Member Info for flexmw

Aimsurfer

Gross production when 100% BKR, 2019 figures were circa 30k boed net to us (60%) 2020 figures where down due to the caisson repair etc, so figures this year (net) should be back up to say near 30k boed plus R3 & Columbus (ball park say 8k boed to be conservative, that’s roughly 3.5k for Columbus & with been told R3 will contribute materially to production so who knows, so ballpark 35-38ks boed) we then step up to 100% BKR, so even if my numbers are way off & we step up to 40k boed in January that’s pretty significant numbers.

Good to get others views & thoughts??

Newkotb

A question for you or anyone with an accounting/financial way of thinking... come 1st Jan 2022, what will our daily/yearly figures be, roughly of course? And how to take that forward with a rough potential market cap?

My basic numbers being conservative, working on 45,000 boed (could be nearer 50k) $45 ave combined received sale price, $15 op costs, so $30 profit per barrel X 335 days per year (allowing shut downs etc) .

45000 x 30 x 335 = $454,250,000.00 for the year or $1,350,000.00 per day, Dollar to pound exchange rate 0.71 = £321,097,500.00 & £958,500.00. So simplistically we’d be making around our current market cap in free cash flow.

Would be interested in others figures & also how i work out other financials.. PE’s etc

GLTAH

Nice to see Mitch not go to overboard with his comments!!

The Columbus development well was spudded in mid-March and drilled, as planned, to a total measured depth of 17,600ft. A 5,900ft horizontal section was drilled through the reservoir formations of the upper Forties and encountered a sequence of sands and shales, in line with pre-drill expectations. The well requires sand screens to be installed to prevent fine particles being produced; difficulties were encountered while running the screens and it was ultimately not possible to install them. As a result, the reservoir section of the well will be side-tracked and re-drilled, using data collected during initial drilling to optimise its trajectory and avoid the difficulties encountered running the screens in the original well.

The additional operations are expected to take around 3-4 weeks at a net cost to Serica of around £3 million. These operations are not expected to affect the timing of production start-up which is still expected during Q4 2021.

Separately, the R3 well has now been cleared of all equipment installed when it was originally completed in 2005. Reservoir access has been regained thus allowing new completion equipment to be run in preparation for production. The new completion is currently being installed prior to performing a flow test on the well, which is expected to be carried out in June. A diving support vessel ("DSV") has been contracted to install the subsea control equipment required so the well can start producing in Q3 2021.

Further updates will be provided on each project when flow test data is available.


Mitch Flegg, Chief Executive of Serica Energy, commented:

"Whilst frustrating, the additional operations on Columbus are not expected to affect the timing of first production and the economic returns of the project remain very attractive for the Company."

BP said today it had agreed to sell its stakes in the Shearwater field to Tailwind Energy for an undisclosed sum.

But BP will hold onto its Andrew area assets, also in the UK North Sea, which it had been looking to sell.

https://twitter.com/energyvoicenews/status/1396796073872613379?s=21

Latest Serica tweet.

https://twitter.com/sericaenergyplc/status/1396855139043000320?s=21

A few points I picked up on from the PRD RNS out this morning:

1) C02 injection has only been conducted during daylight hours to align operational activity with local COVID-19 restrictions and recently introduced lockdown curfews.

Will lockdown curfews effect the Saffron drill times..

2) However based on the real-time downhole reservoir pressure data collected from 1 April to 18 May 2021, the rate of reservoir pressure build-up at AT-5X appears to be moderately more effective than the pre-injection forecasts predicted. This is despite the smaller cumulative volume of C02 injected compared to last year. As a consequence of these unexpected but positive results to date, the current C02 injection programme will remain unchanged, but closely monitored, for the immediate future.

Previously identified wells requiring workovers to return the wells to production will be prioritised at that time based on those wells showing the first response to cumulative C02 injection.

