Member Info for flexmw

Maybe stabbing in the dark here, but this letter from Jeremy Raper may actually cause a stir up of the proposal, no doubt the Bod will of seen he has already spoken to other Institutions (his claims) who he claims hold similar views, he’s spoken with Kistos (again he claims) & seeing he now wants to contact the Hardy’s, which if he’s gone this far shouldn’t really be that hard for him to do, or at least their advisors …

Well i’d of thought that if all was above board, he (Jeremy) would of received a response letter in fairly short order, he submitted his letter to the Bod, Thursday morning, a well articulated response letter could of been written up by the close of play Friday, surely….

Would this lead others to think something may be going on behind the scenes ? …. the Bod must surely realise the dilution & Mercuria side of things is a big nail in the coffin from the viewpoint of a lot of shareholders.. working on this must be an obvious answer if they want this to go their way…. a possible sweetener next week??..

Serica makes the bucket list…. again for 2023…..

Serica had a peculiar year, the gas price pushed it to all time highs, they had to fight off Kistos and then made a substantial bid for Tailwind Energy which reduces their reliance on gas in favour of oil and Bruce as contributors.

https://www.share-talk.com/malcys-blog-oil-price-the-2023-bucket-list/

Thought i’d just add the Kistos comment for anyone not wanting to read his article…

Kistos is still a fantastic investment but has had a curiously quiet quarter for a number of reasons. Firstly the gas price, particularly TTF has dropped back in the last few weeks, also they have been hit by tax rises in both the UK and the Netherlands which I’m sure they will brush off but all this is nothing when another accretive acquisition comes along as it surely will at some stage, it remains a top pick.

Chinch

Links for energy voice :

https://www.energyvoice.com/oilandgas/north-sea/474934/serica-minor-backer-voices-unmitigated-disgust-over-tailwind-deal/

https://www.energyvoice.com/oilandgas/north-sea/474439/triton-fpso-fit-for-purpose-for-foreseeable-says-serica-boss-amid-investor-concern/

That’s pretty much the whole of it Fool, as it was late I didn’t look at his spreadsheets etc, presumed the same re no CPR’s (i presumed for the start of 2023), i’m presuming as he tagged Serica in to several tweets, he might of been told to remove as his figures aren’t linked to there own…

Maverick

I read the whole thread but now seems deleted…

Jeffrey

Scroll down to Terry’s earlier post 11.49am for HL info …

Shares Magazine have picked up on this & have asked Serica for a comment….

https://twitter.com/sharesmag/status/1613494310107856896?s=46&t=3puu1fKw14BY0No6Iiul8g

This is quite a good interchange between Jeremy & Nigelpm (advfn poster), in fairness there’s quite a few on twitter at the moment to read…

https://twitter.com/nigelpm_uk/status/1613511363254538243?s=46&t=swFlPMEXtz0De53mZMCf0Q

That’s the first open market director share purchase that I know of in the time i’ve been invested.. ( circa 2015) …

Hi Newkotb,

I asked a few questions in the short time slot, however there’s a dedicated email for questions prior :

questions@serica-energy.com

https://twitter.com/mitchfleggceo/status/1612408833040678912?s=46&t=dcFGtokUxb4XtzVS_WogmA

Malcy has commented, make of it what you will :

I managed to get some time with Mitch Flegg recently and he clearly feels that ‘it ticks many boxes’ as it gives the opportunity for much needed diversification and addresses to exposure to the EPL. Indeed the company has said recently that it has been exposed to rather too much gas, somewhat incongruous I think after recent success but with more variable gas prices and high tax, having a portfolio ‘more balanced’ is now considered to be preferable.

Mercuria will own 28.9% of the enlarged capital as they want to remain exposed to the assets as well as cash of £58.7m making a cost of some £367m in addition to the Tailwind net debt of £277m. In addition there are very few decommissioning liabilities which is ‘remarkable’ and some significant tax losses.

