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Your forgetting the pain when BP pulled out Deeko!!
Know what you mean mind, I did recently try to find out if anyone took over the licences but it was difficult to ascertain. Personally have a reasonable tranche in ECO that has a presence - SQZ wants some oversea's ????
Not in here but just reflecting on when I was a holder - Bitter pill to swallow that Serica gave up on Namibia following GALP’s 10 billion barrel discovery. That block would be worth a fortune now. I see this becoming the next Guyana with multi billion barrel finds in succession.
Wrong post mate this is SQZ not GKP!!!
Does anyone have any news on why we are having such a sharp rise in the SP today? Very welcome news but there must be a reason for a 13% rise. Could it be news on the oil pipeline opening?
Question is what will this lot go after next.These idiots really do believe that they can double up on the opposition. I really do now believe that the current hmg together with the opposition are now foreign agents destroying the fabric of what is left of the uk inmho. dyor.
Link may be of some use to something.
https://www.thenational.scot/news/24169013.jeremy-hunt-scottish-oil-gas-big-losers-spring-budget/
I really do hope i am proved wrong,but the more i look at this under un blickered eyes the worse this is.
A Bod that only invested at the last resort
A ceo resigning before a new one is in place
A deal with a private equity company that was forced through and not adjusted after epl was applied.
Come on,,, what is this all about,
For me the biggest question is how Serica will address hmg and the new hmg gvmt which inmv are determined to destroy north sea production.
As an investor and i assume there are others out there that have lost on paper a small fortune due to thier inconcevieble aproach with the so called windfall tax. Is this justified , maybe woke britain will say it is, but all i know is that we are creating a country where it is more benneficial to sell assets rather than acquie them as a whole. inmho.
fwiw still hold a few before i am lambasted.
NOQ
The Losses can be used against the TW profits post acquisition. At approx 25k BOPD of oil the TW business should be generating at leat $40 per barrel taxable profit after investment allowance which is approx $380m per annum. UK tax (excluding EPL) at 40% would be approx $150m pa and accordingly the $1.2m of TW tax losses (which are available to reduce tax payable by $480m) would be used over 3 years from the TW business alone.
The assertion by management at the time of the acquisition was that they would accelerate the use of the TW losses by offsetting against the Serica profits and we will see with the publishing of the results whether this has been the case for 2023.
No worries flexmw
https://assets.publishing.service.gov.uk/media/66211762651136bd0b757e2b/PR_2441.pdf
Nice find NQM 👍🏽 any links?? thanks
Approval received from OPRED on the 18th of April for the tieback to Triton.
Drill production well via semi sub rig.
5km production and gas lift pipelines from Triton.
7km control umbilical from Evelyn.
aims dyor
Now 193p been falling back all week from last weeks 5 month high of 218p
When money men knew Iran was to attack Is real pushing up oil price .
Deescalation now.
Suspect returns from here will be material - poor decision IMHO.
Steve,
Slide 22 of the aquisition presentation was very clear, taxable losses expected to be used in the next three years.
Will be interesting to see IF they answer my question, I'm not holding my breath.
NoQuestions
When a company acquires another company with tax losses it can not offset those losses against the current groups profits for 5 years. There are ways to mitigate this tax law but not easy. The losses will of course be used against TW taxable profits (excluding EPL).
Fwiw i i now feel this is a defunct share to hold , So have reduced accordingly.Who knows they may even find some spotty oik fresh out of Hull uni to take up the reigns of serica. Whatt did it for me was the idiotic resignation of the hmg puppy without a new ceo ready to take over the reigns. Very sad all round inmo, No doubt covid will be the exuese of their irrational thinking in terms of placating hmg both present and going forward. H...ii ittler. Litt;e britain were getting there
I have submitted three questions for the Investor meets company next week.
It might be an idea to continuecthis thread to share questions and prevent duplicates?
My questions were to ask...
1. Do they still stand by the £470m taxable losses available to us following the TW acquisition and how much has been utilised to date
2. Do they still want to expand their horizons into Norway? (or The Netherlands/Denmark) and if so what progress have they made.
3. With hindsight, do they now regret turning down the Kistos merger approach.
Rather than speculating blindly, I suggest we wait for the update in a few days.
Upomega
I also think they are using the overseas investment carrot to keep some investors onside. I am sure they are happy to keep taking their salary and plodding along in the NS. I hope I am wrong!
Im working on the assumption that the dividend is going to end up about ten pence per year in total going forward. So inmv a dividend cut is innevitable. The big question now is will they bother to grow the company outside of the north sea. I am sure that i am not alone in not believing a word they say in terms of saying that they are looking overseas. Hopefully if this speel comes out of their mouths next week it is backed up by some firm evidence, Otherwise one may feel as an investor i am being duped. Not very good for a listed company inmv. Some may even say bordering on misleading. inmho
Let's hope so, bots and if the Investor Presentation also discloses an overseas acquisition / investment for a change, bearing in mind the sizeable fund raising facility announced a few months ago, that might explain the somewhat better sp showing just recently.
If any deal merely extends their NS involvement again, though, disaffection with such news will likely set in again, I fear... sasa.
NS related - Enquest ….
https://www.lse.co.uk/news/enquest-selling-stake-in-north-sea-golden-eagle-oilfield-sources-say-xwcfw31pmvlovon.html
Must be good if they’re going to crow about them. ;-)
SERICA ENERGY PLC - Investor Presentation which will start at 24th Apr 2024 at 2:00pm BST.