Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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It could simply be that a couple of key people are on holiday for a while.
Big gap between results date 13th and Investor Presentation meeting 24th ...
Results and presentation last year were on 21st and 27th... interesting !
aimo & dyor
SERICA ENERGY PLC will be holding a Investor Presentation meeting on 24th Apr 2023 at 4:00pm BST.
Terry, I agree that the BoD didn't handle it well in terms of comms, and maybe we overpaid a bit for TWD, but in my view SQZ remains undervalued with excellent future prospects. Hopefully the addition of the new board members from Mercuria will be a positive thing, bringing more commercial nous to the BoD. Staying positive and hoping for encouraging numbers in the next market update.
JOG update RNS - NEO Energy
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Farm-out
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that it has agreed to farm-out a 50% interest in the Greater Buchan Area ("GBA") licences to NEO Energy ("NEO").
Strong industry partner: NEO is a major UK North Sea operator producing approximately 90,000 barrels of oil equivalent per day and is backed by HitecVision, a leading private equity investor focused on Europe's offshore energy industry with $8 billion of assets under management
For me personally the results and the next week are a line in the sand. Like many I'm grumpy and unconvinced but today's news is a start and first target is £2.78 and the merger price. Good luck all
"The statement said: "When we announced the review, we said that as a result of the energy profits levy, which results in an effective tax rate of 75% in the UK regardless of the level of oil and gas prices in the market or realised, we have had to reassess our future activity level in the UK," the company said..."
"At our full year results in March, we explained this would 'lead to a significant reduction in our UK workforce'.
"We are working hard to mitigate the impact of this reduction, by for example, a recruitment freeze and opening a voluntary redundancy scheme. These figures do not include UK-based corporate and international roles, which are still being reviewed.
"Nor do they include our offshore organisation, where we expect the impact to be significantly lower. We are very conscious of the impact of this news on our people, and we are carrying out the review fairly and with consideration for everyone who is affected."
https://www.bbc.co.uk/news/uk-scotland-scotland-business-65178626
If that doesn't ring alarm bells for Hunt / Sunak, not sure what will tbh.
aimo & dyor
I’m hoping it’s for the double whammy effect Newk.. the Bod need to do something to get the share price moving…
Thanks Dcarn,
I did miss that info :)
NormaStits
Please don’t zip it, always good to hear an alternative view especially from yourself.
DennisThePennis
The Kistos deal as you say is history but not the way the BOD handled it as the BOD are still with us and shows their incompetence and ulterior motives, they are the main reason the for the current abysmal share price performance.
flexmw,
"I recently asked MF on this & he said it would coincide with end of year results as normal, so yes nice to see an effort to separate news & what should be a positive effect..."
So, begs the question why release one today when in a weeks time you would of included it within the YE results anyhow, RNS's cost money !
Are SQZ looking to add more reserves via an acquisition / farm-in between now and next Thursday.... Plenty of 'oven ready' deals to pick from JOG / HUR / CHAR etc ? News upon news to help drive the SP forward maybe.
Given release of today's RNS you would have thought, putting aside additional reserves, SQZ are confident that results even with now known uplift in reserves will please Mr Market, lets hope so.
aimo & dyor
I think we need to stop looking back on the wonderful Kistos offer with rose tinted glasses. A lot of things have changed since then, not least the WFT and gas price. The whole sector has been impacted, not just SQZ.
Looking ahead, I hope the additional reserves, higher production, usable tax losses and further M&A deals will see us back on top again.
Let's see what news the next RNS brings.
Thank you, Terry. The vow of silence is about to take effect so will engage further in due course. I can say a lot about ‘institutional’ investors, and how it works, as I am one. It is not as you seem to perceive it, but that’s another time.
Now zip it Norma!
From the Completion of Acquisition RNS on 23rd April. So advised but not confirmed.
-- A strong financial position from which to deliver further business growth. The Company expects to announce its 2022 results, which will include detailed financial information, on 13 April 2023.
Newkotb
I noticed & thought the same regards the separate RNS for the reserves update, I recently asked MF on this & he said it would coincide with end of year results as normal, so yes nice to see an effort to separate news & what should be a positive effect.
Regards results next week that posters mention.. i’ve not seen a Results notification date RNS yet unless Ive missed something?