There is little doubt that the deal leaves Serica stronger and much more diversified as with the two hub portfolio, cover for the dividend and capex demands. Add to that the reliance that Serica has on Bruce which would be hit hard by an extended shut-down you can see the reasons why the deal was done. Time will tell but it is interesting to note that along with the four founding partners the entire staff moving over numbers just 20…

https://www.malcysblog.com/2023/01/oil-price-diversified-energy-touchstone-serica-and-finally/

A couple of Energy Voice articles covering Serica & Tailwind :

https://www.energyvoice.com/oilandgas/north-sea/exploration-production/473713/new-development-well-completed-at-tailwinds-gannet-e-project/

https://www.energyvoice.com/oilandgas/north-sea/473542/serica-says-tailwind-deal-can-deliver-470m-tax-offsets-and-30m-barrels/

Investor Presentation

Serica Energy plc is pleased to announce that Mitch Flegg will provide a live presentation relating to the Transaction via the Investor Meet Company platform on 10 Jan 2023 at 2:00pm GMT.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet SERICA ENERGY PLC via:

https://www.investormeetcompany.com/serica-energy-plc/register-investor

Investors who already follow Serica Energy plc on the Investor Meet Company platform will automatically be invited.

Good post Terry, couldn’t agree more with all your points..

Time for change..

Activist investor calls for the end of a proposed merger …. We know the Hardy’s could do this ..

Palliser Capital is an activist shareholder in Capricorn, agitating for an end to the deal and a faster return of capital. Palliser requisitioned the EGM, where it is calling for shareholders to remove seven Capricorn directors and install six new ones.

https://www.energyvoice.com/oilandgas/africa/ep-africa/472981/capricorn-palliser-vote-board/

North Eigg

There’s a bit of chat over on ADVFN regards the rig still being onsite, the link below shows the notice was updated 19/12/2022 - new position, i’m not sure how far it’s moved but surprised the dates of the notice start when N’Eigg drill commenced but the end date of the notice is August 2023, still booked out to Serica? that I do not know .. anyone with further info?..

https://kingfisherbulletin.org/notice-map?noticeId=1900

A couple of copy & pastes from ‘Bountyhunter’ (i’m sure he doesn’t mind..) over on the ADVFN chat, he’s done some digging on the aging Triton FPSO:

There is a higher production cost for Tailwind assets especially going forwards due to the aging Triton FPSO and I see that that is now being included in the LSE discussion. More importantly if there is an extended shutdown to extend the life of the FPSO (built 1997 with a design life of 20 years) not only will there be an added major expense but also there will be an extended loss in production affecting cash flows. That's not to mention the HSE notice in summer 2022 requiring modification works to the FPSO to mitigate against the identified risk of Legionnaires disease.

Back to the 25 year old Triton FPSO built in 1997/8. This FPSO has already exceeded it's design life which was 20 years. Further work to extend it's life was scheduled for 2022 with an extended shutdown planned (2019 Tailwind accounts and Https://www.upstreamonline.com/field-development/dana-looking-to-extend-life-of-north-sea-fpso/2-1-823387 ) but I've found no evidence that this work has been done yet, maybe someone can find such evidence as this is a major concern imv if this work which involves an "extended shutdown" is still pending?

"The design life of the vessel is 20 years." so clearly beyond that already. Https://www.offshore-technology.com/projects/triton/

There has also been a risk of Legionnaires disease onboard reported 20/7/2022. Two safety notices were issued by the HSE following on from two previous notices not complied with from 2016. Https://www.energyvoice.com/oilandgas/north-sea/429085/hse-warns-dana-over-legionella-risk-onboard-triton-fpso/

This should all be part of due diligence wrt the proposed Tailwind merger / reverse takeover / acquisition.

I think the only way to do a vote seriously is set up
an email, people who wish to, send over their holdings with a screen grab to confirm …. keep a record etc.. thoughts??

Hope all are having a nice Christmas, just looked in on the spreadsheet …. & well, it looked like the spreadsheet was going well (up to yesterday eve) & now unfortunately it looks like it’s been hijacked.. I notice even the numbers for at least one holder has been edited, probably more….
Big shame really…. :-(

Shakey, thanks for sorting this out, also your NBP spreadsheet that I use also!

Just on this, gathering numbers etc.. I was recently in a stock where an EGM was called, one guy took it upon himself to organise etc & to be fair he did a great job although not the outcome desired. That kind of commitment to it would be needed by one or two with the time etc. First steps taken were similar to this, then once known, we all had to sign a form confirming exact share holdings & allowing them to be used as a collective & forwarded to the Bod & Nominated Advisor along with why the request for an EGM & resolutions etc the guy set up a go fund me page to cover costs involved & any monies left over donated to charity at the end.. I could always email him for more info etc if it gets that far…

Merry Christmas to all & good luck going forward! :-)