Member Info for DennisThePennis

The new CEO has been on seat for about 8 months.

Here's my assessment of his performance thus far...

Technical = 0/5 (worst operational performance ever)

Commercial = 0/5 (where are those deals?)

Strategic = 0/5 (what's the strategy?)

Shareholder value = 0/5 (still losing lots of money despite enormous dividend yield)

That yield just keeps getting better and better. Shame about the share price.

No doubt the management update on 1st April will be the usual guff.

Good news on securing the Rhum licence for another 2 years. This eliminates one big risk.

Now we just need to get the Triton storage tank fixed, get those two gas compressors online, and keep on top of Dana to make sure they're executing their maintenance diligently.

After that, hopefully we can look forward to an accretive acquisition or merger to lift the share price. Also a main market listing.

Too optimistic?

If it looks like a dog...

Von = Contact your ISA provider

You can probably transfer your cash ISA to a stocks and shares ISA. Von

Moneybird, a storm damaging an FPSO storage tank makes me worry. I wonder about the vessel's overall condition and sustainability.

Mommur, I hope you're right. Serica has been a drag on my portfolio for the past 3 years. I'm quite heavily invested and it has been negating some decent gains elsewhere.

On paper, it always looks fantastic, but just as it seems there's some light at the end of the tunnel there's yet another train wreck.

I've considered buying more to reduce my average price but I've been stung too many times. I'd like to see the BOD earn their money and get the share price to where it should be.

As I've said in the past, a 17% dividend isn't that attractive if you're losing 20% of your capital every year.

Not sure all SQZ's misfortune is down to bad luck. I think some is due to bad management.

I've said in the past that Serica need to get on top of their maintenance. They have too many unplanned outages which is typical of an operator with a large maintenance backlog.

I'd guess they're focusing on essential corrective and safety-critical maintenance, and a lot of the preventative maintenance isn't getting done.

They also need to make sure their partners operating critical infrastructure are on top of their maintenance too.

Mr Cox began his CEO role promising to improve operational reliability. Since then, it has been worse than ever.

Here's hoping the remainder of 2025 will be flawless.

Previously I thought the production guidance seemed very conservative. Now it seems ambitious.

Next up will be gas price drops due to Russian pipelines reopening.

Never listen to anything brokers say.

As others have said, Triton is a rust bucket.

When one problem is overcome, another one pops up. It's like wack-a-mole.

Chris Cox says the Triton FPSO was recovering strongly from the operational issues of 2024. Maybe he should think about a career in comedy rather than oil and gas.

Hopefully we will also have confirmation that the second compressor has been commissioned on Triton to improve operational reliability.

Now we just need the SQZ share price to double in line with gas prices. It responds quickly when oil and gas prices drop but it's quite lethargic when they rise.

As many people have said many times, hitting oil and gas producers with such punitive taxation whole prohibiting development of new fields will have serious consequences for the UK.

Production is already dropping a lot quicker than expected (by the government) which isn't great for a country that relies on gas to heat 25 million homes and provide 40% of its electricity.

Then there's the loss of jobs and tax revenue, as well as an increase in carbon footprint.

Let's hope Starmer is beginning to understand some basic principles about the real world.

The tax 'loophole' is the only thing making O&G production in the UK remotely viable. If closed, the collapse of UK energy security would be rapid. Not even this government is stupid enough for that.

Https://www.energyvoice.com/oilandgas/north-sea/566021/serica-to-buy-north-sea-assets-as-uk-cant-get-any-worse

For a while, I've thought that Serica's proposed foray into Norway wouldn't happen since they have no Norwegian operating experience, and getting an asset for the right price will be difficult.

I think focusing on the UK makes sense as long as they don't overpay. A lot of companies will be keen to get rid of their UK assets so they can invest elsewhere, but before buying anything Serica needs to perform proper due diligence, making sure they can easily justify any investments to shareholders, taking all risks into account. No more Tailwinds!

Not sure she's too bothered about O&G.

Keir wants us to be an AI superpower. The Chinese are upsetting the markets today with their DeepSeek AI model. Keir's version is going to be called "DeepSleep" or "DeepFreeze" to reflect the state of the UK economy.

A 5% drop in two days for no obvious reason. Where else do you get excitement like this?

I suppose the investor presentation was supposed to inspire confidence but it seems to have had the opposite effect.

I'm still hanging in there. The darkest hour is just before the dawn.

I think the drop is either due to the intent to move away from AIM (since shares will no longer be exempt from IHT) or the statement that the company is focusing on the UK, implying they’re not diversifying overseas.

Personally, I think a move to the main market will be beneficial, and I’m increasingly agnostic about moving overseas. While UK governments have been extremely hostile to the oil and gas sector, Serica doesn’t have any overseas experience hence risks would be quite high. I think the strategy to specialise in production from mature UK assets at low cost, utilising tax losses, will reap rewards. It may well make them the biggest UK operator in time, and at some point I think government sentiment will change (maybe quite soon).