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A couple of large late trades reported :
09-Apr-24 16:06:53 196.00 565,719 Unknown* 1m O
09-Apr-24 16:07:46 196.00 565,719 Unknown* 1m O
COSL rig heads for UK to kick off Serica Energy campaign
https://www.energyvoice.com/oilandgas/north-sea/exploration-production/551451/cosl-innovator-rig-serica-energy-uk/
Historically, the Y/E results should be sometime this week - sasa.
The final dividend last time was 14p
So a final dividend for 2023 of less than 14p will be a cut in the dividend
And when are the final results due anyway?
The Serica website does not even say when the final results are due
They do not seem to be very concerned about their shareholders
Https://www.telegraph.co.uk/business/2024/04/07/death-of-north-sea-oil-disaster-for-britain/
Seems far off for now....
If they cannot justify it then fraud must have taken place . If so maybe some us investor could investigate as i am sure they would not take it lying dowm. inmo.Unlike our woke brigade that seems to be running every part of our society now adays. inmv dyor and only if you appear to be over twenty. inmv
It was assumed by many that the tax losses justified the extraordinarily high price paid for Tailwind. However, 1 year later it is not clear if/how they can be used to benefit the enlarged company, and we are still waiting for a proper explanation. The share price has dropped 30% since the deal.
"question is what is the extent of the tailwind tax losses that cann be used..."
We will all find out very shortly with YE report. The effect of these 'wonderful deal making' tax losses will of had 9 months to feed into our combined results, ( plus 3 months from TW itself) so they had better be good.
DT you should of been here during this fiasco unfolding as there was a plethora of helpful and factual posts, needless to say, will the chickens come home to roost or will they start to lay these much promised golden eggs !
PS Just off the Sainsbury's to buy some eggs, golden yolk if I can find them, otherwise I could be left will just an empty shell !!!!
aimo & dyor
Just read malc'y bucket list, which gave serica a glowing report. so I then looked at the production and saw the huge increase since 2022. and then read you comment on Tailwind ... so did some research... by the looks of the deal Serica paid £620 million if you take into account the debt as a cost. plus a 25% loss in the enlarged company to Mercia. Holy cow.... all for 23000 bopd extra.. did I read that right. question is what is the extent of the tailwind tax losses that cann be used. and will they be usable against the North sea profit levy. I am looking at thiis for myy ISA starting Monday.
With all those amazing tax losses from the Tailwind stitch up, i mean acquisition, surely the dividends should be safe for a long time yet?
I do have a number of questions flexmw. I am also hoping that he will be very open with questions and answers . Especially as he is now standing aside. What i would like to see is a very vocal response to this government and the possible incoming one. I still believe that had the the larger players together with the smaller players been more vocal towards wft the industry would not be where it is now.
Going on last years Results schedule, we will possibly have an RNS tomorrow/Monday with the date given for 2023 full year results announcement & also an Investor Meet Presentation to follow on, which I’d expect to still be hosted by Mr Flegg, so will be a good opportunity to ask him some questions… I’m sure you’ll come up with a few Upomega…
A few NS companies I follow have made separate announcements on the day prior to their full year results.. would be nice for something positive prior to ours… wishful thinking….
If the dividend increases or maintains the level of the past year then that is a bonus, but i cannot imagine the share price responding in a possitive way if that occurs. Unfortunatly i feel that this would be the final year of such dividends. Unless of course epl is scrapped or reduced. inmo.
Maybe others have some views on this. It would also be useful if the departing ceo could somehow post his thoughts going forward on here. After all once he departs he will no longer be restrained by regulatory authorities.
Bring on the Donald . thats what i say . The wokes will soon vanish then inmo . Hopefully he will go after war criminalls and its stooges. I.E hmg and the oik that heads up the opposition party
We'll have the 2023 Y/E results to hand and I'm expecting the annual divd to be maintained, at least, if not marginally increased to, perhaps, 25p ps for the year as a whole.
Unless an overseas deal of some kind is announced (MF mentioning that many shareholders regard it as the 'elephant in the room' here) the double digit yield we're on is hardly compensation for its absence.
C'mon, Mitch, make it your 'swan song' for a change, prior to Labour killing of our Nth Sea energy industry to the detriment of all our domestic producers - sasa.
And i wonder which aiding and betting political war criminal backers of our wonderful political parties will have b...cks. sorry...f,,ny to to wft on bae /rr and the banks. Who inmo have been the main beneficiaries here. inmv.
Iona energy paid approaching $40 per barrel for a producing North sea field, oil prices fell and they went bankrupt.
Who cares so long as the sh..t price goes up.
Does anyone know what the most anyone has paid per barrel in a North Sea takeover is? I'm sure even in the pre windfall tax era, almost $20 would have been seen as too high. Do Serica hold the record for the highest paid per barrel?
Mitch is touting for a new job … 😆
I wonder which shareholders he's referring to ? Obviously not the vocal 27% that told him not to do anything as stupid as investing all our money in the NS at the start of the EPL ? Either he's bought a hearing aid or maybe some of the larger shareholders who supported the deal are suffering from buyers remorse?
Take a look at their results :
https://www.enquest.com/fileadmin/content/press_release_pdfs/2024/Results_for_the_year_ended_31_December_2023_and_2024_outlook.pdf
Could be worse options out there, oh wait a minute, maybe not as we have already acquired them (Tailwind) of course 😕
Aimo & dyor
Serica could "do an Ithaca" and bid for Enquest; that would double current production at a stroke. Highly cash generative although loss making on the bottom line and market cap currently £281M. IC says "the good news is that it (Enquest) expects to pay no corporation tax or supplementary charge on UK operational activities “for the foreseeable future”. A bid premium would still leave Enquest affordable / cheap and the commercial benefits could be material. Just a thought.........
Opss, sorry should be Parkmead of course, hang over from yesterdays ITH news still on my brain !! lol
"The Company is looking at all options to maximise the commercial benefit by collaborating with other operators to share fixed costs such as rig mobilisation.."
Clearly, ITH are looking to hedge their bets against Labour pulling the rug from underneath them with investment allowance.
aimo & dyor