Member Info for Mommur

Nah, Cannae be news - must have been my forlorn hope purchase yesterday at 7.9p. Joking aside my gut instinct is we are bumping along the bottom at 8p, so news on Orinduik Hammerhead with Exxon would turbo charge the sp.

GLA

I'm not complaining, as I bought a tranche with my Serica dividend when we plumbed the depths of sub 100p not so long ago. Seemed sensible to me as Serica were looking at oversea's assets and second time round it may have worked.

Didn't happen, but happy to hold this well run company.

Bit harsh Terry.

You forgot to mention that todays sp rise (capital gain) is close to 5 times more than the 4p divi loss - providing we hold onto the gain of course.

Always thought we would see some divi reduction for the sp to rise - just perhaps we will continue the upward momentum. With Triton offline the results were always going to be grim - onwards and ......

... perhaps we can look forward to a rise in the sp commensurate with the reduction in the dividend. Okay we have a known problem on Triton, which is being dealt with but come June we should be running on all cylinders on the FPSO.

News on Kyle is welcoming as is Belinda forecast.

Buchan seems to be dependant on the political goons.

Government decisions and Enquest news are forefront at the moment so its a wait and see, knowing that the company is in a good position going forward. Will live with the loss of divi, I'm not greedy -nor it seems are Mercuria.

Enquest up 30% since news from 12p - we seem to be the poor relation. Sighhhh.

Whilst awaiting the Serica/Enquest potential merger, I've also been adding to SEA and my other explorer ECO which is also plumbing the depths recently.

Both have the potential. Happy thoughts if both sky rocket.

Afternoon Dick, Not to sure on the viability of Piper B as I don't have the detail.

As the Piper B is 63km north of Buchan, I am assuming that the interest stems from the Tweedsmuir, 12" Prod, 10" Water Injection and 3" Gas Lift lines routed to Piper B with Tweedsmuir only 10km north of Buchan?? No idea on field status or whats needed for Buchan.

Nice to see JOG recovering for all holders

Timing exquisite Dick.

Pure speculation on my part JamesSimon if it was with regard to Neo's GPIII FPSO. The Western Isles FPSO is a modern unit and available now for Buchan. Our conversation was initially about the Triton FPSO and its recent issues.

Well Dick, you got me thinking laterally with regard to Buchan Horst and looking at what other assets NEO Energy operate in the North Sea, with HitecVision being their financial backer.

I got to looking at Dumbarton, Lochranza and Balloch Fields producing to the Global Producer III FPSO.

Dumbarton was previously Donan which produced 15m barrels of oil with a 70% water cut and was abandoned. Maersk redeveloped and spent 100 million converting the FPSO in a time frame of July 2006 to Jan 2007 and it has since provided a further 25m barrels. Balloch was estimated at 9m barrels in 2014.

So here's the thought process - what if NEO have concluded that the field is now not commercial, especially with the extra taxes and are considering decommissioning as the field must be near depleted. Ergo another FPSO available owned by NEO. Perhaps 2026, 2027 or 2028 which brings Buchan into play???????????

Anything is possible Dick, with regard to replacing an FPSO but I cringe at the amount off downtime that would transpire.

Triton has a number of Riser Bases on the seabed configured around the forward rotating turret on the FPSO. The dynamic flexible risers are designed in a steep wave configuration with buoyancy modules attached to maintain their configuration. You also have a Mooring system connected to the rotating turret that is chain/wire and anchored to piles in the seabed quite a distance away. The risers themselves are pulled up through I tubes in the turret and have a bend stiffener that is then attached to the turret.

The good news is a fair number of these were replaced with new risers in 2014/2015 by Dana.

I have no data on the Western Isles FPSO on how its moored or whether the existing dynamic risers are compatible with the latching mechanism on the WI FPSO, but I doubt it.

A major summer project to even consider the Triton FPSO leaving station, so from the perspective of me receiving my dividend into my dotage the thought scares me.

To e fair to Dana, these incidents happen, the angst is they don't seem to relay forthright information , similar to Rachel from accounts on the TV this morning. Keep the faith Mommur .

