Prax Exploration & Production PLC (DCU 1)
DCU (Deferred Consideration Unit)
Prax Exploration & Production PLC (“Prax”) acquired Hurricane Energy plc (“Hurricane”) in June 2023. As part of the acquisition, shareholders of Hurricane received one Deferred Consideration Unit (“DCU”) for every Hurricane share held. 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.
Each Class I DCU entitles the Class I DCU holder to receive loan note(s) (subject to applicable securities laws) in an amount equal to the DCU cash amount, the principal of which will be redeemable in cash on the redemption date (being six months and one day after their issuance).
Further information on the DCUs is available on Prax’s website at: https://www.prax.com/dcu/
Iain is a seasoned exploration and production professional. He started his international career with TotalEnergies, occupying several senior operational and commercial positions in the UK, U.S., Colombia and Argentina. Previously, he was CEO of the highly successful, M&A-driven growth vehicle Ithaca Energy, and was at the helm as it grew from $40 million market capitalisation to $950 million in five years. Iain also acts as an Asset Manager for private equity backed NEO Energy, as a Non-Executive Director for a Blackrock/GIC-backed private gas transportation company and as Chairman of Discover Exploration and Cornerstone Oil & Gas. Iain brings his extensive operational, commercial, and funding experience to bear, advising the Prax Group on its growth ambitions and programs.
Sanjeev is a highly respected entrepreneur who has more than 20 years’ experience in the energy industry. He has comprehensive knowledge of the international oil and commodities markets, and a proven track record in delivering strategic growth plans across all areas of the business. Under his leadership, the Prax Group has evolved into an immensely successful integrated, multinational energy conglomerate. Sanjeev continues in his quest to seek durable growth for the Group and to position it at the forefront of global energy transition and sustainable innovation.
Sanjeev holds a BA Honours degree in Accounting and Finance with Computing from the University of Kent.
Alessandro is an upstream specialist with over 20 years’ of commercial and leadership experience in Italy, UK and North Africa. Alessandro’s career spans Eni, Edison, Energean, and now Prax, serving a variety of roles from Business Development to country management. Alessandro led the growth of Edison from Italy into the UK, managing the UK entity through its growth from a single declining asset to a multi-asset, multi-commodity production, and exploration company. Alessandro has in depth knowledge of the European, Middle Eastern and African E&P playing fields and a strong understanding of financial and commercial aspects having started his career with Merrill Lynch in London.
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