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In December (10 weeks ago) -rns
'' I am also pleased to report successful well campaigns on the Bruce and Guillemot fields during 2023. These are further proof of the benefits to be had from low cost, short cycle investments in our existing asset portfolio. The full impact on production of the well work carried out this year is expected to be felt in 2024.....a third campaign in 2024, which will target wells on both the Bruce and Keith fields. ..start of a four well drilling campaign in the Triton area, with the first well on the Bittern field scheduled to begin middle of the first quarter. 2024 is anticipated to be a very busy and impactful year of investments in Serica'
The integration of the Serica and Tailwind organisations and processes has been progressed since the completion of the Tailwind acquisition in March 2023. Steve Edwards, Dave Freeman and Tom Ujejski will be ending their roles with Serica by the end of March 2024. ''
In September -rns -
'The completion of the Tailwind acquisition in March represented a step change in the scale and diversity of Serica, achieving a longstanding strategic goal. We have stated consistently our intention to continue investing in the enlarged portfolio, to add to it in a disciplined fashion if the right opportunities arise and to make further cash returns to shareholders. ...
Profitability maintained with higher sales volumes largely offsetting lower gas prices.
Highly cash generative portfolio of assets
.Average realised gas price of 96 pence per therm and realised average oil price of US$64 per barrel
Work on multiple Bruce and Keith wells being undertaken during remainder of 2023 and in 2024 to boost production performance.''
In addition in May the '' Long Term Incentive Plan Awards
The award has been made to members of the Group's executive team and senior management, based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, the highest average share price must be at least equal to 500p''
Very few if anyone sold out of SQZ as on April 13th 2023 results were announced by Mitch Flegg -
''... another year of outstanding progress for Serica. There was strong growth in production volumes, a significant upgrade to reserves and increased profitability at all levels.
Serica's two-pronged strategy is to invest in our high-quality portfolio of UK North Sea assets to unlock value and prolong their life whilst continuing to target future acquisition opportunities.
We have now completed the acquisition of Tailwind which has boosted production and reserves and provides a number of short-cycle growth opportunities for the Company.
I'm delighted that we can recommend an increased final dividend of 14p per share. The continued strength of the Company underpins the intention to maintain or increase the dividend in future years."
Profits increased at all levels with a 93% increase in operating profit and a 124% increase in profit after tax, boosted by the end of BKR net cash flow sharing, increased production volumes and higher commodity prices.
Serica 2P reserves increased to 74.9 million boe effective 1 January 2023 (1 January 2022: 62.2 million boe) with Group 2022 production replaced more than two-fold.
Final 2022 dividend of 14p per share recommended, bringing 2022 full year total to 22p per share
Completion of the acquisition of Tailwind puts the Company in a strong position to maintain and grow its dividend.
......................................................................................................................................
The above is taken from last years results RNS a lot of reasons no one sold out.
A few posters have envisaged a drop or a complete cancellation of the dividend on here, for two reasons I'm not too sure...1/ mercuria will benefit ...2/ after a dividend payout the SP falls which again would suit mercuria as in less than 6 months time they can aquire SQZ for a sh** offer.
I offloaded around 80% of shares at £4 , more luck than savvy investing I may add as I bought back a small amount at £4:10 before theEPL came in, my point being the regulating authorities and today's government have failed investors miserably on aim lse, if mercuria have intentionally brought down the SP for their own gain then imo if this was in the U.S. a custodial sentence would suffice. 'COME ON HMG GET SOME FAIRER REGULATIONS IN'. .............. there,rant over for today.
I guess I must be a Kistos fan at present seeing as I'm showing a 15% profit on my recent and only purchase - I'm certainly not a fan of Serica after the last 12 months!!!
My only chuckle this morning was Dicks missive on a certain Ms in the labour party " the ginger Amazonian who left school with more children than GCSEs". Being a northern lad I cringe whenever she appears on tv, must be because I married a Kent lass and lived there for a decade or so.
