Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
UK Government rumoured to bring in price floor for UK gas & oil producers to encourage investment which has been lacking since the intro of the 35% tax introduced, tax paid would be dependent on oil & gas prices & not just applied regardless
If this goes ahead SQZ share price should go up as price is currently pinned back by the current unprecedented tax burden the new rules had on all UK based producers, fingers crossed for s good day
More like 270/280 tomorrow given news leaking out from Government
Also for the current Q2, Brent has averaged exactly $80/barrel, NBP 84.85p/therm, so for me these are the minimal floor that Hunt should put in place, plus both should be linked to inflation until EPL ends. Hunt should also consider excluding Brent totally from the EPL as it had very little impact on the energy crisis, with what little spike there was, Brent soon returned to normal as it has many times in the past.
aimo & dyor
"Jeremy Hunt is preparing to soften the Government’s windfall tax on oil and gas companies after warnings of a jobs bloodbath in the North Sea.
The Chancellor could announce changes to the so-called energy profits levy as soon as Friday, The Telegraph understands, following intense lobbying by the industry.
Changes are expected in an effort to boost investment in the North Sea, with many operators either cutting or reassessing their commitments in the wake of the tax.
Easing the tax burden would also draw a clear line between the Government and the Labour Party, which has adopted a hardline approach to the oil and gas industry in recent weeks.
Sources close to discussions confirmed that one option Treasury officials have examined is a “floor” for the tax, which would mean it no longer applies if oil and gas prices drop below certain levels..."
https://www.telegraph.co.uk/business/2023/06/08/jeremy-hunt-poised-ease-windfall-tax-boost-north-sea-oil/
The average NBP price for the past 10 sessions has been 60.1p/therm, so the floor if announced had better be well above this.
aimo & dyor
Lets hope that we can hold the 240p level tomorrow - 210-220p level appears to be a bottom for me. GLA
Hi NewK - Roger that...
Agreed that a bid for Chariot might only encompass the Moroccan gas find (I read somewhere that the Moroccan Govt. would likely welcome a larger / seasoned gas developer to operate their sizeable gas discovery and with 25% of it held by them already, that might help any acquirer's ambitions, possibly?) - just sayin', as it's taking quite a while for them to progress the funding requirements, it seems...
Re: their green energy ambitions, a decent offer for the entire should afford a longer term addition for Serica, too, in this increasingly desirable energy segment. Bearing in mind that 'everything has its price, etc.,' JMW might be persuaded to accept an offer of, say, 50p ps which would represent a substantial premium above CHAR's current sp but well within SQZ's scope nowadays; if they don't fancy that programme, they could always sell it off, of course.
Just idle thoughts while the present 'risk off' syndrome prevails - sasa.
First of all welcome to me, shareholder for all of 24hrs...
Interesting to see what happens to the gas price this winter, some say that Europe could end up with similar scrabbling to buy gas, as last year, which drove up the price.... Apparently not alot been done to alleviate the shortages......
Interesting to see what happens....
Ps I like the hefty ring fenced Corp tax loss tailwind brought to serica... That has real value... Interesting Co no doubt
Sasa,
Agree, outright bid for Chariot but for its Moroccan O&G business acreage only, as JMW may want to retain full control of their green energy ambitions which is probably worth more in the long run. That said, Serica merged with Chariot as is, could be a mouthwatering deal for both parties ...... enough for Mercuria too maybe !
Could this be why Mitch is still our CEO given his previous links with Morocco. Acquiring just Chariots O&G would need someone onboard with local knowledge, hit the ground running as it were. Although MF last foray with Circle Oil, maybe that could be an error on Mercuria's part.
Should we fully takeover Chariot, then one would question, for sure, Mitch's need / position as Julian would easily fulfill role heading Serica's (Ex Chariots) transitional energy portfolio, with Steve as our new CEO.
aimo & dyor
Dickupham,
Hope you are keeping well and fully agree with direction of Serica being no longer in the hands for the old guard, with ACW stepping down at AGM, Andy Bell (CFO) likely to be shown his P45 in a few weeks and Mitch with Steve Edwards (Ex Tailwind CEO) arm up his rear-end calling the shots. Agree, all investment and commercial decisions will be done by all Ex Tailwind crew with Mitch ( for the time being) the PR front man. Jacques Tohme (Ex Tailwind CFO ) soon to become Serica's CFO and Steve Edwards who is presently making all the strategic calls as current Serica's Chief Investment Officer, will as you suggest at some point become our CEO. With ~29% voting rights, this grants Mercuria et al effective control on who does what ... Mitch will be there so long as he serves a purpose imo.
aimo & dyor
DTP and others - re potential acquisitions, my view is that SQZ's future direction will be chosen by Mercuria (with its 28% effective control) not by Mitch Flegg or anyone else. He'll be lucky still to have a job in 12 months' time, or whenever the 18 months lock-out period ends and Mercuria decides whether or not to take SQZ private.
Maybe Mitch will be seen by Sunakhunt or Starmer as a natural shoe into mainstream politics? He's made as good a fist as either at destroying shareholder value in Serica...........
dyor
Hi Maverick - yep, Chariot is also my hoped for bid target for Serica (hold that one, too, so I'll admit to being biased, obviously) but being close to infrastructure only a few miles away and also the underbelly of the EU, their huge gas find would seem to sit well in both respects.
With Char only holding 75% of the find, though (the Moroccan Govt agency holding the other 25%) they're after a 'farm in' but that would only afford a 24% interest in it being available if they wish to retain control.
