifeline. Jan 24 projected production was 6K bpd and falling, so P6 chugging steady 6.78K bpd in lay terms equates to Brent $93. Put another way, offload every 79 days rather than projected +90 days by now. That said, few believed HUR/Prax production projection. Is P6 explanation being that sandstone oil seeping into rock fissures as pressure equalises? Fingers crossed next few months.

Recent OPEC+ meeting extended cuts to Dec 1 next meeting - meaning unlikely Brent will crash. Big unknown is politics/war - by whatever miracle oil price so far has confounded history by escaping huge increase usually lasting 3-6 months

[laserdisc] 02/6/2024 16:12

APRIL PRODUCTION April 2024 6780 b oil per day next tanker watch early August

[laserdisc] 01/6/2024 18:37

OBSERVATION Oil port in Rostock Altera wind still not unloaded 1/06/24 interesting as Prax has 37% stake in PCK refinary perhaps we dont sell Lancaster oil to BP now, Tanker at anchor perhaps waiting for Brent to improve ??

EDIT oil unloaded 6/06/24 brent was 79.840 7/06/224 am draft returns to 9m (could be lower 8.5m when leaves port tugs in attendance 8am) from 12.3m that gives us depth 3.3m offload 525,000 to 539,000
final Open sea 8.9draft

[laserdisc] 17/5/2024 11:22

ALTERA WIND has started moving at:
Time: 2024-05-17 08:42 UTC
Position: N 60° 11.33', W 003° 51.78'
Speed/Course: 7.2 knots / 77°

ALTERA WIND departed from Port AOKA MIZU
at 2024-05-17 08:42 Local Time (2024-05-17 08:42 UTC)

looks a full load approx 530,000

20.05.2024
06:00
ALTERA WIND
03
I: Rohöl IE CRUDE OIL
Teesport

The Rostock-Schwedt oil pipeline transports crude oil from the port of Rostock to the PCK refinery in Schwedt, in the former East Germany. It is owned by PCK, the owner of the refinery in Schwedt. PCK is owned by Rosneft, Shell, and Eni.