PRAX UPSTREAM LIMITED
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Cash
£214K
USD 286,000
Latest balance sheet
Net assets
£89M
USD 119,138,000
Equity attributable
Employees
22
lowest in 3 filed years
Profit before tax
£22M
USD 28,964,000
Period ending 2025-02-28
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Audit opinion: Disclaimer of opinion
Latest auditor's report carried a non-clean opinion.
-
5 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
3-year trend · vs Energy median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-02-28
| Metric | Trend | 2022-12-31 | 2024-02-29 | 2025-02-28 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £232,651,595 | £181,949,394 | £133,646,504 | — | |
| Operating profit | £93,425,663 | £44,761,940 | £24,031,292 | — | |
| Profit before tax | £82,629,136 | £44,460,997 | £21,682,887 | — | |
| Net profit | £81,345,261 | £49,901,931 | £21,798,922 | — | |
| Cash | — | £179,668 | £214,104 | — | |
| Total assets less current liabilities | — | £119,876,479 | £127,154,514 | — | |
| Net assets | — | £78,844,138 | £89,188,501 | — | |
| Equity | — | £78,844,138 | £89,188,501 | — | |
| Average employees | 34 | 30 | 22 | — | |
| Wages | £5,763,587 | £6,083,246 | £3,619,554 | — | |
| Directors' remuneration | £1,341,518 | £909,567 | £0 | — |
Figures converted to GBP from USD at 0.749 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing covers about 12 months versus 14 months prior. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2022-12-31 | 2024-02-29 | 2025-02-28 |
|---|---|---|---|---|
| Operating margin | 40.2% | 24.6% | 18.0% | |
| Net margin | 35.0% | 27.4% | 16.3% | |
| Return on capital employed | — | 37.3% | 18.9% | |
| Gearing (liabilities / total assets) | — | 50.3% | 42.1% | |
| Current ratio | — | 0.78x | 0.25x | |
| Interest cover | 7.99x | 6.55x | 7.91x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 5 times since incorporation
- PRAX UPSTREAM LIMITED 2023-06-23 → present
- HURRICANE ENERGY LIMITED 2023-06-22 → 2023-06-23
- HURRICANE ENERGY PLC 2013-04-17 → 2023-06-22
- HURRICANE EXPLORATION PLC 2005-02-24 → 2013-04-17
- HURRICANE EXPLORATION LIMITED 2004-12-22 → 2005-02-24
- BLAKEDEW 531 LIMITED 2004-09-29 → 2004-12-22
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Consolidated group
- Auditor
- PKF Littlejohn
- Audit opinion
- Disclaimer of opinion
- Going concern
- Affirmed
“After making enquiries and having taken into consideration the above factors, the Directors have reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern period. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.”
Group structure
- PRAX UPSTREAM LIMITED · parent
- Prax Hurricane Holdings Limited 100%
- Prax Hurricane GLA Limited 100%
- Prax Hurricane GWA Limited 100%
- Prax Hurricane (Whirlwind) Limited 100%
- Prax Hurricane Basement Limited 100%
- Prax Hurricane Group Limited 100%
- Prax Hurricane Petroleum Limited 100%
- Prax Hurricane (Strathmore) Limited 100%
Significant events
- “On 28 March 2025, certain Prax Upstream Limited subsidiaries signed an acquisition agreement ('the ONE-Dyas Acquisition') to acquire certain assets from ONE-Dyas. This agreement was amended on 29 September 2025.”
- “On 5 June 2025 an amendment to the FSPO lease (amendment 8) was signed by Prax Upstream Limited, Prax Hurricane GLA Limited, Prax Hurricane GWA Limited, Prax Hurricane (Whirlwind) Limited, Bluewater (Aoka Mizu) B.V and Bluewater Lancaster Production (UK) Limited. The amendment introduces a profit share element to the lease.”
- “On 30 June 2025 it was announced that a number of Companies in the Prax group had entered administration. Prax Upstream Limited did not enter administration and consequently a process began to sell the business.”
- “On 29 September 2025 it was announced that Prax Exploration & Production Plc, the immediate parent company of Prax Upstream Limited had entered administration.”
- “On 29 September 2025 Serica Energy plc signed a sale and purchase agreement to acquire 100% of the issued share capital of the Company from Prax Exploration & Production Plc (in Administration).”
- “On 11 December 2025 Serica Energy plc announced that it had completed the acquisition of the Group.”
- “On 16 December 2025, Serica Energy plc announced the entry into a sale and purchase agreement, via two of the subsidiaries of the Group, to acquire a portfolio of Southern North Sea assets (the 'Acquired Assets') from Spirit Energy Limited ('Spirit Energy'), and certain affiliates.”
- “On 26 March 2026, further to its announcement on 30 September 2025, Serica Energy plc announced the completion of the acquisition of a 40% operated interest in the Greater Laggan Area ('GLA') and associated infrastructure, and operated licence interests in four near field exploration blocks, from TotalEnergies.”