Not to sure I can put your mind at rest Dick. Concerning the Triton FPSO I have no information other than whats been released on damage and the extent of repair. Whilst information is sensitive, Dana and Serica should indulge their shareholders with the reason for delay to repair, the restoration of the 2nd Compressor and any shortening of the summer maintenance period.

With regard to FPSO in the UK sector, I can name a few I was involved in that put them offline for months:

Gryphon FPSO - storm damage put the field offline for over a year whilst moorings/risers repaired

Scheihallion FPSO - offloading tanker overun and damaged the Oil Export Hose Reel on stern of FPSO, offline for 2 months whilst reparations took place.

Triton FPSO - Production Riser damaged on installation - embarrassing replacement for Amerada Hess at the time which took months

So you can see that unfortunately these things happen.

Interestingly the Neo Global Producer III on the Dumbarton Field is older than Triton as is the Anasuria FPSO on the Anasuria Field.

With regard to Tailwind, I was also against the deal and voted accordingly. I remonstrated at the time of Mr Flegg joining Serica and could only conclude he was a pal. I accepted that ACW at his age was bowing out, but I wonder now whether either of them kept any of their free shares in the company but offloaded prior to Tailwind.

Unfortunately we have a "whats good for the Directors" vying against "whats good for the Company". This time round we don't have Directors at Serica with substantial share holdings but on the other hand we have Mercuria and Mr & Mrs Hardy - honestly Dick, I was happy with my dividend here at my age and am unsure as to what will transpire here. With regard to JOG its good to see a recovery in the sp, mayhaps an inkling to future success with Buchan.

Electric Sub Station on fire, Heathrow completely shut - estimate for back on line 24 hours. Triton Schedule?????????

Spent my life scheduling and deliveringworks for BP, Shell, etc, etc - even Serica and Dana both Lump Sum and dayrate.

Bad Friday - so having a groan - dynamism seems to have departed the North Sea.

Than informing the market of an anticipated date of work completion, and then on said date doubling the time period. I wonder who is scheduling this works - abysmal.

"Looking like a good price again"

I thought a good price was 1.5p when the loan was communicated. Still, you could be right but a bit of caution for widows and orphans.

Milliband trying to shut Chinese Coal powerstations is the new agenda - probably because he is being moved on by Starmer over his over zealous green credentials and will be joining his brother on the charity gravy train.

Spin the wheel.

Come on Dick, offloading 350k of Serica shares gave you a tidy sum and a free ride on the outstanding 100,000 so its paid of handsomely for you. (You don't need a cliff/bridge). I only sold 100,000 at 443p so its been pretty painful with the other 500,000 - and yes I was content with a substantial dividend.

Concur re Director greed and Uk politicians per se.

Lets wait and see how this transpires - I can see the merits but the devil will be in the detail.

Added myself at 8.7p today. Similar price a while back, so thats my bottom. Pretty soon it will be my average the way we are going. All change on news mind.

I would be happy with a maintained 14p dividend. Alternately i would be happy with another 9p dividend and news of an oversea's investment.

As an aside Mr Latin is sitting on 182,717 shares with an average of around 185p. About time he brought that down with some of his own money rather than his annual free shares.

Added.

You might ask, what is wrong with a system that rewards Directors, over an above their salary largesse. Employee's rarely see bonuses and forgive me, but Directors are paid handsomely to ensure a company is profitable.

Pained me to see the same largesse at Serica, with very little "own money" invested.

Perhaps we can put a wealth tax on these Rachel from Accounts, seeing as we can't put it on BAE, Rolls Royce etc

Londoner7, I wasn't considering making profit myself out of Serica purchasing the shares I mentioned, but the company putting its monies to good use. It could be any other share where the potential for capital gain and possible takeover later in the day. As oversea's assets are at a premium, I was suggesting that 10% of shares in Seascape for example, gives a position in a company with Far East assets.

With regard to BP, I did indeed purchase 6500 shares in BP at 380p - dividend comes tax free for Serica as a limited company!!