Member Info for DennisThePennis

Given that Dana have been looking to exit the North Sea for a while, I wonder if it's worth Serica buying the Triton FPSO. By now, more than half the tie-ins must be Serica's, and if they're planning more development it might make sense to take over the production hub (for a realistic price, of course).

I take their production guidance with a pinch of salt. As I've said before, they seem to assume 100% plant reliability, which is not realistic. Also, their scheduled maintenance outages often seem to overrun.

Yet the share price keeps dropping.

16% dividend yield is no good when facing capital losses of 50%+ per year.

The only reason I’m still here is I’m unwilling to crystallise my loss. It’s beyond time for the BoD to get its finger out.

The Chairman, CEO and CFO have all been replaced in the past year and the honeymoon period is over.

Sekforde, I agree that it's not all negative, but after a long period of uncertainty, stagnation and procrastination I'm expecting more from the BoD and executive team. I'm seeing other NS companies grasp the nettle while SQZ stands still. Hoping (once again) that next year will be less pedestrian than this year.

Pretty much as expected, with SP plunging as usual.

Triton compressor still not online.

2024 production target missed.

Still actively evaluating opportunities (yawn).

Still considering a move to the main market (ditto).

Disappointed we’ll be in a net debt position by year-end.

The main positive is the success of the drilling programme which should boost production going forward, assuming they can keep plant running long enough.

Overall not impressed.

From the RNS issued on 29th October:

"Serica will issue a trading and operations update in mid-November, by which time production on the Triton FPSO is expected to have resumed. The addition of production from the GE-05 well on the

Gannet field (SQZ: 100%) is expected shortly after the resumption of production."

Here we are on the 25th November, way past mid-November by anyone's definition, and there's still no update. Very poor.

I'm guessing they're in the final throes of something - maybe fixing the Triton compressor or even signing a deal - and don't want to issue an update until there's good news to convey. Maybe that's optimistic though.

The silence is deafening. Hopefully it will be good news when it comes.

It's best to avoid investing in companies or sectors in the UK since volatile and unpredictable fiscal or regulatory changes can quickly destroy value, as we have seen.

I meant carbon capture technology, of course.

Starmer maintains his target to decarbonise the UK electricity supply by 2030 and says the strategy is focused on four things: wind, solar, nuclear and pylons.

Today, more than 70% of our energy is provided by oil and gas, with 40% of our electricity coming from gas. If we don't use gas to generate electricity by 2030, we won't have enough baseload capacity to generate dispatchable electricity when wind and solar aren't generating. So, either Starmer is planning to install carbon technology at all gas plants by 2030, which definitely isn't feasible, or he's planning to massively increase electricity imports.

The mainstream media should be grilling him on this but they're more interested in errant priests.

More arbitrary virtue signalling targets without a plan to achieve them.

Starmer says he wants to improve energy security, reduce energy costs and provide employment in the energy sector by turning the UK into a renewable energy superpower. Ironically he's doing precisely the opposite. I guess he thinks he's getting getting sensible, unbiased advice from Dale Vince and King Charles.

I think SQZ is in a much better position than most in the UK North Sea, with strong production (generally), low(ish) production costs, no debt, very limited decommissioning liabilities, and tax losses to offset some of the EPL.

What they're lacking is strategic direction which I’m really hoping will emerge with more certainty about the UK tax regime.

If they don’t reveal something resembling a strategic growth plan soon, they should consider ramping up the buybacks to boost the share price and make this a more attractive investment. They also consider relisting, although I suspect they have already lost a lot of institutional investors and they’ll need a convincing growth strategy to win them back again.

As I’ve said previously, they’ve been treading water for too long, and they need to decide where they’re going to take the business in the next few years.

"Trump is generally a complete disaster for everything."

The American people don't seem to think so.

"But I do not think he will have much impact on the price of commodities."

Check the oil price this time next year.

Share price down more than 2% once again today. I can sense that Mercuria takeover getting closer and closer.

Looking forward to a management update.

Lower oil and gas prices are guaranteed unless there's major disruption in the Middle East, which Trump will want to avoid.

Yet more headwind against SQZ.

We desperately need our BoD to be more proactive. We've been treading water for far too long, slowly sinking.

I'm sure there will be lots of cheap oil and gas to buy from the US as we dismantle our domestic industry. We'll also keep French and Norwegian electricity producers in profit as we decommission our nuclear power stations.

It won't be cheap and it won't be good for UK jobs or tax revenue, but at least we can pat ourselves on the back for outsourcing our emissions and saving the planet.

"Lets hope now the news and results are out, Serica will be decisive"

Optimistic. I'm expecting more procrastination. If there's an RNS, it will say the same as all the others.

I assume our senior executives are getting good money and I'd like to see them start to earn it soon.

I'm still seeing lots of bleating about the terrible business environment for oil and gas companies. Admiring a problem which isn't going to change under this government.

The industry needs to stop bleating and take control. If they're not happy and they can't make money, SQZ and similar companies need to pull out of the UK and invest elsewhere.

The government has been warned enough. They need to see the consequences of their misguided ideology.

This is the sort of share price volatility you get with junk shares.

I was hoping we'd be on a more even keel following the budget. A company response to the budget would be good.

With the uncertainty removed, I'm sure I'm not the only shareholder expecting the BoD to make some decisions rather than sitting on their hands. They've had quite a while to think about strategy and assess opportunities.