NormaStits
I appreciate your opinions and you politeness in the face of a lot of opposition but I don’t get it for the reasons laid out by dickupham.
Also add in the appalling way the BOD have handled this, dismissing out of hand a far better offer from Kistos while actively pursuing this share price destroying deal.
To add to dickupham points, the BOD have proved they are are self serving and incompetent. Who can trust them not to make more of these terrible deals, we can only hope we do not end up with more of Mercuria’s overpriced assets and debt for SQZ cash. Also the lies about returning cash to shareholders are not helping.
Given the lack of trust in the board and a controlling shareholder it is not surprising the market has marked down, it is not what assets this company has it is the fact they are controlled by a useless BOD and a predatory controlling investor, the only thing that will help us is some decent dividends, after all that is all that is left as a decent takeover (or just the threat of one to raise the share price) along with the chance to deploy the cash given away outside of the UK tax grab is now a pipe dream.
I think the instructional investors who voted for this deal should be held to account by their own shareholder but as always this elite group of people get away scot free as they close ranks and protect themselves.
Although with the upward revision in Serica's reserves, could it also be said that Serica undervalued their own equity EVEN FURTHER by diluting as much as they did. Swings and roundabouts and the share price is STILL in the dumps. That's what really matters.
Reserves increased by 3 years?! Resign now Mitch you’re running Serica into the ground!!! [insert baseless Mercuria conspiracy here]
Glaglth
Thanks Norma
For me even with WT this was worth £3.50 - £4 standalone
Today was good news overall and should be a start in getting this moving.
I hope you are right.
Point taken Shakey but absolute is the way of reading across to deal in my opinion.
Banbury boy. Increase in Serica reserves was bigger on an absolute basis, but smaller on a percentage basis. Serica increasing by ~20%, TW increasing by ~32%. Might say something about future reserves additions from both portfolios or nothing at all haha. Also improves the price Serica paid for TW assets as on a $/boe basis they are now getting more boe's for the money.
"Downward revisions in 2P reserves associated with the Columbus field (poor well performance) and the Orlando field (possible cessation of service from Ninian host facility at the end of 2026).
As I stated the other month ..... we paid good money for a known future ( apparently by our BoD, but not by investors) downgraded CoP from Orlando (Mansell also an issue btw) with production life of now only 4 years !! At time of negotiations last publicly known date for Orlando to reaches its economic limit date (estimate in May 2022) was ~2038, now it's 2026 !!! Mitch also stated, "he believes that the proposed date for the cessation of production on Ninian is unlikely to have a significant impact on Orlando production.", which is very different to impact on future valuation / revenue stream. Of course it will have impact on eventual production / valuation when cessation occurs as there will still be hydrocarbons left behind, just the matter of how many 2P's imo. No mention of how many today !! See no field by field breakdown either, maybe in EoY presentation due this month.
On the plus-side, there appears to be an effort to promote the +ve's atm as this is the first time I know of that a separate RNS to announce our EoY reserves has been issued..... hummm !
aimo & dyor
I’m just going to stay quiet now, Banbury! I am in a tiny minority here in trying to ‘see the other side’. Better to watch the story unfold over time and that will truly reveal as to whether the deal was poor or not. Next week’s results are only one chapter in the story, not the whole. I’m interested to see what emerges, but it’s the beginning rather than the ending. I look forward to seeing the reactions on here, but will tie my hands to prevent narrating further.
All the best.
Norma - tounge in cheek but they do touch nerves.
The increase in SQZ reserves was greater than TWD. If they were plugged though the before and after metric the Board provided they would have made the deal less attractive [those bent metrics that exclude debt and cash consideration).
They further expose the deal for how awfull it was and the FY results will add more evidence.
And that's without Dicks point on Mecuria
Our Board should have commissioned and released this prior to the proposal. Now we know why they did not.
Yeah I think the market wants to be convinced that there can be a return for shareholders. They have failed miserably over the last 14 months. Next week will tell us sure enough whether they are still in it for themselves or not. Big divi, big buyback and some involvement in transition would do it.
I must be missing something, we have just increased our reserves by over 3 years production and the share price moves 3.5p! The year end results better provide some stellar information if we are to start to get back to a reasonable value.