- “On 3 May 2026 production from the Lancaster field ceased permanently.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 44 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| AMBA SECRETARIES LIMITED | Corporate Secretary | 2025-12-11 | — | — |
| COPELAND, Martin Francis David | Director | 2025-12-11 | Oct 1969 | British |
| COX, Christopher Martin | Director | 2025-12-11 | Mar 1961 | British |
| FEWKES, Daniel Charles | Director | 2025-12-11 | Jun 1969 | British |
| KILLEEN, Michael Paul | Director | 2025-12-11 | Feb 1971 | British |
| LAMBERT, Stephen David | Director | 2025-12-11 | Jul 1964 | British |
Show 44 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CHAFFE, Richard Paul | Secretary | 2022-04-22 | 2023-06-08 |
| JANKES, Daniel | Secretary | 2011-09-12 | 2022-04-22 |
| BLAKELAW SECRETARIES LIMITED | Corporate Secretary | 2004-09-29 | 2006-06-07 |
| BREAMS REGISTRARS AND NOMINEES LIMITED | Corporate Nominee Secretary | 2006-06-07 | 2011-09-12 |
| ELEMENTAL COMPANY SECRETARIAL LIMITED | Corporate Secretary | 2023-06-08 | 2025-12-11 |
| AGOSTINI, Alessandro | Director | 2023-06-08 | 2025-12-11 |
| ALLAN, Robert Andrew | Director | 2022-07-01 | 2023-06-08 |
| ARNOTT, Robert John | Director | 2016-03-01 | 2017-11-08 |
| BEAL, Linda Janice | Director | 2022-05-23 | 2023-06-08 |
| BRIGGS, Nicholas Howard | Director | 2009-04-23 | 2012-05-11 |
| CHAFFE, Richard Paul | Director | 2020-06-05 | 2023-06-08 |
| CHENG, Jason Aun Minn | Director | 2016-05-10 | 2020-06-05 |
| CRAIK, David Ian | Director | 2021-06-29 | 2023-06-08 |
| DAYER, Philip John | Director | 2011-01-01 | 2013-03-08 |
| GOOD, Charles Anthony | Director | 2006-04-26 | 2011-10-12 |
| GUEST, William James | Director | 2008-05-22 | 2013-03-08 |
| HARVEY, Russell Seth | Director | 2005-09-12 | 2005-09-12 |
| HEANEY, Robert Charles | Director | 2004-12-29 | 2005-05-05 |
| HOGAN, John Anthony | Director | 2013-03-08 | 2016-03-01 |
| HUDDLESTON, James Wallace | Director | 2005-05-05 | 2006-04-03 |
| JENKINS, David Anthony Lawson, Dr. | Director | 2013-03-08 | 2021-06-29 |
| KELLY, Roy Thomas | Director | 2016-05-10 | 2020-06-05 |
| KIRBY, Keith | Director | 2011-07-28 | 2014-06-22 |
| MARDON TAYLOR, Nicholas John | Director | 2012-05-11 | 2016-01-31 |
| MARDON TAYLOR, Nicholas John | Director | 2005-05-10 | 2011-07-28 |
| MARIS, Antony Wayne | Director | 2020-08-20 | 2023-06-08 |
| MCKENDRICK, Iain Charles | Director | 2023-06-08 | 2025-12-11 |
| MCTIERNAN, Steven James | Director | 2018-05-01 | 2021-06-29 |
| MONTAGUE, Adrian Alastair, Sir | Director | 2011-07-01 | 2013-03-08 |
| MORERA CALVERAS, Joan | Director | 2022-03-07 | 2023-06-08 |
| MURPHY, Jonathan David | Director | 2011-01-01 | 2013-03-08 |
| PARSLEY, Alan John, Dr | Director | 2020-06-05 | 2020-09-23 |
| PIKE, Nicholas John | Director | 2025-07-06 | 2025-12-11 |
| PLATT, Neil Robert | Director | 2013-03-08 | 2020-07-05 |
| SHAW, Sandra Nan Demby | Director | 2019-01-03 | 2021-06-29 |
| SMITH, Beverley Ann | Director | 2019-12-20 | 2021-06-29 |
| SOOSAIPILLAI, Winston Sanjeevkumar | Director | 2023-06-08 | 2025-07-04 |
| STOBIE, Alistair Milburn Macdonald | Director | 2016-03-16 | 2020-02-26 |
| TAO, Kar Yui Leonard | Director | 2016-05-10 | 2020-09-23 |
| TRICE, Robert Clive | Director | 2004-12-29 | 2020-06-05 |
| VAN DER WELLE, John Alexander | Director | 2013-03-08 | 2021-06-29 |
| WOLFE, Philip Edward Charles | Director | 2021-10-14 | 2023-06-08 |
| WRIGHT, Alan John | Director | 2021-06-29 | 2023-06-08 |
| BLAKELAW DIRECTOR SERVICES LIMITED | Corporate Director | 2004-09-29 | 2004-12-29 |
Ownership
Persons with significant control
Filing timeline
Last 20 of 310 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-02 | AA | accounts | Accounts with accounts type group | |
| 2026-02-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-01-02 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-12 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-12-11 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-11 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-11 | AP04 | officers | Appoint corporate secretary company with name date | |
| 2025-12-11 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-11 | AD01 | address | Change registered office address company with date old address new address | |
| 2025-12-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-11 | AD01 | address | Change registered office address company with date old address new address | |
| 2025-10-21 | RP01CS01 | confirmation-statement | Replacement filing of confirmation statement with made up date | |
| 2025-10-15 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-28 | CH01 | officers | Change person director company with change date | |
| 2025-07-18 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-18 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 0
- Officers appointed
- 6
- Officers resigned
- 5
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.