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Hopefully this will still go ahead in Q4 of this year, although the Operator (Parkmead 50%) has until Oct 25 to fulfill its obligations for the licence.
With Neo's Affleck redevelopment in close proximity, it was a surprise they offloaded their Skerryvore 30% which passed onto Parkmead and Calenergy. Our 20% would deliver 30mboe if the projections come good to Serica.
We are in bed with Neo/JOG, re Buchan redevelopment and have a busy year ahead with infill drilling etc, so some rays of sunshine appearing.
Perhaps Mercuria can offer the top job at Serica YoungJun. Who knows - concur with AA attributes and the economy of scale of an enlarged company would certainly be a consideration. Apart from the other 82.5% of shares he doesn't own!!
No doubt their will be some consolidation this year but maybe not Kistos/Serica - but a nice thought.
"this company will evaporate into a debt-laden pile of junk, AIM share from which it came."
Thats a pretty judgemental statement to make CaneToad. Personally having bought in 2009 at 60p a share I went through a painful period until 2015, but never lost faith in ACW and his proven ability in building a successful company. Fortunately for me loading up in the 4p range gives me a different perspective .
Am I happy with Mr Flegg at the helm - no. Am I happy with the Tailwind deal - no. Am I happy with the Mercuria large shareholding-no.
Unfortunately their is a difference between making a company and rewarding shareholders. I saw it with Faroes Petroleum management and now Serica seems to have lost its way (momentarily I hope) with Directors greed coming to the fore - thats AIM for you.
Its not been a good share for peops buying in the 200-300p range still holding, but hey it hasn't dropped for 6 years yet. Labour scares the hell out of me, re the North Sea O&G and my dividends from SQZ have been channelled elsewhere - BAE for example up 100% in 2 years - wealth tax?- hypocritical getts!!!!!!!!!!
Economy of scale, springs to mind and just perhaps discussions are taking place with a certain chap over at Kistos that owns 17.5% of the shares, on whether he wants a senior post at Serica, or even top spot with Mercuria backing.
Ruminating only, as the share price is woeful. JOG, KIST,i3e to name a few are in similar low's. All of a sudden we have to much gas/oil.
Been ruminating myself on whether Serica has its eye on Kistos. Mr Austin with a 17.5% shareholding would have to be in agreement methinks and the gas price is not exactly upwardly inclined.
It wouldn't surprise me and the Serica shareprice is languishing close its low point since the descent from 443p ( which seems an age ago), with Kistos sp in a similar descent. Perhaps economy of scale presents itself and Mr Austin would certainly pigeonhole exceptionally well into a senior role at Serica.
I guess they bought BAE, Rolls Royce, Chemring, etc, seeing as they have doubled in the last 2 years. Nothing like a good old war for the British sadly. Strangely I don't hear the "Green" Party and Stop Oil loonies mentioning "windfall"
Need to look into AUV (Autonomous Underwater Vehicles) that are busy inspecting subsea pipelines nowadays and what payload they can carry - I wonder whats in store for the UK as we wave the flag.
Always willing to learn. Been an ardent follower of Mr Mills since North Atlantic Smaller Companies was below 400p and have significant holdings of both NAS and OIG, as well as OIT that he backs.
Bit of a disparaging nuance to your comment - but each to their own perspective. I'm sure Mr Mills with hindsight would have loved to sell up at 500p never mind 1000p not so long back.
This is AIM - you may well multibag from this distressed price or find yourself diluted - happy to wait
MF is decidedly on the gravy train, what with a salary of £1,014,460 inc bonuses for the 2022 financial year and a dividend from his 184,445 shares he got for fa.
That even doesn't include his LTIP performance related options awarded in 2019 to 2022 amounting to around 1,268,679. Hopefully some are out of the money on the vesting date, but nevertheless its proper gravy - not Bisto mind.
I also wonder if ACW has sold down his rather large holding in Serica or continued to hold for the dividend and his forthcoming LTIP awards.
Mr & Mrs Hardy won the "share" lottery with SQZ and have never sold a bean not even at 441p???????????????????????????????????
Been a long time from the heady days of April 2022 with an sp of over 400p, followed by a startling descent to 278p ish on announcement of the Tailwind deal in Dec 2022. Okay it was preceded by Bp selling up, EPL and the Kistos enigma, but still a significant reversal.
So this year - we started around 275p and are now at 230p with a low just below 200p during the year. Taking into account the additional 111 million shares at the Tailwind offer price of 278p, its been a hard year to gain any momentum in the right direction, having reversed several times from around 250p back to 210p. Kyle award and Buchan farm in did little to assist.
So 2024, we have production hopefully around 45,000p/day, works to offset EPL, possible M&A outwith UK and of course a juicy dividend - perhaps, just perhaps 2024 will be a better year providing the USA doesn't tank the price of oil. I can smell Tulips but hope for the best. GLA and enjoy the new year festivities.
A lot of us were quite interested in Renalytix at 300p, 150p, 100p and despaired when it plumbed these depths oldbutnowisa. There comes a point when you no longer add and a 25% upswing or downswing makes little difference.
Keep watching for the dilution - great concept but Mr Mills got this one slightly wrong and should have divested everything a while back. Me included when we retraced to 100p.
Heyho - fortunately NAS has begun its recovery.
"peak production and with a field life of many years"
You maybe want to read Serica's Annual Financial Results which defines Columbus oip and life of field - you may want to amend !
Painful, comes to mind, considering I topped up[ for the new year last week.
Interesting that Capricorn now going to be a partner in the Columbus Field with Waldorf's 25% being handed over.
With only 1.1 million boe net (oil in place) to Serica being forecast as of Jan 2023 and circa 0.6 million boe/day net production to Serica this year, that only leaves 0.5 mill boe for 2024.
After all those years of waiting for development - its night, night Kathleen time methinks later in 2024.
Tom Cross over at Parkmead showed them the way, when operating Faroes Petroleum - Charity bash at the Marcliffe Hotel in Aberdeen was always the venue for the congregation.
Its difficult picking the diamonds from the rough - gone are the days of Anthony Craven Walker at Monument Oil & Gas and Serica. Still considering adding just not happy with the wage bill and as always with this team dilution.
Dennis, trust me, I would much rather have the capital gain from a 441p share price than having to wait another 8 years on dividend payments !!
We are now plumbing the depths of sub 210p, which strangely takes us back to Nov 2021 when the Columbus Field was coming online, albeit with a signifcant increase in total shares issued.
With RhumR3 producing and N Eigg kicking off we reached the dizzy heights of 442p.
Mr Flegg is a very lucky man that ACW returned him to the fold, but he has hardly shone since taking the helm - other than being amply rewarded for his contribution. Pity options,free shares, bonuses are not linked to sp performance.
Bought time we bought Parkmead, gave Mr Cross the CEO position and took operatorship of Skerryvore.
I must be in the minority buying this morning at 9.5p. Sub 10p tempts me considering the beckoning silence and licence holdings. Seems a long time ago I offloaded half my holding at 161p, new year beckons.
3p ?? thats a tad far left field.
Spilt milk - keep taking the dividends and in another 8 years it should account for my capital losses in Serica.
Perhaps ACW still has his holding and is enjoying a serious dividend payout each year, along with the Hardies, Mercuria and of course our very own free loader, Mr Flegg.
Yep - there's been opportunity at least three times to purchase in the 200-210p area and offload in 240-250p range. Been known to do it myself, especially with dividend payouts.
Each to their own - at least Serica is only range bound and not plumbing the depths. Now who's next, Longboat, Parkmead or Kistos on our opportunity knocks list. Who knows but I expect a year of consolidation fwiw in my opinion