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Mommur, don't you mean two weeks in Morecambe?
You are all talking as if you think they care. I normally trust my judgement and don't very often get it this wrong. I am still 22% down on this one and am still convinced the 'old' shareholders are been treated like scum and have been taken for a ride. I hope I m wrong - believe me but again the market has spoken after on the surface of it some 'good' results. Bur everything is down the road - the dividend (I'll be dead by then), no buyback, no real vision into the future and transition i.e. nothing for the IIs to get their teeth into and feel (like BP) yeah they are going places and will come out of this well and a world leader. It is very much short termism for the new gang including Mercuria, we are secondary! Why not pay the divi now like Harbour have done? Why not get involved in Carbon Capture or wind farms or something that has a future beyond North Sea. Initially I thought with their financial strength they would do something ambitious and not get into bed with a block who is good at setting up umpteen holding companies for you so you can hide your massive dividends.
"As I always say and Mitch Flegg agreed at the conference call, these are historic figures and particularly given how different last year was to this and how 2023 is turning out are immaterial. I will leave the numbers except to say good production, an excellent acquisition and 22p 0f dividends all tick the boxes in building for the future.
Q1 production of 46,800 boe/d proforma shows significant resilience and with Gannet GE-04 adding some 10,000 boe/d production of 60/- b/d have been seen in March already. Accordingly, combined Group production guidance range for 2023 has been maintained at what must be a highly conservative 40,000 – 47,000 boe/d on a full year pro forma basis.
With both company’s having CPR’s they go into the marriage with 2P reserves of 130m bbls and a decent number of short-cycle projects to invest in. But the Group has a strong balance sheet allowing funding of these projects and more having virtually ending hedging, so closing cash at 31 December 2022 of £432.5 million (2021: £103.0 million) plus a further £24.3 million of cash security lodged with gas price hedge counterparties (2021: £115.4 million) is comforting.
The Looney tax was discussed and whilst it is an unwanted spectre, c’est la vie and with allowances that can be used and some discussions have taken place to maybe have a floor price to protect companies should prices fall sharply sympathy is in short supply.
New Serica looks very exciting, I’m happy as can be having it in the Bucket List where I would expect it to be a leader, at this price it is way too cheap. "
https://www.malcysblog.com/?s=serica
Hummm, suddenly Malcy's found his voice regarding Serica ....
aimo & dyor
Meant to say can we expect 28p for this year
to the results methinks. Just back from 2 weeks in Mauritius, but couldn't stop myself monitoring the sp whilst away. The only remark is its going the right way and I,m sure like myself lth added around the 200p mark. Forget history, increased dividend and I'm happy to hold especially with the increased divi.
Liquid sunshine to come, gla, now where's the shiraz
I may have missed this,but has the company given an indication for the full years dividend. It would be nice to think that we could expect a further 14p later in the year as well.
Is it the SQZ divi not any TW divi to which they are referring? I’ve not caught up beyond the headline statement so haven’t seen the note.
DTP, "We've all done it at some point.." LOL ...
As for Mr Market reaction to our fabulous results and more so imo, reflection of the newly combined business (Mercuria) going forward, well lets just say closing down (2.8p) Frank, Dean, Joey, Sammy & Pete have been replaced with the new pretenders, don't you think Infor !
aimo & dyor
It's easy to forget about declaring and checking dividend payments when you're running a company, preparing for an acquisition or merger. We've all done it at some point. Surely this wouldn't have had any material impact on the business case.
Info - the locked box opporated from 31st Dec 21.
As such no 2022 dividends would be allowed.
HOWEVER - I and others feel the date was a misprint.
They have clearly messed up by not coming clean on the misprint and have tried to sneak it under the radar with no disclosure.
