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NQM,
From a simplistic viewpoint I would have thought SQZ would absolutely and without hesitation repay ~£14m of the $271m loan to ensure we drop to BELOW the 50% drawn to loan ratio and hence reduce exposure to required hedging until we actually need the RBL cash.
"The hedging requirement is halved if less than 50% of the amount available is drawn..."
Then again, I guess the hedging has been taken out via Mercuria so not in their interest for SQZ to be financially savvy, is it !!
One point worth noting is the hedging available EXCLUDES Rhum production which is circa ~30% of our production.
aimo & dyor
Power et al, FFS, you all talk utter doo-doo, it's less than a tiny 2% sold, soon to be replaced with additional stock options that will have an accumulative effect of actually increasing her holding overall. Added to which, "They must know something coming" would be insider trading.
aimo & dyor
Smyth111, me ramp, really, majority of my CHAR contain factual information unlike yours !!
Anyhow, now awaiting next RNS due soon that will tell us how we are doing on the other 2 pillars.
PS Good to see directors buying recently although a few more decent buys by them would not go amiss.
aimo & dyor
"Was there anything in the merger to stop the other 2 parties from buying.."
There is usually a clause to ensure interested parties are unable to acquire shares, however that wouldn't stop a third-party, which at a later date could do a 'deal' with such shares acquired once the deal has completed, although very unlikely imo.
Remember DD is being carried out and either party could withdraw at any point.
Full details will be disclosed within the prospectus and circular, which is expect to be published H1.
aimo & dyor
Go where exactly, on holiday, to the toilet, car-wash maybe or just PASS GO !!!
ML has no connection with DARK now other than as a bog standard shareholder, not unlike many on here !!! Just happens to hold more shares than most.
No idea where SWS gets this figure from, 260% upside will do for me .... ;-)
https://simplywall.st/stocks/gb/energy/aim-sqz/serica-energy-shares/valuation?r=/user/profile
aimo & dyor
"Daniel Gould, the new CEO, is leading the evolution of SDX away from a pure oil & gas business into an integrated, hybrid energy-provider in Morocco - becoming a strategic regional player in the energy transition sector.
SDX is divesting its Egyptian assets - to focus on growing its Moroccan operations and generate initial funding to support the new strategy.
SDX will maintain its upstream Moroccan gas assets and continue to produce natural gas, selling it to offtakers.
SDX will operate on the principle of 'doing more with what we have' - with a plan to extend its existing gas transportation infrastructure to enable gas imports from Spain, via the Maghreb-Europe Gas Pipeline - expanding gas supply to Morocco's Kenitra region.
· The Company also intends, in the medium-term, to expand into renewable power generation - leveraging its strong gas offtaker base for a commercially compelling cross-sell of gas and green electricity.!
https://www.lse.co.uk/rns/SDX/corporate-update-0g9m4wfqig3rbgd.html
https://www.lse.co.uk/rns/SDX/corporate-strategy-update-mnfof1b61xo5q6s.html
CHAR are due our own update soon, as promised.
Sasa,
Afternoon,
"More likely, Mitch is gearing up to buy some NS production from HBR...." could be correct, however we all know MF is acting as the Trojan Horse for Mercuria so SQZ acquisition rationale will have changed imo, I believe the JOG transaction (MF latest deal of his own making imo) will be his last in the NS. Now it's the case of loading up debt, reducing taxation and taking as much cash from the company as possible, what better way than taking out a $1.05bn RBL then suck the cash dry, as per Mercuria's MO. Oh and any hedging for RBL we do will somehow be 'offered' only on Mercuia's terms as they would have 'offered' the best deal .... lol, of course they would !!!!!. Win win & win again for Mercuria all day long.
aimo & dyor
Could it be HBR … !!
“ Harbour Energy. The North Sea oil and gas company was clobbered by the government windfall tax last year, so has set its sights on expanding beyond the UK. Last month, it announced the $11 billion takeover of Wintershall Dea, which could double the size of the company. Wintershall, a German-based rival, has assets in Norway, Argentina and Mexico.
Quest analysts reckon Harbour itself could be a tasty target, even before that deal completes…”
Imagine if Serica do go for HBR pre Wintershall t/o and the Wintershall deal completes too…
Well, HBR SP is struggling to gain traction post mega deal RNS…. Just Maybe !!!
Aimo & dyor
Upomega,
Of course who knows what new hedging has, if any, taken place since last publicly known position as of 19 September 2023. What we do know is if the new $525m RBL (option to increase potential total facility to $1.05bn ) is drawn upon then hedging is required, so all could change if we complete an acquisition utilising RBL.
aimo & dyor
From 1/1/24 our hedging has significantly improve.
We no longer have any gas hedging in place as previous hedge expired end of Q3 2023 at 41p/therm.
Brent hedging acquired due to TW acquisition for 2H 2023 at ~11kbopd at $61 now expired too and replaced with 1H 2024 at ~5kbopd at $70 barrel and ~2.75kbopd for 2H 2024 at $80 barrel
Result being, vastly improve revenue going forward into 2024 for SQZ.
aimo & dyor
Listen to the Q&A, stated quite clearly, offer was made....
Question, "Did Chariot receive any indicative offers for the whole company", after a prolonged pause, Adonis reply stated, "Yes, but we felt that there was more value staying in the asset to develop it ourselves....."
https://stream.brrmedia.co.uk/broadcast/preview/65705f5f85e1630925165801
aimo & dyor
PS Also, an approach does NOT need to be RNS or made public if the BoD feels it's not valuing the company correctly, as it was in this case.