Member Info for DennisThePennis

I agree that Starmer is toothless. Government decisions are driven by backbenchers, many of whom are radical left wingers. It's how Labour governments work.

Just hoping enough of them can see the damage being caused and put their irrational, destructive ideologies to one side.

Shell and BP would probably benefit from delisting from London and shifting their HQs. Moving to the US would certainly boost their share prices.

In their manifesto, they said they would raise taxes from VAT on private schools, non-doms, and oil and gas companies. Although it looks like they're going to break numerous manifesto promises, I'd be surprised if they dropped the EPL together. Maybe they'll soften it a bit or align O&G taxation with Norway.

Whoever's selling to bag the dividend is taking a ludicrously short term view.

What a surprise...

"Britain's Serica Energy (SQZ.L), opens new tab said on Wednesday it would no longer be able to complete its planned transition from the AIM market to the London Stock Exchange's main market this year, due to regulatory complexities from its recent M&A activity."

https://www.reuters.com/business/uks-serica-energy-delays-main-market-move-due-ma-hurdles-2025-10-22/

Normally in oil and gas production, if you're relying on someone's else's infrastructure to produce from your well/field, you don't pay them if you're not able to produce. It's unusual for penalties to be written into contracts, probably because liability for downtime is difficult to prove and operators shouldn't be penalised if they shut down production for safety or environmental reasons.

However, I'm the first to admit that I'm not an expert on this. Maybe someone with NOV contract experience can explain further?

What I do know is that Triton has now been offline for the best part of a year. This is highly unusual, even for a mature North Sea asset. Dana have really dropped the ball on maintenance and Serica have dropped the ball on their oversight of Dana.

Apologies - 25 years.

Triton has been operating for 20 years to date. Although beyond the end of its original design life, some FPSOs have been operating for considerably longer.

In the UK North Sea, Anasuria has been operating for 29 years. Curlew had been operating for 34 years when it was decommissioned in 2022.

As far as I know, all problems on Triton have been related to process equipment, not the FPSO itself. I'm fairly sure this will be down to inadequate maintenance, which Serica needs to make sure is addressed.

He's right about Triton though. Buying Tailwind was probably the worst North Sea deal of the decade.

Indeed other JV partners are normally given first refusal before offers are invited from other parties. I doubt Serica would announce this unless they were fairly certain the deal will go through.

Looks like another excellent deal!

Their commercial and subsurface people are certainly earning their money.

Now we just need their NOV/operations folks to get Triton sorted out.

i don't mind admitting i'm pretty ****ed off with this company. every time things start to look positive and the share price reacts, something happens to take us back down again. every single time.

as i've said before, if we're not in a good place by the end of this year, i'm out. regardless of share price. it's not worth the stress.

Toftshaw, surprisingly, it seems not.

Zebbo, loads of north sea installations are operating way beyond design life but don't have such serious and frequent problems. Things break down when they're not properly maintained. This lesson has been learned by many operators of late life assets.

"There remains no reason to think that there is anything fundamentally wrong with the FPSO"

Really? Multiple compressor failures. Corroded pipework and valves. Faulty gas flare (still to be fully diagnosed). Production deferred for the best part of the year. What's next?

There's something fundamentally wrong with the maintenance regime.

None of this matters a jot if Serica can't get their act together with operational reliability. They keep bigging up the subsurface team but it looks like they should stop drilling new wells and spend the money on improving maintenance and inspections instead. Get the basics right!!!

I love the way management keep emphasising "the operator" and "non-operated asset", as though it's nothing to do with them.

The excuses and buck passing got tiresome quite a while ago.

Most of Triton's production is for Serica. They need to get on top of this and sort it out!!!!

I think he'd make an excellent case study. He's ticking all the boxes...

"Messiah complex” typically refers to a psychological state where an individual holds a belief that they are destined to become a saviour or a messiah for others. It’s often associated with grandiose delusions and can manifest in various ways, from a desire to save humanity to an inflated sense of self-importance and superiority.

It’s a complex phenomenon with roots in psychology and can have significant impacts on both the individual experiencing it and those around them.

The “Messiah complex” can have significant implications for mental health. While not officially recognised as a clinical diagnosis in the Diagnostic and Statistical Manual of Mental Disorders (DSM-5), it often intersects with various mental health conditions, such as narcissistic personality disorder, bipolar disorder, or schizophrenia.

Individuals with this complex may have grandiose delusions, wherein they believe they possess special powers, abilities, or a divine purpose. These beliefs can significantly impair their ability to function in everyday life and may lead to conflicts with others who do not share their beliefs.

People with the Messiah complex may struggle with their sense of identity, intertwining it with their perceived role as a saviour or messiah. This can lead to difficulties in forming authentic connections with others and maintaining stable relationships.

Trying to live up to the unrealistic expectations associated with being a messiah figure can lead to significant emotional distress, including anxiety, depression, and feelings of inadequacy when they fail to meet their own or others’ expectations.

Individuals with the Messiah complex may impose their beliefs and values on others, leading to interpersonal conflicts and strained relationships. They may also become isolated if others perceive their behaviour as odd or irrational.

People with the Messiah complex may be vulnerable to exploitation by charismatic leaders or cults who recognise and manipulate their beliefs for their own gain.

Addressing the Messiah complex in therapy can be challenging due to the individual’s strong attachment to their beliefs and identity.

Just watched Miliband speaking at the Labour Party conference. The guy is totally unhinged. Actually quite scary. Starmer needs to act now.

An excellent move for Serica and hopefully they will recognise that running an onshore gas plant (and presumably associated pipeline systems) will add a new dimension to their operations. It sounds like the right people are already in place but they will need to spend quite a bit of time and effort integrating Prax into their processes and systems. Not impossible but definitely to be taken seriously. Hopefully they have learned from their Triton experience.

"Ahead of the Budget, we should be publishing our North Sea strategy, which I hope will give some certainty to [the sector] to be able to invest in the UK."

They have a strategy! Remarkable.

All looking very positive for SQZ. Great deal announced this morning including more tax losses to increase cashflow, hopefully looming improvements to the fiscal and regulatory regime, and good news that Triton's production is recovering. Chapeau!