Member Info for Mommur

We do seem to be establishing a bottom here -- hopefully. Any thoughts?

Upon, the subcontractor for the diving works, due to the Rhum Iranian content, will be someone that has no American content. In the past this was done by Bibby Offshore, who then emerged as Rever Offshore and has since been bought by Boskalis. Technip and SS7 have American content as far as I am aware
As for divers dayrate, they are worth every penny for being banged up in a chamber for up to 30 days. Oh and they get a special tax rate, Schedule E whereby the government tax them to the hilt. After a 30 day saturation these guys are required to take 30 days off unpaid, so hardly tax dodgers. It beggars believe that some people on the DSV,s including the Offshore Manager and Rigging Teams can access the seafarers tax regime and if they have the requisite days pay no tax!! DSV,s cost between 130k to 200k all up depending on the size of the vessel utilised .
Rant over - but lets not be disparaging about the guys that will fix this problem.

Hope they have called it correctly and diagnostics correctly define the fault on the Rhum Manifold SCM. Timeline will be dictated by DSV availability, but as its production related other operators will usually allow a breakaway to allow intervention. Project Procedures, Risk Assessments, etc will hopefully done in a week and all signed off, so 2 weeks is a rationale timeline. Although talking of timeline - you have got to be joking!!!

Speaking as a Lancashire lad, its a pity that fracking was not going on in the home counties - then I would be pro fracking. Although I think Boris and the rest of the politicians have enough gas for the whole country!!

Will watch developments with interest and refrain from top slicing this time as our tortoise has legs methinks. GLA>

I can only give you my stance on NAS, which is going through a particularly tough period due to its holdings in RENX, EKF and its holding in OIG and I am currently adding. I'm not particularly happy with the OIG rationale, and would much prefer gearing than playing with in house funds, but it has assisted growth in the past and Christopher Mills has done very well for all of us holders. If you feel that we are not going to see a melt down of the growth scenario, it is a sound LT investment, pound cost averaging springs to mind at this juncture. GL anyway

My 150,000 shares in Hurricane, which I wrote off in the bottom drawer are resurrected Newk. Still showing a loss of £20k, but I wonder sometimes why companies like Serica don't take a position. Why o why did they not take a position in ECO now Namibia is coming good - I certainly did, especially as they let their Licences go.
Shouldn't grumble - steady as she goes and roll on Eigg drill

I must be one of the lucky ones that only bought in 2015 and averaged down, Got out with a £4k hit in 2018 but kept 12500 in the bottom drawer at an average price of 47p.
Its been a wonderful investment and wonder still why I haven't sold my last tranche - lethargy - and why peops still wax lyrical.
2027 I expect we will still be around 40p and the wage bill 20% higher

I agree it stinks, although I have been waiting for Mr & Mrs Hardy to reduce. Its always going to happen, especially with LTH.
Moneys in the bank with no debt - says it all.

Keep the faith

If only Newk! Would have had to sell all of mine and still be a tad light to have repurchased!!!
We've overshot here on the downside in my opinion, but I have a warchest ready if we ever reach 200p ( Not that I want us anywhere near there). I do like taking some off the table when we reach all time high's and have been adding to my MTE and NAS holdings whilst this shenanigans is going on. Happy to hold here and add when advantageous.

Sold 10,000 yesterday at the 275p and just this moment re purchased the value for 11,029 shares. Who's a happy chappy then and happy to hold. We did seem to be a tad early in our VTOL.

GLA

Guys, each to there own, but they are tough losses, notwithstanding I concur with your views on this share. It will hurt even more if it doesn't hold this 400p baseline and god forbid 200p if you add at 300p.
Healthcare has took a caning, due to Nasdaq and value re emerging rather than growth. Perhaps you need to assess NAS or OIG which have dropped and have pretty substantial holdings in RENX and have done for a long time. Christopher Mills baby springs to mind. Like yourselves I have a holding in RENX but substantial amounts in NAS which has never let me down over 20 years. Good Luck whichever path you take in the future and i am sure this share will be backed and come good.

