Member Info for Fernan10

According to today�s press release, the 3 fields to be acquired by Serica had the following production (net to BP) in 1H 2017: Bruce: 4.400 boepd net to BP Keith: 450 boepd net to BP Rhum: 13.500 boepd net to BP Total: 18.350 boepd net to BP Out of the three, Rhum field is by far the most important asset. The field will be held in a joint venture with Iranian oil company (50% partner). Production from the field was stopped in 2010, due to the application of European sanctions against Iran. BP and Iran�s state-run oil company received a license from the U.S. Treasury last year to operate their joint gas field in the North Sea following the lifting of Western sanctions on Tehran, Maybe BP decided to exit the field in order to avoid any future conflict with US government (as everybody know, BP has an important business unit in the US), in case the relationship between US and Iran change for the worse. This could be the ultimate reason for BP to give Serica this non brainer deal From now on, Serica will be at risk of production from Rhum field to be shut down again, should the European Union decides to reinstate sanctions on Iran. A risk that is absolutely out of control for a small company like Serica From a risk perspective, it�s almost like buying an equity stake in a field in Iran. Any potential halt of Rhum field production due to the reinstatement of european sanctions on Iran will have a negative effect on Serica Just my oppinion Fernan