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Apparently Norway O&G tax is higher than UK.
If so, they must be profitable enough to make it worth while.
Is the UK issue a lack of consistancy and a changing financial landscape?
At least the tax hasn't been increased in the budget, only extended for now, which could change.
And there was a comment about changing the tax as O&G prices 'normalise'.
If SQZ cost is $20 / boe they 'just' need to remain efficient and use other tax incentives wisely.
With other NS assets coming up for sale they could increase expand further.
With a divi so large and apparently managable whats not to like? As long as its not cut.
While not ideal Serica can comfortably manage the extended WF tax with production costs less than $20/boe, the price of oil building over recent weeks and set to move higher as commodities benefit from a weaker dollar in the second half of the year. Not to mention almost £300 million in liquid assets!
Pity he won’t go after the banks and other utilities when they publish their bumper profits!
It’s unfair that oil and gas shoulder the burden
Windfall tax extended
Hunt also says he will extend the UK’s windfall tax on the profits of oil and gas companies until 2029
We all knew this was coming…. 😞
Just announced extended 2029 as excessive profits still being made. What a joke criminals to say the least. Hopefully everyone will pull out of north sea now
Two measures have been announced to get more people and pension funds to invest un UK stocks.
"British ISA which will allow an additional £5,000 annual investment for investments in UK equity with all the tax advantages of other ISAs. This will be on top of the existing ISA allowances and ensure that British savers can benefit from the growth of the most promising UK businesses," Hunt says.
It will also force local authorities and defined contribution (DC) pension funds to disclose how much they have invested in UK shares.
UK pension funds currently invest a fraction (4%) of their assets in UK shares
……… hopefully some will flow into NS companies
Dividends….
Now looking at closing in on circa 15% divided
Although no longer a fan, at this price it has my attention
...that this is not a good place to put any money, contrary to the glowing write up the investors chronicle gave it the other day?
To see. The company has put capital investment to the forefront this year, rightly so. Impacted companies may pay more tax but may also receive tax relief through the Energy Profit Levy’s investment allowance.
Rightly or wrongly, Tailwind balanced our Oil/Gas balance.
It is disingenuous for the media to still carp on about the profits that BP and Shell are making that seems to ensure a spiral of death for companies that are purely UK asset based.
Beckoning silence from Mercuria, probably as we are descending to bid territory and our board see a pay day.
ACW could have asked BP to take a holding again in desperation, but I fear not only the rudder is missing but we are taking on water.
I wonder if NOIC would purchase the other half of Rhum???
Rant over - pity Guy Fawkes couldn't assist the country today
Pending a new CEO taking over and surely a non UK Oil/Gas play upcoming with their buying power.
https://twitter.com/surprised_trade/status/1765310431701164313
If the news is true we are going to see wft extended. Then if labour win the election a increase of wft will follow and incentives withdrawn.
So what's the point. Serica should sell as many n sea assets as possible. They may even be able to write losses off in terms of tax. At least then they could focus on overseas assets inmv
Flexmw,
Sorry, away in Paphos atm so not been tracking as I would normally… but glad you are , keep up the good work, thanks… and yes , very interesting!!!
atb
Second day on the trot with very large UT trades >£1m value… with some large late reported trades..
Newkotb have you been keeping an eye on it at all?
Major parties in ‘rush to the bottom’ on UK energy policy, says Kistos’ Andrew Austin
https://www.energyvoice.com/oilandgas/north-sea/548916/kistos-chairman-andrew-austin-north-sea-uk-labour-conservative-energy-policy-windfall-tax-epl-gas-storage/?utm_content=177670083&utm_medium=social&utm_source=twitter&hss_channel=tw-1379070162
That's because he is working for an opposition party. Inmo. At least the pm has been more vocal of late in terms of supporting north sea oil and gas
Be lucky if we ever see £2 unless we get out of UK waters
Will the yield end up like Diversified Energy DEC @ 30% !
Quite a rapid decline I'd say.
The divi yield gets bigger by the day.
The smirky Hunt (sic.) isn't likely to do us any favours.
Jefferies cuts Serica Energy price target to 260 (280) pence - 'buy'
Are we expecting any favours in the budget or is that what were waiting for?
The slow decline needs something to give it a boost.
Strange with such a high divi yield.
The Pm has been quite vocal during the past twenty four hours. In terms of how the North Sea oil and gas industry is needed. So inmho why is chancellor intimating the opposite in terms of extending the windfall tax to follow the opposition parties stance. Maybe one of them are secretly working for opposition parties in some capacity.
All very worrying inmv as either way what ever they come up with in the budget even in a possitive way it could be very short lived.
I just hope that there is not a run on government bonds after they finally produce the forth coming budget.
Https://twitter.com/surprised_trade/status/1764299743264399582
Advn debates with respect are often far from interesting and if we think LSE has some negative/trolling posters types it aint nothing on that one.