Member Info for flexmw

Mitch Flegg, Chief Executive, commented:

"This is an exciting exploration prospect located very close to Serica owned and operated infrastructure. In a success case, this means that any development could utilise the existing production facilities on the Bruce platform, thereby reducing the need for extensive investment in new facilities and reducing the carbon footprint of the development and subsequent production period.

Our internal estimates indicate that the field could contain unrisked prospective resources (P50 recoverable) of 60 million barrels of oil equivalent. This is a 100% Serica project and so the benefits to the Company could be significant. Not only are the prospective resources valuable but we anticipate that the development could add significant life to the existing Bruce facilities."

London, 11 July 2022 - Serica Energy plc (AIM: SQZ) the British independent upstream oil and gas company with operations centred on the North Sea and over 85% gas production, is pleased to announce that the North Eigg exploration well has spudded.

Well 3/24c-NE1 was spudded at 04:30 this morning by the Transocean Paul B. Loyd Jr. harsh environment semi-submersible drilling rig. Serica is operator and 100% interest owner in this High Pressure, High Temperature (HPHT) exploration well targeting Upper Jurassic turbidite sands, similar to those encountered in the nearby Serica operated Rhum field.

If successful, it is anticipated that the reservoir will be gas filled and will be capable of providing low emissions gas to the UK domestic market during the key energy transition years of 2025 to 2035. It is anticipated that a discovery at North Eigg would be developed utilising Serica's nearby 98% owned and operated infrastructure on the Bruce platform.

Results of the North Eigg well are expected in mid-October and will be announced by RNS.

North Sea bosses seek urgent windfall tax meeting with new Chancellor Zahawi :

https://www.energyvoice.com/oilandgas/north-sea/425518/north-sea-bosses-seek-urgent-windfall-tax-meeting-with-new-chancellor-zahawi/

Javier Blas tweet on the latest Norway situation :

https://twitter.com/javierblas/status/1544426377318998016?s=21&t=6kQgse9Wu5jW6krCT97NKA

Very good point Newkotb!! ;)

Anyone see anything into this, or just taking a lesser role…?

Tony Craven Walker, currently Executive Chairman, becomes Non-Executive Chairman from 1 July

I should of said I found it here on page 3 :

https://www.serica-energy.com/downloads/reports/Notice-of-AGM-2022.pdf

Well I’ve had a good look as I thought it was a strange one to object against… :

ORDINARY RESOLUTIONS
1. to receive the consolidated financial statements and the reports of the Board of Directors and of the auditors for the year ended 31 December 2021.

Cheers Upomega!

Regards the AGM, we know it’s on the 30th, but unless I’ve missed it, no other details about it, time & location etc
Does anyone have the details??

Updated largest Shareholders register :

https://www.serica-energy.com/shareholder-information

Perhaps should of consulted Industry before announcing the WT …

The Treasury has published the draft windfall tax law – and wants your thoughts
The Treasury has opened the door for feedback on the North Sea windfall tax as draft legislation has today been published.

https://www.energyvoice.com/oilandgas/north-sea/421092/windfall-tax-north-sea-treasury-oeuk/

Yes correct, 5.04% holding :)

Saying that, Blackrock we’re sitting at 3.41% prior according to the largest shareholders list on the Serica Energy website…

Nice to see Blackrock increase their holding from below 3% to 4.9%, now the second largest holder behind the Hardy’s…. makes a good change that it wasn’t an institution reducing!

Windfall tax ‘seriously flawed’, says North Sea oil and gas producer
Harbour Energy lobbies Rishi Sunak for changes to profits levy because of impact on smaller firms

https://www.theguardian.com/business/2022/jun/19/windfall-tax-seriously-flawed-says-north-sea-oil-and-gas-producer-energy-rishi-sunak

Ex Dividend : 30th June

Pay date : 22nd July

Do you think you’ll be reinvesting your dividend Newkotb? or thinking of putting it into something else…?

I seem to remember last year your dividend repurchase was put through at the high of the day….

A good chart to show Nat Gas day-a-head prices, drop off yesterday & todays recovery…

https://twitter.com/burggrabenh/status/1535299157296029696?s=21&t=u5tY7i20NeNVkql7nxlCCw

Kistos RNS out this morning…. just a snippet from Andrew Austin’s comments that may relate…

‘We remain guided by our founding principle to play a role in the energy transition and are evaluating several attractive opportunities in the North Sea. We continue to benefit from high gas prices in the Netherlands, and we are assessing opportunities in the UK that would enable us to take full advantage of the investment allowances implicit in the recently introduced UK Energy Profits Levy."’