Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Flexmw
I am going to email the company once Friday is out of the way, because I think that they have probably been inundated with emails of late. I think that they really really do need to do a pr exercise this time whatever the outcome of the vote.inmo.
Thanks atrm. From what I've seen of him (and he used to be a client of ours) he's a strong, principled, logical man who would stand his ground and was a tough negotiator. Sounds like he's making sense on the net zero thing. That's something we all want but not necessarily at any cost while other nations ignore it completely to better themselves. We really do need some sensible minds at the moment and there's still talk of Boris making a comeback but best not go there. Now back to the SQZ problem............................
Terry. Great post and I agree with what you say 100%. Some of it a tad off topic though but I'm on Team Terry.
Coal power stations fired up and customers paid to cut energy use in UK cold snap
https://www.theguardian.com/business/2023/jan/22/coal-fired-power-stations-restarted-again-as-uk-cold-snap-bites
Hi Barry5. General view of Richard Tice last night is that net zero will be a transfer of wealth to Countries such as China and ultmately pointless when comes to enviroment with it's burning of four billion tonnes of coal a year, much of it to meet consumer demand in West and little incentive to reduce that figure and whilst doing so well out it all. sorry off topic.
Agree its just flavor of the month, sabre rattling
Plenty of time to invest what you need now milk it and bugger off to sunny shores
Oil and gas will disappear from the agenda once the gas prices start to come down
Steve
I hope u r right,I did have an 800000 holding here but the last 2 years divi and a £100000 sell last Monday has gone into zephyr USA…I feel Uncle Sam is more tolerant towards wealth than our labour luvvies …dickupham rounded it of nicely !
Steven49
"North Sea oil and gas profits are being taxed at 75pc until 2028. This is up from the regular rate of 40pc, and is being used to help fund massive government subsidies for households and businesses by clawing back what companies make from higher wholesale prices."
O&G prices are back to where they were before the Ukraine war so this is no excuse for the punitive taxes, these taxes are there because
1. The Government mishandled the economy and is desperate for a short term tax boost to see it through to the next election when it will lose.
2. Labour used this a political football to put pressure on the Government who now always do what Labour want.
3. The Government wanted a monster to blame for the problems it created so it created on in O&G then wants to slay the monster to help it's political prospects.
4. Also need money for the cost of all those collapsed energy companies cause by the price caps, another one of Labours great ideas which the Conservatives could not resist.
This tax will never be ended unless we have a complete change in policies once almost all O&G extraction has stopped in the UK but this will never happen under the current Conservative or Labour party. The public and industry will pay dear for energy and the economy will take a hit at a time it when it can least afford it. Both main parties do not give a damn about the people of this country especially the native population (or at least for the last 1000 years or more). We are running the WEF policies, "have nothing and be happy" so our great leaders can take their place on the global stage especially once out of office with all those lovely positions with great expense packages so they can fly over us and look down at us to show how important they are as we are stuck in 15 minute zones, cold, with only a once in a few years air flight allowed and then only if we are good which will be tracked with the Government's digital currency. Sounds mad but this is already happening.
Starmer let alone labour won't get in so not worry, sentiment is against oil gas company's at moment, renewable is way too go over time.
dick, the whole House of Commons has gone mad and is racing to come up with more ways to see who can tax the North Sea oil companies the most. Whatever the Tories come up with, Labour says they will tax higher and faster. Might as well tax them at 100% and be done with it and let them all down tools and walk away while the UK continues it's slide into becoming a third world country dependant on handouts from the US
What I'm seeing in everything that the Government does (and Labour will do) beggars belief. One wonders how supposedly sensible people can come up with such ridiculous and short sighted policies unless that is they deliberately want to run the country into the ground.
I was around when Labour taxed unearned income at 98% when Denis Healey said he wanted to "make the pips squeak". The difference then was that we all knew that policy would be reversed if/when the Tories got back in again. We need clear daylight between our two main parties and we haven't got it, which is a huge problem.
Rant over. GLA and Fingers crossed for tomorrow.
From Jeremy Raper this morning
"The vote is on the 27th, I am not sure how to assess the odds of it passing or not, basically every single investor (bar one) I've spoken to has said they will vote against, but I have to assume Hardy (at 10%) will vote For the deal, I have not been able to contact him.
Keep in mind Dutch TTF prices have been pretty weak last couple days (though UK gas prices holding up a bit better).
Obviously, I am really hopeful the deal gets blocked and think the stock would rally substantially on this. but I still believe it is too close to call at this time."
Maybe if we lose, a significant vote against the deal might inspire KIST, HBR or another predator to make a bid knowing there will be a groundswell of support for it, provided the price is right of course.
He's also said that the so called: "loophole" relating to new investment in the NS (effectively reducing the cash cost of infrastructure etc on new projects to around 9p per £) ........
..........will immediately be withdrawn........
Apologies - I was all in a lather and didn't check what I'd written.
