The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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In addition to the non-committal reference to Buchan in the presentation this paragraph from Serica's results (under 'Outlook') is rather concerning (to me anyway):
'A draft FDP has been submitted for the Buchan Horst field. As with all major capital projects, a final investment decision, which is not expected before the latter part of 2024, depends in part on the impact on project economics of expectations for the future tax regime which will apply through the life of the project.'
So if Labour win the general election later this year, as most commentators expect, it would seem a final investment decision is going to at least partly hinge on what impact their planned draconian tax regime on UKCS has on the project.
This adds an element of uncertainty to the project actually going ahead that, rightly or wrongly, I have not previously considered to be material. Perhaps Serica are just being ultra cautious in their wording (I hope so).
Based on this I'm not expecting any new Buchan information today from the Serica presentation https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.serica-energy.com/downloads/presentations/AR_2023_final.pdf&ved=2ahUKEwj19bLE79qFAxXNYEEAHXZABYwQFnoECCoQAQ&usg=AOvVaw1sxNIYCHoRy3mu9-pW-9KM that they refer to it as 'potential'Buchan Horst project might partly explain why the SP of JOG remains subdued, I would have liked some more definite language, those approvals can't come soon enough.
I can't make that, can anyone watch do a JOG LSE board RNS?
Serica are doing a presentation on Investor Meet today at 2.00pm. Might be worth viewing to see if there is any mention of Buchan and movement on the FDP.
They look to be increasing their exposure to the CNS - maybe there is still hope for us JOG holders.
Well government approval is what we want asap.
I'm guessing the DSV is in the field to prepare the subsea infrastructure for FPSO removal. Isolating any wellheads, getting rid of hydrocarbons in the pipework and risers to the FPSO which requires FPSO involvement.
Once completed the DSV would be finished and return to port and I would expect Anchor Handlers/Tugs to arrive on scene for FPSO removal. Its happening but not fast!
"Anchors Aweigh," well hopefully.
Boka Atlantis, a diving support vessel has arrived at Western Isles which suggests the FPSO may soon be on its way to a port.
Hello Dick,
Thank you for those 2 links - quite absorbing stuff, particularly as 1 leads into an evidence based debate between opposing scientists.
Through my ISA account with ii. The ask shown was £1.57 which is also bit misleading given the price I paid.
Interesting, thanks. Jockvest111 - did you make that purchase with a broker like HGL (who I understand make an internal market in their trades) or a direct market access broker? I wonder why it's reported late. I'm genuinely interested in how this works.
@greener101 - this trade was reported late. LSE doesn’t try to work out the bid and ask at time of trades for these so just states unknown.
I always assumed the unknown / grey trades are related to brokers like HGL making good their internal ledger with the market. I wonder why yours is 'unknown'.
‘I assume the comment about not wanting talk of JOG's share price is directed at me’
Well at least I didn’t call you @3m asking for £5000 to rescue me from the kidnappers; I spare you that until you’re 78. You’re a long way to go yet.
Good morning and happy Friday everyone. Take a breath and forget the share price for a few days.
That trade is mine and is a buy.
If you believe in this global warming, net zero nonsense, I have a moon ladder in my garage for sale.
Just extend it out and a few steps later, you're the new Neil Armstrong....honest.
Https://www.verywellmind.com/an-overview-of-the-dunning-kruger-effect-4160740
Climate deniers?
Should we believe you in preference to these two deniers?
https://www.youtube.com/watch?v=9UEx_XqT3rE
https://www.youtube.com/watch?v=pj-Iu1i317E
China has as much installed wind as the next 7 countries combined
Solar - more than the rest of the world combined
Maybe they ARE doing something - just that they use a lot of energy making stuff for the rest of the world - we've exported much of our carbon production, and no reason why we shouldn't do something
Maybe stop listening to the Climate Change deniers?
Everyone is loving your posts DU. Our IQs go up a point or two as we think about them. Just not much to add tis all
Thank you for your courtesy, CHF.
I assume you are the sole person who regarded my posts as worth reading? Took me 2 hours + to put together. Guess there's nothing in them worth discussing
Thank you again for your views Dick.
Liam Halligan ( a great guy) and you just confirm my view as a recently ( but coming on for a very long time)
ex-Conservative Party member, that the Tory Party is now a Centre-Left Party.
G'day Einbert. I assume you're travelling 'first', not standard. Perish the thought. You're brave risking London. Mind the peace-loving Arabs and ffs don't let on if you know anyone they disapprove of. And yes, I might be fairly accused of something ending in ...phobia. I just want my country back.
The validity of NPV using forward DCF projections depends fundamentally on the underlying assumptions on a whole range of things being broadly accurate: eg future oil & gas prices, discount (for risk) rate, opex and capex forecasts, tax rates - you name it. The skill lies in understanding enough about a particular company, the industry it operates in and the particular issues facing the company you're valuing, to make reasonable assumptions that get to a broad value that might be capable of corroboration.
All a bit complicated to the man (can I use this term without being arrested?) in the fabled Clapham omnibus.
Talking of clap(ham), I hope the disgraceful politicians' spouses give them all a nasty std. They deserve to have their lives wrecked as well