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For Shell to sell Cambo, someone has to buy it. I think that would be a brave/stupid company in the current climate. UK O&G companies are going to get ransacked by HMRC for the next few years until the industry disappears or the government comes to its senses. I’d bet on the former. SQZ needs to start shifting overseas.
Mitch promised the TW deal was accretive so hopefully there's a plan. A 10% divi isn't much comfort when you're losing 50% of your capital.
I think it was a mistake investing more in the UK North Sea. I don't see any sign of the WFT being relaxed and I'm increasingly convinced that the current government and their successors want to see an end to domestic oil and gas production. If Serica does any further acquisitions, they have to be outside the UK.
Most O&G companies are down today but we're down more than most. We made it into Google's biggest losers chart today. Yay!
No worries, upomega. It's an unusual surname which often gets misspelled.
I don't think the WFT is going to change any time soon. Our populist politicians are more worried about getting attacked by wokes on social media than destroying the country.
Serica's next acquisition needs to be outside the UK.
BB, if you're not happy with this company, you don't trust the BoD, and you don't think it's a good investment, just sell and put your money elsewhere.
Personally, I'm satisfied with what I heard today.
I guess this is what they mean by a "proper windfall tax".
The obvious consequence would be total withdrawal of oil and gas companies from the UK.
While our politicians happily bankrupt the country to reduce global emissions by less than 1 percent, they ignore the hideous, unsustainable population growth in other parts of the world.
With the Red Tories in power and the prospect of a proper socialist government imminent, the UK is rapidly becoming uninvestable.
“UK natural gas futures were trading around 100 pence a therm, close to levels not seen since July 2021 and down almost 90% from last year's peak of 800 pence, pressured by sluggish demand and concerns about a supply glut.”
Surely not. All those highly paid energy analysts were forecasting sustained high gas prices until 2024/25. These days, I never trust any “experts”.
"Why do YOU NEVER buy stock?"
Why buy them when you get them free through an LTIP scheme?
It's easy to forget about declaring and checking dividend payments when you're running a company, preparing for an acquisition or merger. We've all done it at some point. Surely this wouldn't have had any material impact on the business case.
Terry, I agree that the BoD didn't handle it well in terms of comms, and maybe we overpaid a bit for TWD, but in my view SQZ remains undervalued with excellent future prospects. Hopefully the addition of the new board members from Mercuria will be a positive thing, bringing more commercial nous to the BoD. Staying positive and hoping for encouraging numbers in the next market update.
I think we need to stop looking back on the wonderful Kistos offer with rose tinted glasses. A lot of things have changed since then, not least the WFT and gas price. The whole sector has been impacted, not just SQZ.
Looking ahead, I hope the additional reserves, higher production, usable tax losses and further M&A deals will see us back on top again.
Let's see what news the next RNS brings.
I was hopeful the government might see sense and announce a floor on the WFT as per rumours, but sadly they have demonstrated their stupidity yet again.
Going forward, Serica needs to invest overseas and wind down UK operations or start returning cash to shareholders via dividends.
They make it up as they go along. They must have spent the tax they'll raise from non-doms about 50 times over.
To take a company private, a majority of shareholders would need to vote in favour of this. At 25% Mercuria have a significant holding but it's not a majority. They'd have to get other large shareholders on board.
I'm not saying it's not possible but I'm wondering how it would be done.
I wish politicians would start joining the dots and thinking about energy supply strategically. Even Labour must realise that hydrocarbons will be needed for at least another 30 years and taxing the industry to oblivion isn't going to help our energy security.
To be fair, the presentation was for new investors, not shareholders, so I wouldn't expect an announcement about dividends at this event.
Indeed, daft questions from one audience member. Scary such people are making investment decisions.
Whether or not the BoD feels any loyalty to extant shareholders will be evident soon.
Good presentation. He made a very compelling investment case. After all the gloom and doom lately, a useful reminder about the strengths of the company and potential benefits of the Tailwind deal. Fingers crossed the market notices (and the windfall tax is eased!).
That sounds like an attractive option. Certainly more attractive than where we are at present. Let's hope there are interested parties watching this closely.