Member Info for NewKOTB

SQZ have good ongoing dialogue with all political parties & unions with reference to EPL

Mitch stated its a case of "EDUCATING" them, esp "Labour" !!

Having significant CoH allows for better options for M&A, rather than own Buyback

Mitch prefers to return cash to SH via dividend rather than buybacks

Mitch surprise to see SP fall today.

3 analysts which Mitch spoke with this AM produced +ve reports and they were also surprised with fall today.

SQZ have good ongoing dialogue with all political parties with reference to EPL

Tax losses from TW deal only been effective since completion of deal in March, so just last 3 months used tax losses.

Currently in more than one discussion is ongoing for M&A in europe.

Bruce LWI has commenced ...

Now in market again to look for hedging if right for us.

Guidance down ~1kboepd mid point to 40-45kboepd

No summer shutdown on Bruce next year 2024

Has just commenced .... Mitch now speaking with Q&A at end.

BB,

I look at these as 'transitional' results, once over the 'hump', things imo will turn very quickly in SQZ favour, as you can already see our direction of travel is very +ve afaic.

Did consider selling a huge chunk yesterday, but I convinced myself that the numbers would be pretty favourable (as they are imo) and Mr Market wouldn't go to town, how wrong was I, being hit >-10%, really !!!

Question is, what next in terms of M&A that will also impact near future results / SP.

Let's see how Mitch presents these results / company at 1:30.

atb

aimo & dyor

"its the future that is more of a concern for me..."

Are you having a giraffe ..... as I posted earlier, the FUTURE is looking extremely profitable afaic, for some reason it appears the market has taken a dislike to these results, TW acquisition has helped of course, but you must remember, this 'help' will be ours forever more.

Almost as if due to pure fact we are exposed to the EPL all 'n' sundry think SQZ are a basket case, wtf.

The profit after taxation for the period was £175.5 million (1H 2022: £116.7 million)

Significantly better then either ITH or HBR who made a loss or as good as, plus we managed ~50% increase on 1H 2022.

Note, the £175.5m profit after tax for the first 6 months ONLY, is almost the same as our FULL year profit for 2022 of £177.8m, so really looking forward to EoY results now.

aimo & dyor

Https://www.serica-energy.com/downloads/presentations/Interims_2023_final.pdf

Surprised,

Combine that with rising Brent / NBP over last 3 months, tax losses from TW deal would have only be able to be used for last 3 months of H1, then with SQZ changing their structure to allow TW tax losses to be used across all the assets rather than ex TW, we will finish 2023 very strongly despite slight reduction in production. Then come 2024, in addition to above our hedging falls away significantly too, gas hedging currently 50,000 therm/day is also no longer as of end of this month, remember we started Q1 2023 with 200,000 therm/day hedged at just 55.6p/therm

Poor and totally unjustified response so far to today's results against the backdrop of what figures other NS producers issued and of course EPL.

"Serica generated a profit before taxation of £298.3 million for 1H 2023 compared to £194.5 million for 1H 2022. After current and deferred tax provisions of £122.8 million (1H 2022: £77.7 million), profit for the period was £175.5 million compared to £116.7 million for 1H 2022 and £177.8 million for full year 2022....."

aimo & dyor

Gap on opening, lets see if the 1:30 presentation later today can see us close above 256p which would be ideal.

Spread is going mental atm ....

LOL -10% even ..... wtf, on what planet is that justified.

Just added more.

The profit after taxation for the period was £175.5 million (1H 2022: £116.7 million)

Significantly better then either ITH or HBR who made a loss or as good as, plus we managed ~50% increase on 1H 2022.

Note, the £175.5m profit after tax for the first 6 months ONLY, is almost the same as our FULL year profit for 2022 of £177.8m, so really looking forward to EoY results now.

Mr Market has to like that, surely !

"Serica generated a profit before taxation of £298.3 million for 1H 2023 compared to £194.5 million for 1H 2022. After current and deferred tax provisions of £122.8 million (1H 2022: £77.7 million), profit for the period was £175.5 million compared to £116.7 million for 1H 2022 and £177.8 million for full year 2022....."

aimo & dyor