Why all of us as a class of people whose accumulated savings should be stolen so that fat oafs and other benefits claimants can enjoy the high life?
Hate to put a downer on it but you're being excessively optimistic, steven.
Starmer has said the tax rate is being increased to 78% when he gets in next year (aligning it with Norway for some strange reason - my understanding is that Norway has a more generous capital allowances regime, so he's being choosy on that score). He's also said that the so called: "loophole" relating to new investment in the NS (effectively reducing the cash cost of infrastructure etc on new projects to around 9p per £).
Oh - and btw Labour is banning all new investment as soon as they get in.
Let's hear it for Labour. Putting Britain first. Effing morons - they just haven't got a clue. The exodus of oil & gas companies from the NS will be beyond measure. Oil & gas prices will go through the roof, mainly because the cost of importing what the UK needs will scale new heights. And the carbon cost???????? Let's not go there
dyor
North Sea oil and gas profits are being taxed at 75pc until 2028. This is up from the regular rate of 40pc, and is being used to help fund massive government subsidies for households and businesses by clawing back what companies make from higher wholesale prices.
Building on my comment below, my main concern is Mercuria s (lack of) interest in looking after other shareholders.
In his next update, I hope Mitch will spell out how existing shareholders will be protected following this deal, bearing in mind Mercuria's controlling stake. Remember we're all part-owners in this business who have trusted the BoD and management team with our hard-earned money. I my case, it's money I've acquired over a 35-year career.
NewKOTB:
“Clearly more deals will follow this, how many, how fast and at what cost both in terms of deal metrics and additional debt, but as eggs are eggs ..... deals will follow, Mercuria are not here to sit out 18 months then take what scraps remain of SQZ.”
I agree. Beyond diversification in terms of oil/gas split, production hub de-risking and tax benefits, the main motivation for this deal is rapid accretive expansion using Mercurias’s deep pockets.
I note that a lot of Tailwind’s assets are former Shell assets, and of course Serica has a strong relationship with BP via ACW. Plus one of Mercuria’s new directors is an ex-BP M&A man.
Pure speculation on my part but I wonder if the enlarged SQZ will be a vehicle to mop up North Sea assets from Shell and BP.
This..........."I am beginning to think that a behind the scenes the deal done between BOD and Mercuria was that Mercuria would support the BOD but must take a 28% stake in order the BOD could not be removed by other shareholders and prevent a takeover except by Mercuria and in this case the BOD get a sweetheart deal. It is the only thing that makes sense."
We are not seeing what is unavailable to see. I am just frustrated with myself that I actually was taken in by the BOD plea about Kistos in the summer. I had ample time to sell out and I should have understood that Mitch and Co.s egos would cost me quite a penny. Cash always attracts misfortune.
Zero value assigned to the assets producing 26k boe
Zero value to our new prospective owners Mercuria
Zero value to Mitch and his fellow cronies
Zero value to the combined group
I think its the PIs selling out because they see better value elsewhere
This is heading to cash value
Upomega
You’ve been here long enough to know Serica has a non existent PR team…… Flegg has only just recently learnt how to tweet.. & I very much doubt he’s the tweeter when his account tweets…
PR is useless… they don’t think they have a need too…
fwiw Newkotb i have been adding back the shares i sold previously as i believe either way this is becoming over sold. I think what is needed here is that the pr team of both companies now need to work overtime together with our house brokers. So in other words please try and stop the rot.
There are ways that both parties could promote this deal. after all as many have said this is aim (casino of the wild west ). After all we do not need a wyart earp involved now. As there will be nothing left when the erps get started.
Also we have enough on our plate with hmg so surely this can be resolved for all stakeholders and not the few.Maybe an image building exercise would help,but all i know is i have lost a small fortune on the back of this deal. which i hope will explain my anger with the current situation here.good night and g..d bless all
I am beginning to think that a behind the scenes the deal done between BOD and Mercuria was that Mercuria would support the BOB but must take a 28% stack in order the BOD could not be removed by other shareholders and prevent a takeover except by Mercuria and in this case the BOD get a sweetheart deal. It is the only thing that makes sense.
JAS78,
Clearly more deals will follow this, how many, how fast and at what cost both in terms of deal metrics and additional debt, but as eggs are eggs ..... deals will follow, Mercuria are not here to sit out 18 months then take what scraps remain of SQZ.
No deals are allowed as part of the agreement until completion, as per "not entering into significant transactions prior to Completion..", so that leaves a massive window for big players to mess with our SP both in shorting and buying stock.
aimo & dyor
JAS78,
My view too as I have previously posted on 21/22 Jan.
The over-riding concern are the future intentions of a SH with 28.9% come >18 months plus and how that will translate into SP appreciation or not !!
aimo & dyor
That does sound possitive. I hope all this does come true,but if the facts which have been posted on here are true. Then it is a little worrying. Had the share price held at the liquidation point then i would feel more comfortable,but at the moment this does not bode well as the market always seems to find out in the end.inmv