Ergo, an outright bid for them seems the more likely option for the likes of Serica, if they're interested and with still a huge cash pile to deploy / Mercuria's more aggressive approach, etc., might yet be the impetus needed - you never know...
Just my current take on that, fwiw - sasa.
Think their would be a hefty premium to pay Maverick, in a bid for i3 Energy. Tantalising for me, having a significant holding in i3e paying a £1000 a month divi - if only!!
Perhaps they can "steal" Longboat Energy off the aging ex FPM Directors who are doing a similar job as Tom Cross at Parkmead running a lifestyle company paying handsome salaries. That would give some Norwegian & Malaysian licences - nope i dinnae hold them as I had previous history with FPM and how they quadrupled the MC in 10 years with complete disregard for the SP - ergo the Ii's sold out to DNO.
I'm sure Mercuria would like the sp back to around 275p and are pressing all the right buttons - I await in anticipation.
Ideally, all major North Sea Oil & Gas producers would boycott the licensing round. The windfall tax is utterly ludicrous at these energy prices and they should be letting this known by not participating.
We’ve got a similar tax rate now to Norway, but without all the allowances that come with taking a development to production. The UK has got this hopelessly wrong and it needs to change.
Investing more in the UK North Sea might pay off if politicians see sense but it's a high risk strategy. The safer bet would be expansion overseas although this would offer its own challenges. They'd be wise to finish the integration with Tailwind first and use it as an opportunity to hone their M&A skills.
I don’t think we should be targeting any further North Sea assets whilst the EPL is still in place and the rhetoric from labour, Mitch has already indicated that they are looking at Overseas investments. As SQZ have mostly targeted producing assets, i can only think that it would be Canadian (they were previously listed on the TSX from memory) or USA assets?
I would like to see a merger or acquisition with i3E.
Oil hot spots in terms of exploration are Namibia and Guyana but I can’t see SQZ targeting these. They had previous experience in Indonesia so this may be a likely destination. I can’t see them targeting Africa either unless it’s Morocco aka Chariot.
They have a mountain of cash so lets see it being used more wisely this time!!!!
Hi Mommur - I'd hope that Serica would delay any further bidding for NS licences at least until the economics of further involvement here is clarified - surely better for Mitch, post Tailwind, to get a 'shifty on' and acquire a non - UK asset to augment our portfolio.
In his last vid, Mitch seemed more determined to target an overseas asset henceforth, so I hope his comments weren't just a sop to assuage us all in this regard - sasa.
Licences are relatively cheap so I fully expect ( although I don't think we should from a EPL standpoint) for SQZ to add licences, after all Mitch has to earn his bonus.... lol
aimo & dyor
The question is whether Serica are going to bid for any further Licences in this round. Dyor but my view is they will assess any known discoveries around their assets and bid away. Licence 29/1c may be of interest.
With the current tax regime, some of the smaller companies must be in a distressed state and I'm sure M&A is being targeted , although these will still be UK assets - their must be value to be developed on a long term basis (2028 onwards). Mr Flegg should be poked by Mercuria to get a shifty on, especially if he wants his latest reward to vest.
On another note, a very good article in the Daily Mail by Jeff Prestridge on the ruination of Britains Pensions by the Blair/Brown interference. Particularly galling that the Tony Blair Institute is calling for changes to rectify the destruction they caused in the first place to get Pensions investing in british shares.
Sadly, anything that diversifies an O&G company away from the UK can only be seen as a good thing right now.
"LONDON, June 6 (Reuters) - Britain's largest North Sea oil and gas producer, Harbour Energy Plc (HBR.L), is in talks to merge with Gulf of Mexico peer Talos Energy Inc (TALO.N), four people familiar with the matter said on Tuesday.
Harbour, which has a market value of 2 billion pounds ($2.5 billion) and Talos, valued at $1.8 billion, have held on-and-off talks about a combination for at least six months, but negotiations rekindled in recent weeks, the sources said.
If there is a deal, it could involve the combined company listing in New York, the sources added.."
aimo & dyor
Resistance is indeed futile!
Thanks Flexmw,
"Serica CEO Mitch Flegg will be in Edinburgh Thursday 8th to participate in the Shares Investor Evening at the Radisson Blu Hotel. Mitch will present an overview of Serica's business, our growing portfolio and dynamic investment strategy.."
'dynamic investment strategy' ...... lol, really, where do I start .... !!!
aimo & dyor
Mitch Flegg presenting at Shares Investor evening, tomorrow - 8th June
https://twitter.com/sericaenergyplc/status/1666046506984456193?s=46&t=uz3in5yMdDdYvqnOjeh9vg
Https://www.telegraph.co.uk/news/2023/06/06/the-necessity-of-oil/
"the GMB’s general secretary, said Labour had “got it wrong” and risked creating “a cliff-edge with oil and gas extraction from the North Sea”. He is right. Sir Keir Starmer needs to rethink."
Fat chance of that.
Oh, btw see that RE-APPOINTMENT of Andy Bell is NOT on the list of resolutions for AGM. So either it will be announced he is leaving or just stepping down as CFO (guess the former), with no doubt, ex Tailwind Jacques Tohme being promoted to CFO and our board....
Interesting how Mercuria et al will use their votes ..... if they want someone out (cough cough), not mentioning any names, they will make it so ! Steve Edwards (Ex CEO Tailwind), come out come out where ever you are ...!!!!!
Tailwind should of been name Borgwind .....( for all the Trekkie's out there )..... ;-)
aimo & dyor