Https://www.heraldscotland.com/news/24210301.labour-windfall-tax-will-make-uk-uninvestable-warns-oeuk/
Labour’s oil and gas tax plans could see the UK " move towards being uninvestable," Offshore Energies UK (OEUK) has warned.
In a briefing for journalists, the trade body claimed uncertainty over taxation and licensing was scaring firms away from the North Sea.
Better get yer granny voting conservative, or kiss goodbye to deltic
Butcher-boy re "Would i be right in thinking if this was taken private a mid price in 30's?"
You would be completely wrong.
Combine AIM + a Retail Investor and you get Pure wishful thinking.
Its like you guys sit around dreaming that all and every move taken will benefit your holdings, in most cases it doesn't.
The best decision Deltic can make right now is pass Pensacola to Shell or Dana for free if they cant get a small percentage for it.
We definitely do not want death spiral financing, and at this stage nobody is interested in farming in.
DELTIC does not have the expertise to handle the project alone! And any attempt at it would like be a fail, just like they failed to do the easier task of selling it to a Major who can handle the project alone.
Add some realism to your projections guys, or you will end up a broke depressed loser.
11.75p we are. I told you so.
spike501 - Good accurate post!
Ekimp Re two of your comments
"It makes no sense for the big shareholders Spencer and Sneller to give up an asset worth multiples of the current share price and that is without Selene."
"I take on board what Spike says but I maintain that MS was happy to commit significant funds when CLNR was an embryo and one could argue the risks were far greater than they are today."
Your view is clear - that because two major investors Spencer and Sneller are invested in DELTIC, it can NEVER go wrong?
Sorry to advise you - They are human and also get things wrong. Your posts reveal your blinded bias.
DrPatience Re
"It was not my buy btw. I am standby to pick up more should we lose Pensacola and we see a big panic drop!!😀"
Like I said to everybody yesterday, the BOD wont get any friction, Because this DELTICS full of naive & stupid investors like DrPatience, Even though hes in Negative hes willing to throw more and more money with good marketing.
Hence the saying - A Fool and his money are soon parted.
Https://oilprice.com/Latest-Energy-News/World-News/Germany-to-Ditch-Controversial-Tax-on-Gas-Transit-in-2025.html
"Germany will abolish from 2025 a controversial levy on natural gas storage which countries in central Europe have had to pay to get gas piped through Germany. "
It seems every other country are making favorable Oil & Gas frameworks - Aside from the UK, who are making it unfavorable conditions, thus pushing away business.
Https://www.heraldscotland.com/news/24348174.stark-warning-issued-north-sea-campaign-hots/
Aberdeen & Grampian Chamber of Commerce warned today that the party which wins the election on July 4 will have just 100 days to restore confidence and save 100,000 jobs in the North Sea, or risk losing investment worth around £30 billion. It came as the 39th Energy Transition Report from the Chamber revealed that there has been a sharp decline in work across production, exploration, and renewables as well as investors await the outcome of the poll.
According to the report, industry confidence in UK activities has plunged to a record low, as high taxes and a potential exploration ban threaten to bring the domestic oil and gas industry to a premature end.
The Energy Transition survey, sponsored by KPMG and ETZ, found that companies expect only around half of their work (51%) to be in renewables by 2030, up from 34% currently. It also found that, despite the price of oil remaining higher than $80 per barrel, confidence among companies working in the UK Continental Shelf (UKCS) is now lower than the financial crash and the pandemic, when oil prices had slumped to around $16 a barrel.
Tax, political environment and market stability were highlighted as the three biggest concerns facing companies based in the UK energy sector, with firms increasingly focusing their investment and resources in projects and markets overseas.
The survey was published amid ongoing concern in the industry about the windfall tax or energy profits levy, introduced by the UK Government in May 2022 in response to the extraordinary profits energy companies began making as commodity prices surged following Russia’s full-scale invasion of Ukraine.
Energy companies have said the windfall tax is discouraging investment in the UK and increasing the country's reliance on more expensive imports of energy, although tax incentives were brought in alongside the levy to encourage firms to continue investing in the North Sea.
“The Energy Transition survey has charted the highs and lows of the UK’s energy sector for the past 20 years.” said Russell Borthwick, chief executive of Aberdeen & Grampian Chamber of Commerce.
“From our survey and listening to focus groups, we believe the next government has just 100 days to convince industry that there is a future in the UK Continental Shelf. Failure to do so will result in the current apathy, which is evident throughout this report, turning to open revolt, where companies move their resources on to countries which offer a less hostile business environment and better returns.
Privately, industry leaders are being very clear that this will be the outcome of an extended windfall tax with scaled back allowances. “Should this transpire, our path to net zero could look more like a road to nowhere.”
DrPatience Re "Also, if it was a done deal that NS is dead, then surely Shell would not waste around $65-70 million drilling Selene and Pensacola (their share)."
The deal with Shell and Deltic is years old and was signed during an advantageous political era.
As the times have changed, there is a chance shell forfeit the drilling, but dont worry, because even if this occurs, the directors here will come out with a statement like "Weve been awarded a licence for the largest find in recent years", and everybody here will be back in ramp mode.
G_G_G Re "Board are certainly going to have a very hard time at the AGM next Thursday if they give back Penascola. If I were Swindell I'd go in wearing a helmet."
I disagree, The directors wont get any friction from shareholders, infact the opposite.
Deltics investor base is loaded with gullible retail investors who come out with stuff like "if I can prevent dilution, I shall throw last years savings into Deltics fund raising, and thus lower ones average."
The Directors are not held responsible in anyway, look at the title of the below post of peterlowen,
"North Sea exploration star"... The actual news title of the article is North sea firm... but as you can see, the investors here are blinded by their own wishful thinking... Deltic is FAR from a star.
A more accurate title "Useless North Sea company that's been Exploring for over 8 years has now focused solely on blaming the Labour party for there blunder streak"
The lesson with this share and many others on AIM, Most Exploration companies are a waste of time, they are a bad investment.
"Whatever the RNS States"? Lol what daft advice.
Ignore all the RNS guys, according to Rot1 this share cannot possibly fail, keep throwing all your money at it.
Anybody with a brain knows thats utter BS.
A labour government will try to block all north sea production, in which case there wouldn't be any money to be made from DELTIC...
As for last one turn out the lights, I think the Utility company will due to unpaid bills.
A Westminster office isn't cheap, but what a nice reason to wake up in the morning when your shareholders pay your luxurious office and bills.
8 Years and deltic has achieved NOTHING.
DELTIC RNS Dated - 17/7/2020
https://www.lse.co.uk/rns/DELT/statement-re-possible-offer-for-deltic-energy-plc-i3dmv06a4ohcszs.html
"Whilst Reabold is optimistic regarding the ultimate prospects of Deltic's high impact exploration wells in the North Sea in the medium term, Reabold believes that it is unlikely that there will be any significant activity or news flow until Shell U.K. Limited ("Shell") commences drilling of Pensacola, which is estimated to be in H2 2021."
H2 2021? Hahahahah - Try Q4 2024 and now we don't even have funding...
This company is a gravy train for the Directors... 6 figure salaries, nice office, sit around all day doing nothing expecting retail investors to throw money at them.