Member Info for mrc_mrc_mrc_mrd

See ya, ye balloon

I see no reason why he won’t go back to last years Nov target of 39p at least. He was worried about the debt maturity which is now 5 years away.

Sjab- just an opinion.

As I say, for me it is concerning l, but I land with Marine Clark that it is something to keep an eye on but not of great concern while they are engaged in a limited capacity. If their role expands then that would make PMG uninvestible for me.

It looks like panic stations over there today.

Not such a dead cert as some would have us believe!!!

Where has all the money from the share sale gone? And why are they still holding shares when the company is desperate for cash??

My concern with Gneiss is Toms judgement in forming a relationship with this element.

I hope he won’t let the foxes into the hen house.

TC has failed miserably for 5 years so perhaps Gneiiss can’t do a worse job.

Gneiss also instrumental in destroying BPC (now CEG) IMHO. They leave a trail of unhappy shareholders if seems. I hope it is different here, but it’s a massive red flag for me seeing this association.

Everyone wants to do the right thing (which is to reduce GHG emissions).

Pushing oil production abroad does not solve this problem. In fact it creates problems with energy security and foreign policy. It will also INCREASE GHG emissions by pushing production to lightly regulated countries and requiring yet more emissions to transport.

Pull yourselves together lads and switch off the news.

ENQ are making decent coin and will be keeping most of it.

Just switch off and wait for the dividends.

I note HUR have received an unsolicited offer. Clearly there is interest in the NS despite GOV actions. They have a single well.

Gneiss work well for their stakeholders. They are in the business of transferring shareholders cash / assets to other parties IMHO…do your own research…SCIR struggling to get rid of them at the moment where they have their claws in deep. bLOE managed to get them out I believe.

Vampires.

Perky - you called it wrong mate. On pretty much everything. Hope you haven’t cost too many over at AEX s lot of money with your ramping (the damage you have caused to holders here is devastating).

You used to claim that the Zubairs were looking out for SCIRs interests? Now they are apparently employing me to argue with you on here???

You are aff yer nut mate.

Lol shall we find all those posts where you said the drill would not be delayed?

I seem to recall you ridiculed my suggestion that it was likely to slip to Q2 next year!!

Yet again you have been shown to be a big ramping dumpling.

Marine Clark - worth investigating the performance of gneiss energy. Rarely works out well for shareholders. Let’s hope they have a well defined remit from TC.

Steve - if the deal falls through then surely the company is finished. Obligations to ARA for the loan (currently being spunked on G&A / consultancy) would exceed available resources and SCIR would also be on the hook for costs going forward.

This could all end very badly indeed.

Lol delay so predictable. GLA. Sore one today.

As I predicted.

Perkins called this one wrong again.

That’s fair Dumbly - I do think they want to encourage oil production so I can’t see naked profit thieving like Labour want.

On Seeking Alpha email today they talk about the 1980 windfall tax in the US. Production declined 8% during that period. Politicians need to be careful what they are doing. My feeling is that while we may think it is poorly targeted, the EPL does what it is intended to and encourages investment.

The U.K. North Sea remains attractive.

https://www.energyvoice.com/oilandgas/north-sea/rigs-vessels/456253/dolphin-drilling-uk-north-sea-2023/

In other news…BP paid $2.5bn in U.K. tax. - “Of the $2.5bn taxes to be paid on the BP UK North Sea business this year, London-listed firm said around $800m (£693m) is expected to come directly via the UK Government’s windfall tax.”

Dumbly - $14m this year is negligible in my opinion. $73m next year also negligible. POO is lower now than when EPL was announced so the assumptions may be too pessimistic. This was also before ENQ refinanced and can now invest more heavily next year to reduce the tax bill.

A few snippets from after the initial announcement:

The move is unlikely to render new or existing projects uneconomic and it could even accelerate ‘ready to go’ developments, such as Rosebank and Cambo. Moving those forward to a final investment decision has been incentivized,” said Neivan Boroujerdi, Research Director, North Sea upstream, at WoodMac.

https://www.world-energy.org/article/25150.html

EnQuest, which ended Thursday's session 7% down, dropped a further 9% on Friday morning to lows last seen in late March. It is expected to pay an extra $14 million this year and $73 million next year, Jefferies said.

https://www.reuters.com/markets/europe/harbour-enquest-serica-shares-slump-uk-windfall-tax-2022-05-27/

Jefferies I believe did some analysis when it was first announced.

I take comfort that some of the other players are happy to invest. E.g. Ithaca, Equinor. They have other calls on their capital and are willing to put it in the U.K. NS.

Perth farmout remains highly unlikely. Best chance was 5 years ago. TC supposedly got offered a substantial sum for it by CNOOC. Massive unforced error not accepting that I think.

U.K. gov and public are rather hostile to oil and gas. So not sure who will be paying what TC thinks it’s worth.

The Dutch gas is the only game here in the short to medium term IMHO.

You may well be right about the SP range here, but it can certainly break lower. It went well below cash equivalents during covid.