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This move by Hunt will do nothing to stop the accelerated decline of the NS imo, more investment outside of UK waters will continue, more jobs lost too, ie HBR

aimo & dyor

Well, some how Hunt has even managed to screw-up the floor too ..... Can anyone remember the last time these prices lasted for two consecutive quarters or more .... that's without taking into consideration compound inflation/costs.

aimo & dyor

Also for the current Q2, Brent has averaged exactly $80/barrel, NBP 84.85p/therm, so for me these are the minimal floor that Hunt should put in place, plus both should be linked to inflation until EPL ends. Hunt should also consider excluding Brent totally from the EPL as it had very little impact on the energy crisis, with what little spike there was, Brent soon returned to normal as it has many times in the past.

aimo & dyor

"Jeremy Hunt is preparing to soften the Government’s windfall tax on oil and gas companies after warnings of a jobs bloodbath in the North Sea.

The Chancellor could announce changes to the so-called energy profits levy as soon as Friday, The Telegraph understands, following intense lobbying by the industry.

Changes are expected in an effort to boost investment in the North Sea, with many operators either cutting or reassessing their commitments in the wake of the tax.

Easing the tax burden would also draw a clear line between the Government and the Labour Party, which has adopted a hardline approach to the oil and gas industry in recent weeks.

Sources close to discussions confirmed that one option Treasury officials have examined is a “floor” for the tax, which would mean it no longer applies if oil and gas prices drop below certain levels..."

https://www.telegraph.co.uk/business/2023/06/08/jeremy-hunt-poised-ease-windfall-tax-boost-north-sea-oil/

The average NBP price for the past 10 sessions has been 60.1p/therm, so the floor if announced had better be well above this.

aimo & dyor

Sasa,

Agree, outright bid for Chariot but for its Moroccan O&G business acreage only, as JMW may want to retain full control of their green energy ambitions which is probably worth more in the long run. That said, Serica merged with Chariot as is, could be a mouthwatering deal for both parties ...... enough for Mercuria too maybe !

Could this be why Mitch is still our CEO given his previous links with Morocco. Acquiring just Chariots O&G would need someone onboard with local knowledge, hit the ground running as it were. Although MF last foray with Circle Oil, maybe that could be an error on Mercuria's part.

Should we fully takeover Chariot, then one would question, for sure, Mitch's need / position as Julian would easily fulfill role heading Serica's (Ex Chariots) transitional energy portfolio, with Steve as our new CEO.

aimo & dyor

Dickupham,

Hope you are keeping well and fully agree with direction of Serica being no longer in the hands for the old guard, with ACW stepping down at AGM, Andy Bell (CFO) likely to be shown his P45 in a few weeks and Mitch with Steve Edwards (Ex Tailwind CEO) arm up his rear-end calling the shots. Agree, all investment and commercial decisions will be done by all Ex Tailwind crew with Mitch ( for the time being) the PR front man. Jacques Tohme (Ex Tailwind CFO ) soon to become Serica's CFO and Steve Edwards who is presently making all the strategic calls as current Serica's Chief Investment Officer, will as you suggest at some point become our CEO. With ~29% voting rights, this grants Mercuria et al effective control on who does what ... Mitch will be there so long as he serves a purpose imo.

aimo & dyor

Is it the hardcover ... !!

Chariot will be on the move very soon .... aimo

10m4peadoughJo ... FILTERED, yet one more added to the 'brain size of a pea' listing.

Licences are relatively cheap so I fully expect ( although I don't think we should from a EPL standpoint) for SQZ to add licences, after all Mitch has to earn his bonus.... lol

aimo & dyor

Oh, not to mention how many jobs / roles will move state-side. Efficiencies will be sought from the off, atm UK is not open for business of any kind in relation to NS O&G extraction. Unions will also see this and be concerned too, all helps to add pressure on HMG.

aimo & dyor

Should this deal go ahead, fast forward 12/24/36 months ..... ask yourself would the newly combined company spend hard cash in developing assets in NS when you have the GoM as an alternative .... NO

HBR/TALOS will simply extract as much cash from NS with minimal investment, utilising tax allowances (while they are still valid) and run the assets dry, this is from the UK's largest producer in the NS .

This deal could easily accelerate demise of UK energy security faster than anyone could imagine. The deal however would allow HBR added leverage in discussions with HMG, blackmail for want of a better phrase. At least Stop Oil morons will be happy until they grow old and can't afford to heat their homes or unable to buy candles !

Should one or two more NS focused O&G players follow HBR as a blueprint then Labour's fantasy of Net Zero WILL be upon us before we know it.

HMG need to wake-up and smell the hydrocarbons before it's too late.

aimo & dyor

Combining this news with buyback's, shorts needing to close, institutional buying and PI's too, all points in one direction !

aimo & dyor

What are you on about .... 249p !!!

We will re-balance our portfolio away from NS into a solid company in safe waters and a friendly tax regime.

https://www.talosenergy.com/operations/upstream-operations/default.aspx

Could we now know the reason behind BoA interest in little old HBR.

"LONDON, June 6 (Reuters) - Britain's largest North Sea oil and gas producer, Harbour Energy Plc (HBR.L), is in talks to merge with Gulf of Mexico peer Talos Energy Inc (TALO.N), four people familiar with the matter said on Tuesday.

Harbour, which has a market value of 2 billion pounds ($2.5 billion) and Talos, valued at $1.8 billion, have held on-and-off talks about a combination for at least six months, but negotiations rekindled in recent weeks, the sources said.

If there is a deal, it could involve the combined company listing in New York, the sources added.."

aimo & dyor

"If there is a deal, it could involve the combined company listing in New York, the sources added....."

100% go for it Linda.

Thanks Flexmw,

"Serica CEO Mitch Flegg will be in Edinburgh Thursday 8th to participate in the Shares Investor Evening at the Radisson Blu Hotel. Mitch will present an overview of Serica's business, our growing portfolio and dynamic investment strategy.."

'dynamic investment strategy' ...... lol, really, where do I start .... !!!

aimo & dyor

Getting a little tiresome all these 'buying opportunities'. although now SDX negotiations are complete that will hopefully move us up the order too ....

aimo & dyor

Oh, btw see that RE-APPOINTMENT of Andy Bell is NOT on the list of resolutions for AGM. So either it will be announced he is leaving or just stepping down as CFO (guess the former), with no doubt, ex Tailwind Jacques Tohme being promoted to CFO and our board....

Interesting how Mercuria et al will use their votes ..... if they want someone out (cough cough), not mentioning any names, they will make it so ! Steve Edwards (Ex CEO Tailwind), come out come out where ever you are ...!!!!!

Tailwind should of been name Borgwind .....( for all the Trekkie's out there )..... ;-)

aimo & dyor