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Down yet another >12% this morning !!!

AIM has only one winner and very rarely is it the PI.

AIMO & DYOR

N/m .... ;-)

Also, Ithaca stated, "A number of the UK’s biggest operators have axed projects or scaled back spending in response to the levy, and 'Ithaca is not immune to that'.....'There are no windfall profits in the industry at the moment’, says Ithaca chairman".

Got to say, you don't need to be a rocket scientist to know that and the UK Gov want this tax to last until 2028.

As it has so far proven, highest prices directly followed the Ukraine war and as time passes alternative sources will be found as supply / demand re-balances itself, price will fall and become normalised. I can't see how there is any justification for EPL, due to 'EXTRAORDINARY PROFITS', you are having a giraffe !!

HBR for H1 had an effective tax rate of 102% .....

EPL will be amended / removed, without doubt, simply has to be.

aimo & dyor

Great results afaic given the enforced headwinds of Sunak / Hunt's stupidity.

HBR are playing a blinder afaic inc capital allocation/ expenditure. How can you expect re-investment, particularly in ESG / GREEN when you are unable to produce post-tax returns.

A theme is starting to surface here within results, HBR not the only one showing in their figures how wrong ( in so many ways) taxing the industry at 75% (HBR effective 102%) is proving to be unbelievably counter-productive.

EPL will be amended, without doubt, simply has to be.

Don't forget, HBR produce ~15% of UK energy needs, imagine that having to be sourced from overseas. Linda's one smart cookie in how she is guiding HBR through these difficult times.

aimo & dyor

HS,

"I’d prefer that Char deliver not on the onshore deal but rather on the offshore deal..." FULLY AGREE.

If CHAR ever entered the football world cup they would undoubtedly win, as it appears their goalposts are forever in a state of flux.

aimo & dyor

Ithaca results are an excellent gauge imo, so unless the shorter's want a party and FTSE is not hammered, I would expect not too much movement, then again HBR appears to be a law upon itself atm.

Good read-across from Ithaca's H1 2023 results :

H1 2023 Financial highlights :

https://otp.tools.investis.com/clients/uk/ithaca_energy/rns/regulatory-story.aspx?cid=1028&newsid=1711000&culture=en-GB&val=638283887618346893

Plus relevant EPL mentioned ;

"Total capital spend in the year reflects lower scheduled activity across the Group's operated and non- operated assets, with the deferral and cancellation of capital project activities largely driven by EPL and the associated fiscal uncertainty..."

aimo & dyor

Mommur,

Morning, see Ithaca have announced their interim dividend today also ....

"Ithaca Energy is pleased to announce its second interim dividend of $133 million, representing $0.1321 per ordinary share. The second interim dividend will be paid on 29 September 2023 to shareholders on the share register on 1 September 2023. The second interim dividend is expected to be followed by a further dividend payment relating to 2023, following the end of the financial year..."

So that's circa 6.25% yield, if SQZ do similar we could be looking at ~15p/s (~£57m/~$73m) wowww !

aimo & dyor

Interesting to see Viaro being one of the 3 remaining bidders for Shells NS aging assets. Remember they took out Rockrose to gain a real foothold in the NS .... since then they have gone on to do more deals, inc Spark.

In March Viaro stated, "company chief executive Francesco Mazzagatti revealed they are at a “very advanced stage” of an acquisition for “two large production assets” .... It has also put in a “final bid” for another exploration licence, as part of the London-headquartered independents drive to “grow” in “different areas” of the North Sea"

If Viaro want to 'grow' even more, they can have my Serica shares for >300p anytime.... PE backed takeovers or even coerced Trojan horse ones appear to be on the up, after all, NS is a still very much cash machine for the right owners acquiring the right companies. Problem is, can't see Mercuria giving up what its so easily gained anytime soon.

aimo & dyor

Yep, SP taking a real dive (yet again) today so far .... -12%, Clearly these 'tranches' are either wanted at a lower than low price or no one wants them or seriously good news to break, which is it ?.

At this rate ZIOC could of raised more with a local Tombola Event.

So Shell have narrowed down the field of buyers to 3 now !

Back at the start of the year Shell announced, "LONDON, Feb 15 (Reuters) - Shell (SHEL.L) is preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin, industry sources told Reuters. Shell is planning to offer its 50% stake in a cluster of fields in the Clipper hub, as well as the Leman Alpha complex, the three sources said, adding that the assets could fetch up to $1 billion in total..."

"Shell owns a 50% stake in the Clipper and Leman Alpha fields which were part of a large joint venture with Exxon Mobil (XOM.N) dating back to the 1960s. Exxon sold its British North Sea assets last year to private equity-backed Neo.

The Clipper hub is located approximately 41 miles (66 kilometres) from the Norfolk coast.The Leman Alpha complex includes 5 platforms located around 43 miles (69 kilometres) off the coast..."

The thing that interest me is given the tax turmoil there are still willing buyers wanting to invest ~$1bn in NS aging assets.

Now, who do we know that would do such a deal ?

aimo & dyor

Chinch,

Banks being asked to give loans to an industry that is as far as possible from flavour of the month it can be, who's profitability / going concern for next 5 years at least, given 75% tax rate could be questionable, why would any bank take on this sort of risk. If green transition was the primary driver for UK Gov then, would it not have been more sensible to force O&G to invest directly 75% of their profit into 'Green / ESG' focused investments either as part of their own business or others / funds or new, upcoming technologies.... Of course the primary driver was to attempt to save their own skins.

The banks will be posting massive profits but no way will UK gov go after them, unless they use lack of their O&G investment as leverage.

aimo & dyor

PS Mitch, we are still waiting for the reason why the TW deal was done .... or will we get that 'reason' on within this years remuneration committee awards !!!

aimo & dyor (again)

Clued,

You just have to watch / analyse these types of AT sell trades, multiple quick fire with same or same'ish timestamps and without any buying pressure (key for this to work) to counter this activity. You can clearly see the bid, drop bit by bit by bit caused imo by these tiny volume repetitive trades. Of course the opposite can be true too but for some reason appear to be less prevalent !!

If you download and analyse stock exchange daily trades, due to the volume here it will take a bit of hunting out but the evidence is there for all to see. DARK is not unique btw. ATB

aimo & dyor

At least we will have our dividend announcement next month, guess Mercuria will want to maximise return on their 'investment' ... !!! (lol)

So it continues ... Multiple, quick fire ( by the dozen or more) tiny AT trades of single digits, same timestamp are easily driving down our SP. No wonder the shorter's love this share, so easy to manipulate.

Single opening AT trade of ONE share took us instantly down on opening ... WTF !!!

Date Time Trade Prc Volume Buy/Sell Bid Ask Value

18-Aug-23 08:00:27 333.30 1 Sell* 333.30 337.90 3.33 A

Appears DARK once again focus of shorting attack. Although it's good to see share buyback's have restarted albeit in tiny volume yesterday .... think DARK need to step up their BB's

aimo & dyor

Lol, see Billy Smart is still missing their star entertainers.

Multiple tiny AT trades of single digits, same timestamp are easily driving down our SP ... No wonder the shorter's love this share. So easy to manipulate, moved us down -5% in no time at all.

Yet another -12% down today atm .... talk about capitulation, at this rate even with all three tranches sold ZIOC would probably need to do ANOTHER placing, or maybe that's their intention ?