Being a LTH I am not averse to an E & P company drilling and I can assure you they will have given the prospect due diligence with regard to CoS. Having been here since the Conan drill and succession of dry holes or non commercial (Bandon) the perspective seems to be that Serica are "no good" at drilling. I would rectify this by saying their analysis was possibly too persuasive or just plain unlucky with CoS of 20-25%.
With regard to connection between Oil Companies and Drilling Contractors - its always been there, to the extent that some Drilling Contractors will offset their costs for a slice of the pie (i3e - Serenity). Unfortunately HP/HT Wells do not come cheap - ergo why Serica looked at farm in - so do we "risk" 42 million or so for the potential reward - thats a big boys question that I leave to our management team.

Hit the nail on the head Newk. Similar to my own rationale and why I have held on to a sizeable holding. Wonder what slide rule the Brevarthan chappie used to get a 50/50 CoS for N Eigg, or does it dpend on which way the winds blowing. GLA.

Good to hear Valparaiso. It looks like we both are LTH that got it right with Serica. Safe hands at the helm. Interesting listening to Mr Looney (BP) this morning saying more gas is needed not less - perhaps our minority shareholder would like to take a position in N Eigg with ourselves- now that would be an eye opener!!
My only other O & G, i3e and ECO are having a rare time of it at present - and I have great hopes. Now why did Serica let the PEL47 licence go.

Develop, expand and sell would suit me just fine. £544 million sale of Monument Oil to Lasmo is pretty good credentials for ACW and I for one have backed him from the early years here at Serica and have not been disappointed.
If peops want an accretive, aggressive style Kistos is the place to be with lots of private enterprise backing.
I'm sure a suitor will come along as the cash accumulates. Or when this rump on oil & gas realigns, the timing may be perfect for having cash on hand. GLA.

at present. Bought a tranche at 460p earlier in the week, but this swing is a tad concerning and i will wait for some consolidation before purchasing anymore - falling sword springs to mind and OIG and NAS look a better play at present.

Think your right there KingSuarez, and i need to book an appointment. Fallen arch on my right foot has caused me no end of different training shoes, along with right hip pain at times. Finally got some Innov 290's that fit the bill. Nice to see some sense re windfall tax and I can accept no council tax rebate for me - roll on our next SQZ dividend. TA muchly.

Thats my sciatica acting up this morning - not usually one to harp on, on this board. As you say ACW has not only made yet another company, he will hand over the reins of a stunning success eventually. I always thought that no deal would appear until such time as BKR was completed.
Beware market capital, FPM quadrupled with little movement on the sp. Shamefully the same management team have taken LBE from 100p to 50p - although I have just bought in at this price as the last drills are interesting.
Like yourselves, looking ahead we seem to be pinning our momentum on N Eigg, which will effect the sp one way or the other - so a tad of caution is required - on the other hand a large purchase with a right issue dilution may be good for MC but not the SP in the short term. Off to take a pill to ease the right hip. GLA.

I cannot understand why LTH on this board, denigrate what this management have achieved that has been reflected in the share price as well as the MC.
Since 2009 I never lost faith in the success of Serica even when down £70k on 160,000 shares. My purchase of 300,000 shares in 2015 at the princely sum of 4-5p was well timed and I continued to buy all the way up. It all seems to need to be moving fast for a lot of you guys, wheras we know the tortoise crosses the line first - its been proven! Have faith.
Dicks comments re i3e, is a good case, notwithstanding I have a large holding there and if we are not in the purchase mode, why not reward shareholders.
Event horizon: gas price retreat to a more rationale level, possible purchase, N Eigg drill, other than that accrtuing cash.
Enough said, I have a substantial holding still backed by a war chest if they drop below 200p.

Sour Oil in this new environment????????????? Skerryvore for me with SQZ.