Perhaps a timely purchase by Mr & Mrs Hardy or even ACW,MRF or Mercuria (yikes) would help - lets face it their dividends are enormous. Like Dick I sold 15% at 443p (now wish I had sold the lot like everyone). My concern now is the dividend - a fair few IT's have holdings in SQZ for the dividend, which may well be concerning and holding back any further investments at these depressed levels - wake up Management and take the concern away - otherwise the rot will continue.
Well another few months on and a new 52 week low and soon after Mitch actually bought some shares. So sad to see him join us underwater with this investment. The poor guy just can't seem to catch a break anywhere.
(Why oh why didn't I bail out in the summer of 22 or even Jan 23?)
And to add. the current hmg together with its bosses st..mr mill..bnd are inmv guilty of war crimes. and crimes against our own state by supporting and funding the g...za conflict. let alone what else they are supporting that us humble citezens do not know about..
For one someone should call for a motion that that oiks knighthood is removed.inmv onmho dyor only if you look over twenty five etc etc
Excellant post dickupham.
As yourself i agree that we are in the hands of hmg dilliquents pressent and possibly going forward. As for the kisto fan club well , maybe they have some kind of relationship with them. Could be business, sexuall . Something we may possibly never know.
they may want to ask themselves this one. If the ceo of serica was that useless then why has the share price crashed since his resognation. Surely it would have gone up. Stick that in your pipe kisto fan club.\
dyor , gad ble,,s , moha..d inyor only if you over twenty and look it .
Even after today's 13% increase in SP, Andrew Austin has presided over a 75%+ loss in the value of KIST's shares over the last 18 months. Does that make him a star? "Hardly", I'd say.
That said, in order to assess his (and KIST's) performance fairly, one would have to compare performance with peers. I haven't made the comparisons, because I can't see past the elephant on the premises. It's a composite elephant made up of a few different, but connected, pieces that go by the names: Sunak, Hunt (aka "the rhyming Hunt"), Starmer (aka "Stoma"), Reeves, Miliband and the ginger Amazonian who left school with more children than GCSEs.
Mercuria has full control now - not sure what of though anymore; nothing that seems to be generating much cash, however. "Bye bye 12% yield; hello penury". It was always going to be thus. It's been a bit quicker than I expected, which gives us about another 5 months to wait for the derisory offer that's coming our way when the price has been smashed down a bit more. Then SQZ will gently fade from the memory (along with your pension plans) as time trickles remorselessly by ('races' in my case).
How sad (and dishonest). TG I sold enough at 440p to extend the guest quarters at Chez Fawlty, which now have an improved "ocean perspective".
News of increased concentration on the UKCS (planned 30% farm in to JOG's GBA fields) is supposed to be imminent (by end of Feb). Not sure it makes much sense now, given what Labour has told us it's planning, which would make profitable operations in the UKCS impossible to achieve. Run a couple of illustrative DCF models if you doubt this.
The thinking seems to be that Labour will back down on policies that would be counter productive in a few different ways. Wish I thought they had that much sense. And moral integrity.
jmofwtw
dyor
Think today's movement of KIST's SP says it all about AA ability to do a deal.
Mitch announces the TW deal and our SP falls ~7.6%, AA does a £25m deal and KIST's SP rises +13%
I guess the KIST shareprice is more impacted by any negative news, the number of shares in circulation is a large magnitude smaller comapred to SQZ. Some of the acqusitions havent quite delivered for one reason or another. Also surprised that KIST havent diversified away from North Sea and Norway - the main critism of SQZ
If only - he has my backing for CEO!!
I agree AA does appear a good fit, however, with Kist share price down 75% from highs in the past year, even surpassing the drop SQZ have experienced, they'll be some critics no doubt.
This is the guy we need as our CEO ....
https://www.lse.co.uk/rns/KIST/uk-onshore-gas-storage-assets-maikodedz5bqd5a.html
aimo & dyor
Is anyone else unable to add to their position? Trading 212 is not allowing me to make any more buys saying I already own more than the current limit of 60 shares
The only good thing that's come of this whole TW/Mercuria debacle is that Mitch has lost his job and will hopefully lose most of the money he was just forced (yeah as if he bought those shares willingly) to part with to buy those shares recently. What an absolute sorry debacle. Yes the EPL would have decimated the company anyway, but that truly awful acquisition was the coup de gras.
