The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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Confident £50,000 buy this morning .... :-)
Am also poised and ready to buy more…
From dcarn over on other BB ....
"A wee snippet from last Monday's hard copy of Energy Voice, I only got around to looking at it this morning. Apologies if already been posted. "Northern North Sea The Serica-operated 3/24c-6 North Eigg HPHT exploration well was spudded with the Paul B Lloyd Jr semi-sub on 11 July. The well was re-spudded on 19 July due to a stuck pipe in the original hole. The well is targeting Upper Jurassic intra-Kimmeridge Clay Formation turbidite sandstones in a downfaulted three-way dip-closed trap. Resources are estimated at 18.1 – 63.4 – 210 mmboe.".."
So that's an additional drill over-run of ~$1.3m on daily rig rate.
aimo & dyor
"So that's an additional drill over-run of ~$1.3m on daily rig rate..."
Not that it matters to any great degree, as HMRC will be covering vast majority of drill anyhow. Just need to hit pay-dirt and in commercial volumes too.... we can then focus on sourcing ours hens-teeth components, thus allowing SQZ into production asap, all before sunset clause kicks in to maximise tax benefits on offer.
PS Guess timetable may have shifted back a week or two also, so results now mid to end October !!
aimo & dyor
Another £50k buy :-) .... although we also had a £43k sell ... :-(
Hardys added another 25k shares yesterday too ... :-)
https://www.lse.co.uk/rns/SQZ/form-83-serica-energy-plc-vkjxugbt2qoh5vz.html
Any thoughts why the Hardy’s are buying more?
I would guess they want to either try to block this takeover by buying a bigger stake (more votes) or they think a takeover will come at better pricing than they are buying the shares at and thus see short term profit. Who knows really.
Given the volumes involved, can only see it being the latter.
JPM continues to add also .... ;-)
https://www.lse.co.uk/rns/SQZ/form-83-serica-energy-plc-zrzoyvfrmib5th2.html
3Q 2022 to date see's record Quarter highs :
3Q 2021 - 118p/therm
4Q 2021 - 226p/therm
1Q 2022 - 232p/therm
2Q 2022 - 130p/therm
3Q 2022 to date : 238p/therm
And only set to go higher, DA NBP : 278p/therm
aimo & dyor
See we are not alone in thinking offer valuations are way off the mark .. !!!
"Given that over four-fifths of Capricorn's net asset value is comprised of cash and near-term contingent receivables, the terms of the Proposed Merger imply that Tullow is paying nothing for Capricorn's Western Desert assets in Egypt...."
Cash build due to refund $1.06bn in Q1, of which ~$957m been committed to be returned to shareholders, although their YE 2021 net cash was just US$133m. Interesting that Capricorn (Ex Cairn) have announced that their LTIP will use Serica as comparator group against which the relative performance conditions are assessed, wonder why that is !!!
Their production is on par with ours ~33,000-38,000 boepd ..... maybe we should look at Capricorn as a target. Mitch did say the next deal he was looking to double the size of Serica.
Think if we manage to stay independent, then for sure I see our BoD returning significantly greater than proposed 6p/s in Septembers announcement.... unless deal imminent that is.
https://www.prnewswire.co.uk/news-releases/palliser-capital-calls-for-capricorn-energy-board-to-withdraw-from-value-destructive-tullow-oil-merger-892933007.html
aimo & dyor
Fascinating read that from Palliser capital, NewK, re: Tullow's attempt to merge with Capricorn now they've got an abundance of cash on the balance sheet, whereas Tullow hasn't - well worth the link, thanks - sort of rings a bell with another situation I'm aware of!
Hope you're steadily recovering from your covid exposure and release from isolation is close at hand. ATB - sasa.
KIST SP just lifted a little, +10p atm, so would mean an additional +4p/s on framing an offer should it come from AA later today. Lets see how high Kistos SP goes as that would indicate possible in-coming imo.
aimo & dyor
sasa,
Thanks .... day 13, still showing +ve ...... $%!!**
Just sold several holdings .... should SQZ offer herself up to the opportunity, if not, then I will buy them back.
Appears as if SQZ is being pinned down atm ..... BoTs are back in force today.
aimo & dyor
Apparently they've (KIST) got until 5pm today to clarify if there's a bid or no bid.
Yep, the Three Amigos 8.3's (Acadian Asset Management, BNP Paribas or Marshall Wace LLP) all sold down tiny amounts yet again yesterday as per MO ..... !!! Be interesting to find what connection they have with AA / deal, as I'm sure there is one, this is not normal given SQZ are in active play atm. For me it stinks of SP control, but then that's just me !!
Luckily, this is countered by JPM, abrdn and the Hardy's all increasing.
aimo & dyor
"Statement of intention not to make an offer for Kistos plc....."
https://www.lse.co.uk/rns/SQZ/rule-28-announcement-ygmvmogzh1ggtmg.html
"Further to the announcement made by Serica Energy plc ("Serica") in relation to a possible offer by Serica for the entire issued and to be issued share capital of Kistos plc ("Kistos"), Serica confirms that it does not intend to make an offer for Kistos.
Kistos announced on 12 July 2022 that it had rejected a possible offer from Serica on 8 July 2022. Subsequently it has not been possible to reach agreement with Kistos on the terms or structure of a revised possible offer.
Serica will continue to proactively seek opportunities to utilise its strong balance sheet and operating capability to invest in its existing assets and diversify its production portfolio through mergers and acquisitions. The Serica board will maintain a balanced approach to deploying capital, including further capital returns, while factoring in the requirements for the ongoing business and opportunities for profitable asset and corporate deals."
Thank goodness ......
Clever move forcing Mr Market to drop KIST SP so should AA want to now announce a deal on closing SP, the offer will be materially reduced and hence not as attractive based on 0.4 KIST shares.
aimo & dyor
it seems to have dropped ours more!
Yep, tables are turning ..... KIST now +ve and SQZ -ve .... volume pushing on too.
Only 25 minutes until close .... after which we will all be better informed.
I'm running out of popcorn !!!!
aimo & dyor
Confidence returning to KIST SP, now only 7pts down from day high, up 5pts atm, vs SQZ down 1.7pts