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There are various well discussed reasons for the SP weakness and selling pressure, but there is one glaringly obvious reason for buyers not entering the fray - the Election has potentially dire consequences for any oil company operating in British waters or even operating out of the UK.
However unlikely (near impossible), if Mr Corbyn wins the election he will allegedly impose high taxes on operators, "windfall taxes" and has accepted it will mean retraining workers in Aberdeen who lose their jobs. Hence IMO at least some of the falls in SP of operators.
Obviously, HUR are not making huge profits to tax - but I think many of you have lost sight of what is going on here, the company is proving up their concept with the EPS in order to bring in a big operator to fund FF development.
We are surely being watched by potential buyers of partial or total assets, BP reckon they can operate in UK waters at very low cost - the logical consequence is that HUR looks like a tasty morsel - conversely if labour introduce high taxes big operators may well stay clear even abandon operations - with severe implications for HUR. All big US operators have already left as I understand
Personally, I don't think Corbyn has a hope in hell of implementing his loony policies as coalition partners would stop him doing stupid things - so I'm quite relaxed - but I'm sure some investors will have taken action.
It also makes sense that the company hold fire with news, particularly good news until after the election so that it is not lost in the pile of nonsense that surrounds it.
Today may be another ropey day, but tomorrow is a different story.
J-T-Ds - Excellent post.
Nice post J-T-D and the absence of a RNS on a day to bury bad news does for me look like a positive rather than negative RNS report to come
It'll be so positive you'll be borrowing money from your children to buy in...Maybe on Monday after the election chaos has subsided....
Anyone who think Boris Johnson is the safe option is living in Brexit bubble.
Tory majority and subsequent hard-brexit will lead to break up of UK.
I wont be voting for Corbyn either (equally incompetent in different way).
Conservative majority makes IndyRef2 and Irish unification poll all but certain.
Tories are utterly toxic in Scotland.
Ending the UK is the sane option ?
Incidentally - Scotland produces near identical barrels of oil to Norway each year.
Yet the historic tax take is over 50% lower and UK has no oil fund to show for it.
Westminster mismanagement of North Sea oil is a scandal that has been swept under carpet for decades.
Then they have audacity to call Scots 'subsidy junkies'....
Haggis , It’s a binary choice now. Free markets, growth and big potential verses national economic disaster and transfer of power to those who would never know how to use it , and a longer Brexit debacle. Scotland will stay in the end.
Haggis - Yup! There's no denying your comments about Westminister(UK's?) mismanagement of UK's oil revenues. A scandal, and an embarrassment. A disgrace, like Tony Blair!
Yes : for Scotland the binary choice is between Tory-Brexit or independence.
In 2014 we were told independence risked EU membership - they lied!
NI equally alienated by the Westminster and the sea-border which will soon be imposed.
Tory majority risks break up for UK. Is that really the safe / sane option ?
I was going to say.."'Nuf politics!" but it IS election day after all.
I don't suppose the Shetland Pony can get ousted today? Can she?
One can live in hope. Like HUR really.
Let's keep politics off the BB board during polling hours and may be all hours but if you don't want Scottish independence then vote remain with the lib dems :-)
Potentially the best result may actually be a Tory majority but 50+ seats for the SNP. Might make some Labour voters realise their votes are pointless a d the push towards independence grow yet stronger
Anyway I have already voted for the good guys and urge others in Scotland to do the same
Incidentally the madness of a winter election is obvious after waking up to the news that the snow gates are closed at ****bridge and Tomintoul- so there are potentially voters within my constituency that cannot vote due to closed roads
‘In 2014 we were told independence risked EU membership - they lied’
‘We were told’ says it all.
Stop looking at the news. Everybody lies, even when they don’t mean to.. The biggest problem we face in today’s world is seeking actual reality....by looking for it yourself. It’s always amazed me that some in Scotland have this deep seated desire to leave to UK based on an underlying historical and cultural hatred of Westminster, but desperately want to be aligned and governed by Brussels instead.
@Adzh : if you don't understand the difference between choosing to be member of EU and being an independent nation then I can't help you. the beauty of independence is Scots would decide for themselves if we join EU (or not).
One only has to compare EU support for Ireland over Brexit versus suck it up Scotland you made a dumb choice listening to Cameron in 2014 to see the advantage of being at the EU table.
It is like having a position in HUR via an open ended fund with the share price down to 29p and not being able to trade the share as a result. A loss of direct control.
haggis_trap - I agree with you sentiments on the election, it's as disaster for the nation and only a question of which option is worse. Michael Heseltine put it well on the Andrew Neil show last night. Many people Tory and Labour are deeply torn, both leaders "unchecked" are likely to trash the nation. all those that are thoughtful and care want a good outcome, a hung parliament appears the UK's only chance.
I am a traditional Tory voter, but cannot vote for a liar and would have voted for moderate Labour to end the disaster but for them going AWAL and electing a communist they would have completely crushed the Conservatives.
That aside my original post was actually none political and looked at it purely from a shareholder viewpoint on one issue.
haggis "In 2014 we were told independence risked EU membership - they lied!"
haggis, it was the EU who stated this. It was the EU who said Scotland would leave the EU if it became independent at the time. They bad guys were the EU, and now they seem to be the good guys.
This is the problem with your argument , now matter which way you look at it, it contradicts itself.
Hi SoupChicken
A case of 'My enemy's enemy is my friend...?'
ATB
@SoupChicken.
Have a look at this tweet.
There are many more from 2014.
https://www.businessforscotland.com/wp-content/uploads/2016/03/Screen-Shot-2016-06-24-at-13.03.41.png
Haggis the EU won't allow parts of countries to leave and stay in the EU, so it is accurate. If they did then the Spanish and many other countries would be very unhappy as it's one of the sticks to beat their own successionist movements with.
Also Scotland would never meet the economic/debt/currency criteria required by the EU, so rejoining the EU post independence is a pipe dream, as is all the other milk and honey dreams perpetrated by the Nats !
^ More mistruth and British nationalist lies.
Scotland doesn't have any debt or indeed full fiscal autonomy.
Holyrood spending set by Barnett formula. Devolved tax raising powers are limited by design.
Scotland has notional share of UK debt allocated to it by GERs figures.
government spending in or on behalf of Scotland was £12.63bn greater than income from taxes, including a geographic share of North Sea oil and gas revenues.
That was equivalent to 7.0 per cent of Scottish gross domestic product, down slightly from the 8.1 per cent recorded for 2017-18, but still far larger than the deficit of the UK as a whole. The UK deficit was 1.1 per cent last year, down from 2.0 per cent in 2017-18.
The data showed that as part of the UK, Scottish government revenues per person are £307 less than in the UK as whole when North Sea income is included, while total government expenditure is £1,660 more.
“Today’s Gers figures show clearly how Scotland benefits from being part of a strong UK with every man, woman and child in Scotland receiving a ‘Union dividend’ of nearly £2,000 a year,”
^ GERS figures which you reference only include devolved spending.
All Scottish tax goes to Westminster (including oil) then we get ~60% of it back as pocket money to Holyrood. The rest is kept for UK items (army / nuclear weapons / HS2 / olympics). The thanks we get for this is being called subsidy junkies by ignorant posters like yourself who haven't actually thought if the GERs figures pass the sniff test.
Of course the Army, HS2 ,olympics and nuclear weapons are all things Scotland should pay nothing for