Member Info for chinch

Well said Trader. Too many Toms spoils the show

Take a look at TCW statement and will highlight the following:

As to the future, our immediate focus is to resolve the Rhum sanctions issue, obtain the outstanding consents required and complete the BKR deal. As we near completion we shall be looking at ways in which we can use our untapped financing capacity to add new assets through acquisition to complement what will be our strong cash flow profile and operating capability. We also have the Columbus development, the Rowallan drilling and our recent licence awards to look forward to as well as trying to move forward our assets in Namibia and Ireland.

We still have a little way to go yet to pass the remaining hurdles but we are putting every ounce of effort into that and have strong support.

Serica’s cash currently stands at approximately US$21 million after payment this week of the fourth and final tranche due to BP for the Erskine transaction.

All good in my book and I'm holding but still very much risk and reward....

Just goes to show that you were a pure ramper

You'll need to read the presentation. BP staff all have to xfer to Serica for a start. Yes revenue started from 1 Jan. Should hear about the OFAC licence soon that will be a game changer either way

It's in the Daily mail

SQZ are mostly gas...

I still can't believe that the BKR deal will not happen. As I've said previously 5% of the Uk gas supply (possibly 10% if Rhum 3 gets worked on) is down to this so if it stops then there will be a lot of cold people this winter. Which will also mean that gas prices will go through the roof as we will have to import more from abroad at a time when the government is under pressure to reduce bills. Next few weeks will be interesting with negotiation on the licence and BP might want to put this to bed with SQZ which seems the sensible way of concluding the deal. BP wouldn't want to get involved in sanctions against the US due to their large assets over there. Perhaps there may be other assets in the North Sea that BP will want to offload? My view is that I'm in (average 30p) and do not want to be out if (when) there is positive news. Lots of good stuff coming up: Namibia possible farm out, Erskine to come on stream, 3 new licences, Ireland, Rowallan and Columbus. To sum up more positives than negatives but when news breaks people may miss the boat.....

Yep agreed

https://www.telegraph.co.uk/business/2018/05/26/energy-firms-brink-collapse-reveals-report/ Nice article from the Telegraph (premium only). Talks about gas shortages and how UK is reliant from other countries. I cannot think for 1 minute that Rhum and the BKR deal will not go ahead as this produces about 5% of the Uk's gas supply. I'm sure that with our "special relationship" that Theresa will persuade Donald to let the gas flow

Remember Donald ****ging off Kim not long ago and now they are arranging to meet up shortly. Maybe he will do the same here and reverse the sanctions. Anybody trying to second guess what he might do must have a crystal ball

Genius

Maybe not......there's always next week. Negotiations are going to take time as there are so many parties involved. So without good news the drop may continue. Thankyou Trump not!

Good luck to everyone saying they topped up. Perhaps let this find its bottom first.

Let's hope there is a plan b then Rovers66 because it doesn't seem like it at the moment. If there is then let's here it quickly. A lot of the views here are not negative just factual.

Unfortunately this is the same Cantor who initiated a coverage and confirmed risks but didn't mention Trump pulling the plug. In my experience take analysts comments with a pinch of salt. I think the price will continue to drift down until the position is made clearer. Lots of discussions to take place between SQZ, bp, government, us government and Iranians. Could be quite a lengthy process. With Erskine not back until Sept not looking good at the moment and market is reacting accordingly. TCW has a job on his hands......

Even better would be the Iranians selling but I don't think that would happen....

Yep

Interesting bit at the end: Asked about the impact of sanctions, the official said US trade restrictions do not necessarily impact their operations in Rhum unless the European Union and Britain also implement a snapback and there is no indication that this is likely to occur. After being forced to shut down in 2010 when international sanctions were imposed on Tehran over its nuclear program, Rhum resumed production in 2013 when Britain agreed to set up a temporary management scheme whereby all revenue due to Tehran would be held until sanctions were lifted. "Because of the Iranian involvement, Serica needs a license from the US Treasury's sanctions enforcement arm�the Office of Foreign Asset Control� allowing US nationals and companies to take part in the field's operations, especially providing heavy machinery," Walker added. "The license was renewed in September, a month before Trump sought to reverse the US position on the nuclear deal with Iran. Serica will apply for its own license in the coming months." Walker said the license is needed as a back-up in case of an emergency that requires US equipment and companies, though it's not a prerequisite to operate the field.

that article was 5 months ago and doubt we will be able to work with Tehran due to Mr Trump tonight

Nice article on Twitter about Cantor Fitzgerald coverage. If you want to read it go on Twitter and simply search for #sqz