Member Info for DennisThePennis

The video is spot on. Previously, many people blamed red tape on the EU, failing to understand that the UK was responsible for more than its fair share of EU regulation. Sadly, rather than reducing regulatory burden since Brexit, successive UK governments have increased it dramatically. The HS2 batcave and the Hinkley Point C fish disco mentioned in the video are two excellent examples of absurd levels of regulation impacting project scope, schedule and cost.

It's hugely frustrating to see the tail wagging the dog time after time yet being unable to do anything about it. Most experienced energy industry professionals know that Miliband's net zero targets are largely pointless and unachievable but their voices aren't being heard. Miliband doesn't have a firm, workable energy strategy, his transition plans (that exist) are primitive and incomplete, they don't reflect risks, constraints and dependencies, his cost estimates are totally unrealistic, and his timescales are ridiculous.

Worse still, he has no idea about benefits he aims to achieve other than some nebulous idea that somehow we will contribute towards saving the planet. Oddly, it seems this will be done by de-industrialising the UK, increasing global carbon emissions in the process.

Rather than bankrupting the country to make climate change worse, a better use of Miliband's time would be to advise the big players like China how they can reduce their emissions. I'm sure they would greatly value his expertise.

Rant over.

Ignoring the fact that around 40% of UK electricity is generated from gas, there are roughly 25 million homes in Britain with gas boilers for heating. Even if heat pumps were affordable and practical, all those gas heating systems wouldn't be replaced for decades.

Yes, we still need gas. And lots of it.

Miliband will never row back. He's a zealot and an extremist.

Following his "plans" will destroy what's left of British industry without any material impact on reducing global emissions.

Part of his strategy is to continually state that the scientific evidence is on his side and portray anyone opposing him as a non-believer who is willing to sacrifice future generations. Of course, many of the gullible fools in the HoC swallow this emotive nonsense.

In opposition, the Tories seem to be trying to introduce a sense of reality but of course they have zero credibility on most things, especially on energy.

Agreed, an extremely good interview raising some important points. Should be mandatory viewing for anyone involved in shaping government energy, industrial or fiscal policies.

Martin comes across as knowledgeable, rational and thoughtful. A complete contrast to our current energy secretary.

For a while, it looked like common sense might prevail and another u-turn was on the cards re UK O&G. Since then, it has become abundantly clear that Starmer wields no authority and his hard left comrades are in charge. Chief amongst them is Miliband.

Or maybe he was waiting to see what happened with Triton.

Good news regardless.

Agreed - a great job getting Triton back online as promised.

I admit that I was one of those expecting the worst, based on previous performance, and hopefully we have turned a corner.

Congratulations to everyone involved in the repairs and turnaround!

Expecting an update about Triton on Monday. Can then decide what to do about my SQZ investment.

The move from 120p has been almost entirely due to world events and the approaching ex div date. It could drop back just as quickly.

Yes, O&G E&P is complex. Unexpected things happen with offshore assets, especially the more mature ones in hostile environments like the North Sea, and this underlines the need for rigorous maintenance planning and execution, building slack into turnarounds to accommodate unexpected problems.

Usually incidents happen when corners are cut, such as when operating procedures aren't followed correctly or preventative maintenance isn't completed on time. Once a maintenance backlog builds up, it's very difficult to catch up, leading to an increasing amount of deferment which eventually bites you.

For Triton, we have had a series of unconnected problems resulting in extensive downtime, some of which I believe could have been avoided. I think the ball was dropped by Dana a long time ago, probably prior to the Tailwind acquisition, and Serica hasn't been paying attention.

As I've said before, I think we need more rigour around asset integrity management and a better sense of reality when setting targets, whether related to maintenance campaign schedules or production volumes. An important responsibility of senior management is making sure risks are suitably managed, and I don't think this has had sufficient attention in the past.

To me, "around the end of June" means in June, otherwise it would be "around mid-year" or something similar.

There's a theme with Serica that they over-promise and under-deliver, and they need to stop doing it.

Still looking forward to Triton restarting production by the end of June with the storage tank repaired and both gas compressors operational.

"Further guidance" 😂

Triton is due to be back online by “the end of June” so should be any time in the next 10 days.

Also hoping we’ll hear something about the HSE improvement notice served on Bruce for a gas release last year. I may have this wrong but I seem to recall this needs to be addressed by October.

It removes some uncertainty and risk but I guess there won't be a mad rush to develop UK fields until the tax burden is eased.

Nuclear fusion is always 7 years away.

Lots of promises about all sorts of wonderful things but no detail about costs or where the money will come from.

Par for the course.

Yes, it looks quite positive. This HMG report was published on 5th March and consultation on the “High Price Mechanism for Oil and Gas” ended on 30th May. Hopefully recommendations will emerge soon, with implementation to follow shortly afterwards.

I meant 2024, not 2014. Fat finger syndrome again.

Gwm121,

The next dividend of 10p per share, to be paid on 25th July, will be the final dividend.

The previous dividend of 9p per share, paid in Nov 2014, was the interim dividend.

That makes a total dividend of 19p.

At today's closing price of 158p, that's a 12% dividend yield.

Could be due to ex div on 26th June.

Big drop on close though. Not sure why.

At last, Miliband has realised he needs some form if baseload power to underpin his renewables fleet. It took him a while.

https://www.telegraph.co.uk/business/2025/06/10/ed-miliband-turns-to-nuclear-power-as-blackout-fears-rise/

Obviously £14 billion won't scratch the surface and is a gross underestimate.

Also capacity won't be in place until the 2040s/2050s.

SMRs might take up some of the slack but we'd need a lot of them.

Also gas will still be required for heating unless the costs of heat pumps and electricity fall dramatically. Which is unlikely given the massive investments required.

I wish this government would be honest with the public. Just once.

There's no plan for the net zero transition; just lots of unachievable targets and false promises by politicians like Miliband. Slowly this is becoming more apparent to the public as media criticism is no longer confined to the right-wing press.

Hopefully we won't have to wait until the next election before things change.