The auditors have clearly called them out and it needs an AGM resolution to resolve. In terms of quoracy I'm not sure it's appropriate for Mecuria and associates to vote as they are clearly conflicted as beneficiary of the oversight. Unfortunately this is AIM
'However, following the 2022 year-end, the directors said they became aware that a filing in respect of certain dividends paid in 2022 had not been made as required under the Companies Act.'
This seems very convenient. I wonder if it had been declared whether it would have had a bearing on the deal going through or not? Would really like to know who benefitted, how much and when? I smell a rat or five. If you remember the Tailwind mob formed holding companies and paid themselves ~£100m in divis during 2021. Did they do the same in 2022? If we'd known about this would it have affected things? I think so. This should have been mentioned at the time and the full detail known. Also remember the loan stayed in place pretty much during this time.
I hope I am way off the mark, but if you smell a rat it's probably is one.
So we have had results issued, dividend notice and reserves increase announced recently too, what we now need is a REAL value accretive deal, not some trumped up, made to look great one.
Oh and for our SP to finish blue, not much to ask.
aimo & dyor
I wonder whether he can be pressed on his? It's not something a plc does is 'forget to file'.
No worries infor,
My 5p would be on tailwind too.
I'll put it ti mitch at next week's investor meet company.
Thanks NQM,
"Div paid 27th of July
Ex div date 29th June"
So far ahead it's almost irrelevant. Another two fingers up to shareholder return. The lack of filing in respect of certain dividends bit, I would put 5 pence each way being a Tailwind matter involving our 'new management'. You can't announce another £100m divi for 2022 when you're about to sell the company full of debt can you? Wonder whether Tailwind 2022 accounts have been filed - can't be ****d to look I'm so p*ssed off.
Were it not for the WPT and its subsequent increase, Serica's eps would have trebled from the 2021 outcome as I guessed prior to these impositions, so they met my hopes, at least.
The decent hike in the divd announced today was also a welcomed positive with the shs now yielding just over 9% and you don't get many of those to the lb these days! So 7/10 from me.
However, as I remain skeptical of this costly NS Tailwind deal, we need to watch Mercuria closely how they influence the combo henceforth and beyond that, the likelihood of Labour, the party of envy of the supposed 'haves' and devoid of business 'nous', gaining office in 18 months time, at the latest.
If Serica does move to acquire an overseas asset to complement their activities soon, perception towards us could change quite rapidly with any respite from weakening oil & gas prices materially boosting sentiment, too.
But the biggest 'bugbear' remains the Labour threat.
For the time being, I'm relatively content to see how the rest of the year pans out with the sp very much in the doldrums right now but if we're no further ahead by that time, then I'll very likely look elsewhere for a safer investment - sasa
Any ideas what this paragraph relates to?
"Following the 2022 year end the Directors became aware that a filing in respect of certain dividends paid in 2022 had not been made as required under the Companies Act. Accordingly a resolution will be proposed at this year's AGM to resolve this."
infor,
Div paid 27th of July
Ex div date 29th June
Well Mitch has smashed out the park again - not. Why not a buyback scheme announced, can't see when the divi is being paid, should be paying back the loan asap and no real ambition to win over voters with a transitional scheme or other.
I think for all our sanity we should just forget about the situation here. There has been some excellent researched posts on here and advfn inmv.Unfortunately we are now at the stage whare INMO our fate lies with hmg re epl.The big positive here in the short term are the dividends,but who knows what could transpire during the next twelve months.
I guess we just don’t know the long-term motives, although I know your instincts. I think the combination of assets is a good one. Far from perfect (what is?), but I’m staying and have added for the journey ahead. Can purchase at what I expect to be a (minimum) 10% yield if the interim nudges a bit higher later this year.
ATB.
Norma,
Still not convince by Mercuria's long term motives here I'm afraid.
Added to HBR though.
atb
Norma, no just transferred into ISA .. ;-)
Good coverage of short-term operational plans/growth but little said about medium-term aspirations in relation to possible geographic diversification, acquisition hunting etc.
So assume you’re adding at this level? ;-)