Share price reaction on deal completion - You have got to factor in the proximity to year end financials, possible progressive dividend and the financials will be of the merged company with the higher exposure to oil price.
Ithaca seem to be yielding a significant amount - double digits and growing production, Serica need to reward their shareholders with final results due in April
As outlined in the IPO Prospectus, Ithaca Energy expects to pay a total dividend for FY 2023 of $400 million[4], with an initial interim dividend payable in the first quarter of 2023. In line with that expectation, the Group is pleased to announce an initial interim dividend of $133 million, representing $0.1321 per ordinary share. The initial interim dividend will be paid on 9 March 2023 to shareholders on the share register on 24 February 2023. The initial interim dividend is expected to be followed by two further dividend payments relating to 2023, following the first half of the financial year and end of the financial year.
No surprise that the Ruskies are looking to target assets
https://www.ft.com/content/ec436b8f-d00f-4525-b6e0-174cc9abaea4
Since the announcement of the merger/ acquisition as in understand it, Mercuria can’t take anymore dividends. So will SQZ start paying down the debt from the Jan-Mar profits. Or will they just use all the cash for further acquisitions.
https://twitter.com/burggrabenh/status/1618981795365810177?s=46&t=yhV_LHM4l855qKgxOTdpyw
Zero value assigned to the assets producing 26k boe
Zero value to our new prospective owners Mercuria
Zero value to Mitch and his fellow cronies
Zero value to the combined group
I think its the PIs selling out because they see better value elsewhere
This is heading to cash value
Excitement. Sadly that is what moves AIM shares. News flow and sudden rags to riches. It was no surprise last year that the spud didn’t of Serenity caused some excitement and we got to 34p.
I3E will only move significantly with an exciting news flow.
The great dividend and steady progress with ever increasing production will only result in occasional spikes.
However, if oil gets to $120 then we could see 30p+
they used the cash generation to significantly reduce the debt and pay off the bonds, they have significant net cash and will return cash to shareholders if they cant find an appropriate acquisition
They also had some downtime in the dutch fields so that explains in part the reduced cash generation
Looks like they will be voting yes, they hold over 3%
https://twitter.com/burggrabenh/status/1615384178459025408?s=61&t=8rWJuVB6BWAkmyCRaRE99g
https://twitter.com/burggrabenh/status/1613665120043028485?s=61&t=XTZXT5jgFmD6VcG6SDqpHQ
As i read it - see below, the drill hasn’t even reached target depth yet and they have hit gas at the “intermediate” stage, so does this mean the main reservoir is further down and more drilling to come
"We are very pleased to have encountered hydrocarbons in the Pensacola exploration well at this intermediate stage of well operations. We now look forward to working with the Operator on the well testing programme, and will update the market once that programme is completed."
What a bunch of tools
https://twitter.com/agentp22/status/1613118682032488452?s=46&t=5W7pLbRHerMs6-U58kEuVg
Courtesy of JackSP on the KIST board, interesting comment from Moram on their portfolio changes and pretty scathing of the SQZ management team
https://moram.eu/moram-4q22-portfolio-update/