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Sval Energi would be an excellent acquisition.
However, ads Sval are already partnered with AkerBP you would think they'd have an advantage (and deeper pockets)
A price tag of around $1bn rumoured.
aimo
I'd be amazed if this is true. Sounds a bit too adventurous for Serica. Easier to stay in the comfort zone and keep paying windfall tax.
On the 3rd of May the NSTA offered a further 31 licences in the latest phase of the 32rd oil and gas licencing round.
Some applications are still under review, so more licences may be offered in future.
I guess we'll find out next week if we are one of the "lucky" ones.
Oil and gas firms are being framed as the “devil incarnate” as general election rhetoric ramps up, a top North Sea dealmaker has complained.
Andrew Austin said is firm Kistos Holdings (AIM: KIST) is one of several which has pulled out of deals due to political uncertainty and that the windfall tax is being seen as a “victimless” crime as the UK gears up for an election.
Speaking to The Herald, he said: “Part of the problem is both parties are rightly trying to chase the 18 to 24 year old vote and in their minds climate change and oil and gas companies are the devil incarnate, therefore taxing them is effectively a victimless crime; that’s what’s driving it on both sides of the house.”
Investment ‘off the table’
Mr Austin, who built up his former company RockRose Energy into a £250m business, said committing fresh capital to projects in the North Sea “is definitely off the table” until there’s certainty as to “the Government and the Government’s position”.
There have been four changes to the windfall tax since 2022 under the ruling Conservative government, while Labour, which is leading the polls, has promised a “proper windfall tax” should it win power.
Last month, the CEO of Hartshead Energy told Energy Voice the uncertainty on Labour’s plans have led to it cutting project team jobs.
Meanwhile the party’s pledge – which includes cutting investment allowances while hiking and extending the levy – has led to warnings it will kill off North Sea investment.
Kistos’ partner in the West of Shetland, TotalEnergies, told Energy Voice last year that the uncertainty is impacting potential Final Investment Decisions for their projects in the region.
Mr Austin told The Herald that the windfall tax is not making Shell or BP the victim.
“The victims are the small independents who effectively have become the mantle-holders for the North Sea as the majors and super-majors have exited.
“You’ve seen it with Harbour, with Ithaca with Serica and us. These are the guys that are getting hurt.”
Https://www.telegraph.co.uk/business/2024/05/03/north-sea-oil-drilling-net-zero-deadline/
Copy & paste from BaronInvestments tweet… via Bloomberg…
Bloomberg now saying Serica have bid for the assets...
Serica bid for the assets as it seeks to diversify away from the UK, where it has been hit by the impact of the energy profits levy put in place in 2022. Aker BP, which was created in 2016 by BP Plc and Det Norske Oljeselskap ASA, has continued to expand in Norway, and merged with Lundin Energy’s oil and gas activities two years ago. Deliberations are ongoing, and there’s no certainty the potential buyers will proceed with formal bids, the people said.
'Sval has 70,000 barrels of oil equivalent a day from 15 producing fields, with another six projects in development. The firm has stakes in fields including the Greater Ekofisk Area, Ivar Aasen and Martin Linge, according to its website'
https://x.com/baroninvestment/status/1786331774982746339?s=46&t=uz3in5yMdDdYvqnOjeh9vg
Serica Energy BOD . Please stop the buybacks before you reach the ceiling as your timing is cr...p.
You may as well invest in bae and rr just like some of of your valid investors on here . After all they are so wealthy and are musing what to do with their wealth. Maybe rei invest in Serica or other oilers . No doubt we shall all be informd when they decide on this. Praise the l...rd for smugness ..
Good post and article. Maybe the deliquent mps should now start to consider voters who are either or approaching retirement age as many of them have true experience of life. For me this lot will not be happy until they finish the n sea off and then come to the rescue by asking the majors to help out. I will not be voting for any of them due to the damage they are causing not only with companies such as Serica and our energy needs, but also supporting war crimes. Let alone with threats of means testing the state pension.