Well said Maverick and would think that a lot of us are thinking the same.
Why on earth have 2 directors bought shares that’s what I want to know? Unless, there are negotiations ongoing about something abroad that we don’t know otherwise it’s a very bad trade chucking money away.
Said it for a long time that NS will be a graveyard under Labour, Aberdeen will be a ghost town and politicians just spouting promises that they can’t keep. When a politician actually wakes up and smells the coffee that they won’t be earning all these billions in tax then everyone will say I told you so but it will be too late by then.
Then you have the eco loons who are determined to stop all o&g production to rely on renewables. Has anyone told them if we switched off o&g today we’d have to import from abroad and we, the taxpayers, would have to pay more for our energy? There is also not enough renewables at the moment and is also not profitable.
Energy is a political pawn in a very bad game and could see thousands of jobs lost but listen to Labour and there will be thousands of jobs in the green sector - oh no they won’t…. Not properly thought through as always.
With no appetite from investors with what’s happening this could easily, very easily, go a whole lot lower. Div maintained - wouldn’t have thought so and that would be the final nail in the coffin.
Just thinking that what Mercuria have actually bought is a company paying 75% (or 78% under Labour). With investment allowances to be deleted they are actually inheriting a dog in a dog industry. It’s going to end up in tears.
I’m holding to see the div then selling
One thing I never understood with the TW deal was how did they arrive at the almost $20 a barrel valuation in a 75% tax environment. You'd have to be making $80 a barrel profit to make that $20 back. Who on earth has profit margins of that magnitude and that would just be to get your money back.
You cant make it up
SQZ net cash expectations substantially reduced by their house broker - SQZ just didnt make this so obvious in the OPs update, but they didnt hedge, oil and gas prices are down and production isnt increasing
NewKOTB, for the Tailwind deal I was agnostic. I saw a lot of criticism on this board, some of which I agreed with, but I trusted that the BoD had crunched all the numbers and taken account of all the risks. Clearly my trust was misplaced.
My main concern was why we were investing exclusively in the UK with so much uncertainty and risk around taxation. I believed we should have diversified overseas (and still should).
A lot of PIs on here said similar things but we have been ignored. The IIs who voted through the deal weren't investing their own money so I guess they weren't so worried.
If it's not already too late, I hope the BoD will start to take heed of PI concerns since we have more skin in the game than the big boys.
What a shtishow.
SQZ and other O&G companies need to cease production until HMG gets its shti together.
"first thing that the company should have done once epl hit was to diversify overseas.."
Yet Mitch decided that the TW deal was still a good one !
When you get to the situation when you are hoping for a bid then things are getting desperate. We will soon have the 12 months up since deal and then the 'founders' can begin to sell their shares too.
aimo & dyor
Fwiw i have been reducing, but still hold some. Any bounce from here and i will reduce further. Inmv the first thing that the company should have done once epl hit was to diversify overseas.For me this is now no longer a company with prospects due to our wonderful hmg . Let alone what will occur after the next election inmo
What is keeping investors still holding this stock? Once it broke 200p again, that was it for me, SOLD the lot, i made a promise to myself that i wouldnt hold for any election. SQZ just isnt investible, for so many reasons:
- poor management
- Labour threat
-gas prices going down
-production targets are lower than expected
-is the dividend safe?
- EPL is here to stay
- Oil and Gas sentiment isnt improving
-lot of the big players are exiting the North Sea for a reason, but yet these numpties its still the golden goose
-there are so many other better options - not necessarily in the energy space
The only positive here is that continued price falls makes it a bid target, thats the only positive i see, oh yes and Mitch leaving, lol. I bet Mitch doesnt like the fact that he is poorer now with his loss on his "trade"
sorry i am being negative, ive been here in the 5p days but the downtrend is there for a reason and sometimes you just got to press the sell button,