Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
NED share purchases… time to step up Mr Flegg !!!
London, 14 April 2023 - Serica Energy plc (AIM: SQZ), confirms that David Latin, independent non-executive director, purchased 15,000 ordinary shares at an average price of 236.463p per share in the Company and Michiel Soeting, independent non-executive director, purchased 42,300 ordinary shares at a price of 236.20p per share in the Company.
Following these transactions, which are detailed in the PDMR Notification Dealing Forms below, Mr Latin is interested in 45,000 ordinary shares in the capital of the Company, representing 0.01% of the Company's current issued share capital and Mr Soeting is interested in 42,300 ordinary shares in the capital of the Company, representing 0.01% of the Company's current issued share capital.
Proactive interview:
https://twitter.com/proactive_uk/status/1646487917152419841?s=46&t=uz3in5yMdDdYvqnOjeh9vg
Serica Energy: upgraded to ‘Buy’, target of 340p
The bank’s upgrade follows Serica’s acquisition of private company Tailwind and the subsequent increase in group 2023e production by 46% to 44.6kboe/d.
Jefferies analysts also noted a 3% year-on-year growth in group production into 2024, supported by a 4-well infill drilling program.
https://www.proactiveinvestors.co.uk/companies/news/1011896/harbour-ithaca-and-serica-energy-rated-buys-amongst-north-sea-oilers-1011896.html
JOG update RNS - NEO Energy
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Farm-out
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that it has agreed to farm-out a 50% interest in the Greater Buchan Area ("GBA") licences to NEO Energy ("NEO").
Strong industry partner: NEO is a major UK North Sea operator producing approximately 90,000 barrels of oil equivalent per day and is backed by HitecVision, a leading private equity investor focused on Europe's offshore energy industry with $8 billion of assets under management
Newkotb
I noticed & thought the same regards the separate RNS for the reserves update, I recently asked MF on this & he said it would coincide with end of year results as normal, so yes nice to see an effort to separate news & what should be a positive effect.
Regards results next week that posters mention.. i’ve not seen a Results notification date RNS yet unless Ive missed something?
Skerryvore
During the period, Parkmead increased its stake in the high-impact Skerryvore project from 30% to 50% and gained regulatory approval to progress into the next phase of the licence. Parkmead will continue as operator in this current phase, which is testament to the efforts and capability of the project team. Skerryvore will be Parkmead's first operated exploration well. Parkmead's joint venture partners on the licence are Serica Energy (UK) Limited (20%) and CalEnergy (Gas) Limited (30%).
The Company's detailed technical work programme has confirmed the considerable multi-interval potential of Skerryvore. The planned well will target the main stacked exploration prospects, at Mey and Chalk intervals, which studies indicate could contain significant volumes of light oil. The licence also contains additional prospectivity at the Ekofisk and Jurassic levels. A successful discovery will result in a tie back to nearby infrastructure in line with the NSTA's MER and Hub Strategy for new developments.
The area around Skerryvore is currently seeing important activity on several fronts, with Harbour Energy now in the execute phase of the adjacent Talbot development project, and NEO Energy proceeding with the redevelopment of Affleck. Activity is also ongoing on the Isabella discovery by TotalEnergies. Further development activity is also taking place in the Norwegian sector in close proximity to Skerryvore at Tommeliten A, a licence operated by ConocoPhillips.
Skerryvore Update - SQZ being a partner…
Well planning activities underway on the exciting Skerryvore exploration targets
· Well and site survey planning work has commenced with a rig tendering process due to start in Q2 2023
· An extensive tender process was completed in January 2023 for the well management services and the contract was awarded to Exceed Energy, an industry-leader in well management and performance solutions
· Parkmead increased its equity in Skerryvore to 50%, and progressed the project to Phase C as Licence Exploration Operator with strong industry partners
· Skerryvore consists of stacked light oil prospects at Mey and Tor intervals
interesting for Jersey Oil & Gas, deals still looking to be done in the NS.. Serica must be classed as a significant UK North Sea Operator, investment costs offset by the epl must put developments in a different light….
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Farm-out Update
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to provide an update on the status of the GBA farm-out process.
The Company is in advanced exclusive negotiations with a significant UK North Sea operator. Heads of terms have been agreed for the farm-out of a material interest in the GBA licences to this company and both parties are working towards finalising a fully termed agreement in the near future. An exclusivity period until 30th April 2023 has been agreed.
From their financial report this morning :
We added a new position in the Aberdeen based Serica Energy, a North Sea producer of gas with a strong net cash balance sheet and good cash generation. The management team have a strong track record on the improvement of assets, acquiring those and improving the production, efficiency and profitability relative to expectations. Whilst the gas price is a driver and has proved volatile, the structural lack of storage for gas in the UK provides price support. Whilst Serica was set up to be profitable in a low gas price environment, strongly rising gas prices have translated into a record financial performance this year and a large jump in free cash flow which enabled the balance sheet to continue strengthening. Whilst the windfall taxes on the industry announced in Q4 2022 is negative and reduces valuation, balance sheet strength means that this backdrop could lead to a new set of opportunities for nimble players such as Serica with proven track records to find ways to capitalise. This played out in the last week of December when management announced the proposed deal to buy Tailwind plc to create a more balanced and diversified portfolio of assets with a complementary combination of skills. The transaction marks a new phase for growth as it materially increases reserves and production whilst maintaining a significant net cash position for further potential deals. The shares yield c.3%. ESG credentials are strong, reflected in the MSCI A rating.
Two stories this evening caught my eye, could Thursday be the day we hear the Government has put a floor on the WFT?..
https://www.energyvoice.com/oilandgas/north-sea/492271/uk-government-plans-energy-security-day-in-aberdeen-report/
https://www.reuters.com/world/uk/uk-government-expected-offer-energy-companies-windfall-tax-relief-ft-2023-03-24/
Here’s a couple of pics …
https://twitter.com/sericaenergyplc/status/1634826333690683393?s=46&t=uz3in5yMdDdYvqnOjeh9vg
Hi Sasa,
I fully agree that now would be the time to see some action from the Bod (there’s actually been plenty of times to see some action - non forth coming… ), a share buyback as you mention. My question, which I brought up previously, is this even possible/on the cards with the impending allocation of 111m shares to Mercuria, increasing their holdings percentage further?
Fossil Fuels in high demand this evening in Electricity production, Gas has been consistently mid 50’s (% wise..) the last couple of weeks, topping 60% this evening..65.9% fossil fuelsCoal 1.39 3.4%Gas 23.53 62.5%https://grid.iamkate.com/