Scum buckets the lot of them inmv
‘Oil and gas seen as ‘devil incarnate’ complains North Sea dealmaker’
https://www.energyvoice.com/oilandgas/north-sea/552748/oil-and-gas-seen-as-devil-incarnate-complains-north-sea-dealmaker/
Added a few more to holding in between 182p to 182.9p 👍
Gas and Oil all down past couple of days....
WTI l 79.361
Brent 83.727
TTF Gas 28.61
UK Gas 69.5737
Over 10% drop inside two days ??
Whats gone wrong??
Petrofac still working, Deltic has its own problems - no money, Serica's busy schedule mapped out and proceeding and dividend secured.
Waiting with baited breath.
I have done a bit of digging and found that the rig for drilling the five wells at Bittern, Gannet, Guillemot, Evelyn and Belinda is the COSL Innovator.
The rig is currently drilling in Norway for Equinor.
The other client listed for the Central North Sea UK is Petrofac.
cosl.no
https://www.offshore-mag.com/subsea/article/55020788/serica-energy-serica-commits-to-north-sea-belinda-triton-tieback
Yup, more likely to be Deltic - lack of investment etc..
PFC will continue in some form or other.
I don't see it as an issue as bond holders will convert to equity. It's petrofacs shareholders who are going to suffer more. Not companies such as Serica. Personally I think the Deltec situation is the main reason for the fall. Maybe we're going to fund them via some kind of merger.
As far as I am aware, Petrofac carry out the well management services for all of Dana Petroleum's North sea assets, including the Triton FPSO and Western Isles FPSO.
So, I would guess they are heavily involved in Bittern, Gannet E, Guillemot NW, Evelyn and Belinda.....
A bit harsh inmv. Maybe the answer is to send all of them to the Gazza strip during the summer recess. Then they would just become another statistic amongst the 100,000 casualties so far. They like statistics judging by how they treat the electorate inmv and omho.
Looks like Petrofac is in serious trouble. Shares suspended today.
Petrofac is an O&G engineering company with a lot of business in the North Sea. Not sure about their criticality in Serica's supply chain but if they're heavily involved in engineering or operations, this might explain the SP drop.
I would hope Serica wouldn't be too dependent on just one company.
Hefty drop today and thought we had see. The back of £2...any views on this bouncing or getting worse... Not sure I understand the petrofac relationship?
Normally I would say due to more sellers than buyers, but not the case today, especially if we are mopping up and placing into treasury. Deltic situation made worse by Shell playing hard ball, but yet again a salvo fired at politicians and inept government.
My other oilies, KIST,ECO,i3e are all firmly in the blue, so it must be more than just Deltic.
Perhaps Petrofac are our incumbent driller - and the bottom has dropped out of them today????????
DELT RNS:
"The struggle to find a way forward on a project like Pensacola, which is one of the largest discoveries in the North Sea in recent decades, is a real-world consequence of our political leadership using the nationally important oil and gas industry as a political football at a time when energy security is of paramount importance.
Given the impact of fiscal and political uncertainty on investment decisions we have seen a shift away from investment in larger standalone projects, like Pensacola, towards more affordable, lower risk opportunities which defer decommissioning or increase infrastructure life such as Selene, and the Company's Syros prospect in the Central North Sea, where we have seen an enhanced level of interest.
Deltic dragging hbr and us down today... What a Croc.... This govt and labour need shooting... Is there aim to destroy the sector... Oh yes it is.
"Norway Plans to Develop a New $570-Million Oil and Gas Field - ''The world will need oil and gas for many years to come, so it is important that companies continue to develop new projects and help sustain long-term petroleum activity'' Minister Aasland said in a statement
https://oilprice.com/Latest-Energy-News/World-News/Norway-Plans-to-Develop-a-New-570-Million-Oil-and-Gas-Field.html
I wonder why the shares aren’t being cancelled that are being purchased by the company!
Why are they holding them in Treasury?
Now nearer 12% Newkotb.
It is now looking like the buy backs are just postponing any drop in the share price. Not looking good when these end inmv. Which at the current rate will not be long.