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Glasgow Herald (Kristy Dorsey): "........Looking ahead, Serica said drilling remains set to get underway next year on an exploration well at North Eigg, which lies just northwest of Rhum. The prospect is thought to hold gas equivalent of up to 70 million barrels of oil.
"Serica, which has an operations centre in Aberdeen and headquarters in London, also announced the appointment of former Premier Oil director Richard Rose as a non-executive director. "
Also a good write up in the scottish herald today flexmw. Great press coverage all round inmv.
Also a good write up on energy voice .Addresses the hedging . So 30 million either compensated by higher prices ore reduced if prices fall so not necessarily as bad as first portrayed. inmh.
Sorry looks like a naff link.. easy to read look at on twitter..
Article in the FT , nothing new but good to get coverage..
https://www.ft.com/content/8047a38e-eeb4-4e4a-bdd6-7b7eeb302466
Flabby
Deals occur for all sorts of reasons. Grgs shares have gone somewhere. A deal could be conducted involving some kind of merger. I think we have been very fortunate with the surge in gas prices as things could be quite the opposite inmv
I concur that Almsivi. Record performance thus far in Q3.
In fairness, the results only encompass production and revenue up to the end of June - a period in time where;
1. R3 was not producing yet
2. Gas Prices had only just reached 87p per therm
Both of these factors are massive catalysts for the SP - but the interims simply cannot account for these even though we know they are having a material effect on our business.
Chalk the Interims up as what they are - a benchmark of performance prior to the new order we find ourselves in.
I have an addictive personality
" A takeover will also stop me checking the share price every 5 minutes which is driving me mad!"
Flabby why do that?
It is such a relaxing share to own.
if there was a takeover imminent why would the RNS be low key? Wouldn't it be in the best interests of shareholders and therefore the directors to build up the successes of the company to maximise the offer price. It makes no sense for the company to supress its own shareprice if a take over offer is in the pipeline. i just think the results are what they are, not as breath taking as some of us thought they may be.
I don't believe a takeover would be bad for shareholders, especially in the current market. A few months ago anything near £2 would have delighted me but anything over £3 is possible now. A takeover will also stop me checking the share price every 5 minutes which is driving me mad!
There are two ways of looking at those production figures, we did have a price crash so what's the point of having superb production figures and getting a pittance for our gas and oil, far better to be ramping production back up now with higher gas and oil prices, in my view they were better off with restricted production, it's a blessing in disguise.
The low key rns could be a clear sign that a takeover is rapidly approaching..Which has been discussed many times befote. A deal behind the scenes coinciding with the exit of grg would not be of any surprise inmv.
Didn't they indicate the full year guidance for this and next year in the rns of 24th June. As far as i can see it all ties in.
Newkotb
Any chance you could email this post over to Mitch Flegg and report back his answer? I think we're all a little miffed at production figures & profit numbers, definitely felt subdued also on forward guidance, COH etc..
I'm struggling to take the production figures in, it doesn't seem to tie in with the previous rns on production, unless I'm missing something.
Also no explanation on R3 explaining why the 10,000 boed
(gross) is constrained due to limited testing from drill rig,
Insinuating that once the production starts up in full it would be in excess of 10,000.
Thank goodness for your post NewKOTB, I was thinking that my memory was finally failing me on those production figures I have been flicking backwards and forwards between previous results to check on previous production and forecasts, obviously downtime then came into play up to the point where I thought my head would cave in. I checked posts and no one else mentioned it so began to think that I'd miss interpreted it.
It is now looking as though our projected production for 2022 will only be slightly ahead of that in 2019 when we didn't have the benefit of Rhum3 and Colombus. Incidentally I also do not understand the gist of Rhum3 producing at around 8,000boepd when again in today's figures the repeat that it could be at 10,000boepd.
Time for yet another coffee.
TBH, I'm rather in a state of mental numbness atm, resulting from shock, shock in terms of our production figures !
18,900boepd for H1/21 vs 21,600boepd for H1/20 vs 31,000boepd for H1/19, So around ~40% down on two years ago with same production wells. Last year we had 45 day Bruce outage yet still managed much better H1 production !!!
Clearly these production figures significantly impacted on our results as a whole .... moving forward SQZ should really up their game in H2 as R3, Columbus & Bruce optimisation will have a +ve effect but to what degree, we will find out in another 6 months. Thank goodness for Keith and its 10boepd !
Enormous value still locked up in SQZ ....
"Richard Rose", maybe he will add some flower-power ... probably a more interesting RNS than the interim's.
aimo