3) Heads of Agreement for C02 EOR Services

Predator Oil & Gas Trinidad Ltd ("POGT") has executed a Heads of Agreement (the "HOA") with an operator of onshore licences in Trinidad with significant oil production The HOA provides the framework and milestones to be achieved for the provision of POGT's C02 EOR Services and know-how to design and implement a C02 EOR project for sands within the Cruse Formation in a part of a producing field identified in the HOA.

Further details will be provided in the coming weeks.

https://www.energyvoice.com/oilandgas/north-sea/exploration-production/324199/serica-targeting-more-than-60-million-boe-from-north-eigg-prospect/amp/?__twitter_impression=true

I’ve brought a few more over recent times, trying to time the low of the day, just need a positive RNS to kickstart a move... nice to see the Director Incentive, would of been better of 24months... something for them to really go at, but guess maintaining 100% share price over a 6month period it’s understandable.. One thing i’ve never heard from the directors or read on the website is the company’s target/goal, which I always think is important in knowing the aim & direction... a Main market listing has been mooted on here but i’ve never heard/read it... what kind of Market Cap would we need for that? Then we would have a target...

So the Incentive plan awarding criteria is a 100% share price increase & decrease in carbon emissions as of today, correct me if i’m wrong on that, but sounds like they might be realising shareholder frustration...

The vesting criteria are based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, a 100% increase in average share price must be maintained for at least a six-month period together with a significant decrease in carbon emissions per barrel of oil equivalent produced.

AXA Investment Management increases position from 10.99% to 11.06%, position crossed 26/04/2021. Shares held 29,632,142.

One for maybe Newkotb, I know you keep a close eye on the register of the top 20 holders, as of 26/02/2021 AXA held 11.99% - 32,141,728 shares.... Total shares in issue was updated yesterday on the website.

LGO Fan

I agree with your view, i understand the need to raise capital, if they offered a discounted raise to shareholders fine but to then consolidate.... no thanks.. Raise the capital, have a successful drilling campaign (can only hope!) & if consolidation is needed then .. we’ll do it on the back of good news & a rising share price... your right in saying the business needs fixing or better the guys running it!

Nice late trade reported from earlier today:

27-Apr-21 14:53:50 121.00 160,000 Buy* 193.60k O

Latest tweet :

https://twitter.com/sericaenergyplc/status/1384423743531933696?s=21

Some very interesting reading, disappointing for them regards the Kuparuk & flow rates, overpressured & problems not expected. Still the think they have multi-billion OIP.

They also encountered a zone that they weren’t expecting.

This parts quite interesting :

The SMD was not as well developed as anticipated at Talitha #A, however based on our new data Pantheon now interprets that the SMD extends across the Alkaid project, and better developed as it extends south east across the Dalton Highway. This significantly increases the resource near the highway.

Our leases are south, south east of Pantheon’s & next to the Daltons Highway.

Quick scan on eeenf on twitter came up with this latest news, checked it with other sites & not seen anything posted here, worth a read - will this effect the leases just obtained...??

The orders revoke Trump-era directives that boosted coal, oil CL00 and gas NG00 leasing on federal lands and promoted what Trump called “energy dominance” in the United States. Haaland also rescinded a Trump administration order intended to increase oil drilling in Alaska’s National Petroleum Reserve.

https://www.google.com/amp/s/www.marketwatch.com/amp/story/interiors-haaland-revokes-trump-era-directives-that-boosted-oil-and-gas-access-on-federal-lands-01618607448

https://twitter.com/sericaenergyplc/status/1381991350502047748?s=21

Kagiso

I’d be interested to know what value you would place on 88e if as you say they are way undervalued at present?

Thanks in advance!

A good article with an independent take on the drill, so worth a read!

‘Just one more question’ Blingy... you & you’re wife sitting on big holdings... very brave... you must have an exit plan?!

Correct me if wrong, DW resignation, i’ve not seen that the guy stepping into the role has been said to be interim, or intention of looking for a new MD.. as you say future direction uncertain.... not to say not positive...