Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Just read malc'y bucket list, which gave serica a glowing report. so I then looked at the production and saw the huge increase since 2022. and then read you comment on Tailwind ... so did some research... by the looks of the deal Serica paid £620 million if you take into account the debt as a cost. plus a 25% loss in the enlarged company to Mercia. Holy cow.... all for 23000 bopd extra.. did I read that right. question is what is the extent of the tailwind tax losses that cann be used. and will they be usable against the North sea profit levy. I am looking at thiis for myy ISA starting Monday.
With all those amazing tax losses from the Tailwind stitch up, i mean acquisition, surely the dividends should be safe for a long time yet?
I do have a number of questions flexmw. I am also hoping that he will be very open with questions and answers . Especially as he is now standing aside. What i would like to see is a very vocal response to this government and the possible incoming one. I still believe that had the the larger players together with the smaller players been more vocal towards wft the industry would not be where it is now.
Going on last years Results schedule, we will possibly have an RNS tomorrow/Monday with the date given for 2023 full year results announcement & also an Investor Meet Presentation to follow on, which I’d expect to still be hosted by Mr Flegg, so will be a good opportunity to ask him some questions… I’m sure you’ll come up with a few Upomega…
A few NS companies I follow have made separate announcements on the day prior to their full year results.. would be nice for something positive prior to ours… wishful thinking….
If the dividend increases or maintains the level of the past year then that is a bonus, but i cannot imagine the share price responding in a possitive way if that occurs. Unfortunatly i feel that this would be the final year of such dividends. Unless of course epl is scrapped or reduced. inmo.
Maybe others have some views on this. It would also be useful if the departing ceo could somehow post his thoughts going forward on here. After all once he departs he will no longer be restrained by regulatory authorities.
Bring on the Donald . thats what i say . The wokes will soon vanish then inmo . Hopefully he will go after war criminalls and its stooges. I.E hmg and the oik that heads up the opposition party
We'll have the 2023 Y/E results to hand and I'm expecting the annual divd to be maintained, at least, if not marginally increased to, perhaps, 25p ps for the year as a whole.
Unless an overseas deal of some kind is announced (MF mentioning that many shareholders regard it as the 'elephant in the room' here) the double digit yield we're on is hardly compensation for its absence.
C'mon, Mitch, make it your 'swan song' for a change, prior to Labour killing of our Nth Sea energy industry to the detriment of all our domestic producers - sasa.
And i wonder which aiding and betting political war criminal backers of our wonderful political parties will have b...cks. sorry...f,,ny to to wft on bae /rr and the banks. Who inmo have been the main beneficiaries here. inmv.
Iona energy paid approaching $40 per barrel for a producing North sea field, oil prices fell and they went bankrupt.
Who cares so long as the sh..t price goes up.
Does anyone know what the most anyone has paid per barrel in a North Sea takeover is? I'm sure even in the pre windfall tax era, almost $20 would have been seen as too high. Do Serica hold the record for the highest paid per barrel?
Mitch is touting for a new job … 😆
I wonder which shareholders he's referring to ? Obviously not the vocal 27% that told him not to do anything as stupid as investing all our money in the NS at the start of the EPL ? Either he's bought a hearing aid or maybe some of the larger shareholders who supported the deal are suffering from buyers remorse?
Take a look at their results :
https://www.enquest.com/fileadmin/content/press_release_pdfs/2024/Results_for_the_year_ended_31_December_2023_and_2024_outlook.pdf
Could be worse options out there, oh wait a minute, maybe not as we have already acquired them (Tailwind) of course 😕
Aimo & dyor
Serica could "do an Ithaca" and bid for Enquest; that would double current production at a stroke. Highly cash generative although loss making on the bottom line and market cap currently £281M. IC says "the good news is that it (Enquest) expects to pay no corporation tax or supplementary charge on UK operational activities “for the foreseeable future”. A bid premium would still leave Enquest affordable / cheap and the commercial benefits could be material. Just a thought.........
Opss, sorry should be Parkmead of course, hang over from yesterdays ITH news still on my brain !! lol
"The Company is looking at all options to maximise the commercial benefit by collaborating with other operators to share fixed costs such as rig mobilisation.."
Clearly, ITH are looking to hedge their bets against Labour pulling the rug from underneath them with investment allowance.
aimo & dyor
In other news...
"The feedback I get from shareholders and from banks is: 'What are you doing in the UK? We want you to invest in other parts of the world'," Flegg told attendees at a meeting of industry group Offshore Energies UK (OEUK) today. "That's the elephant in the room. We can't ignore that."
Yes indeed!!! Hoping that the next government might not do what they say they'll do isn't a great strategy. This investor would like to know what Plan B looks like.
https://www.argusmedia.com/en/news-and-insights/latest-market-news/2552085-serica-ceo-warns-on-uk-offshore-investment
Intersting article in the Times today re the North Sea and that the operators still see a very profitable business opportunity despite current sentiment.
'' Ithaca has been critical of the UK government’s oil and gas profit levy, stating it has affected sentiment and investment in the North Sea. however, ''Ithaca is understood to want to place itself at the forefront of consolidation efforts in UK waters and believes any government in Westminster will eventually come to see the importance of maintaining a domestic oil and gas sector..''
Well planning activities underway on the exciting Skerryvore exploration targets
· Parkmead has successfully driven forward the Skerryvore project, alongside its strong industry partner group on this licence
· Good progress has been made on well planning, site survey contractor selection, and the identification and sourcing of critical path long lead items
· The crucial offshore surveys are currently scheduled to take place in the second half of 2024, to deliver the planned well in early 2025
· This exploration well will penetrate the Tor and Mey intervals of these stacked prospects, which represent the targets which are the largest and with the highest geological chance of success
· The Company is looking at all options to maximise the commercial benefit by collaborating with other operators to share fixed costs such as rig mobilisation
As I suspected, Skerryvore now early 2025. Wonder how long it will take a new government to alter EPL again - no ofset costs!!
Mommur,
Morning,
The founders would of also received dividends for this 2nd tranche, paid in cash, upon issue of these withheld free shares estimated at ~£345,000 including interest of course ...
"Serica will pay a cash amount to the Seller equal to the dividends the Seller would have received had the held-back
shares been issued at Completion (plus an amount of interest). ..."
So ITH are in the process of another NS deal too .... hummm
aimo & dyor
Newk, you have to remember it was a reverse takeover and the rewards were similar to what Robbie Flegg got for all his hard work on the BKR deal (not).
Didn't see any mention in the Ithaca results of Erskine restarting - unless I missed it.
To counteract EPL they seem to going the route of adding mass - just perhaps we should reopen negotiations with Kistos and get a new CEO in the process!!
I see Ithaca have announced a possible merger with ENI today
https://www.lse.co.uk/rns/exclusivity-agreement-with-eni-spas-uk-business-71us2flykg4ddv8.html
Ithaca clearly still see value in the NS.. exclusivity agreement signed that takes them over 100k’s boepd but no guarantee of completion at this stage..
Ithaca Energy plc ("Ithaca Energy" or the "Company")
Exclusivity Agreement for a potential transformational combination with Eni S.p.A.'s UK Business
Ithaca Energy, a leading independent oil and gas operator in the UK North Sea, today announces that it has entered into an exclusivity agreement (the "Exclusivity Agreement") in relation to a potential transformational combination with substantially all of Eni S.p.A.'s ("Eni") UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni's CCUS and Irish sea assets (the "Potential Combination").