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Interesting few RNS's from KIST this morning ..... we know AA is very astute when it comes to finance, so is this his start of two fingers to Hunt's latest EPL ? Could also be in preparation of yet another deal as AA still owns 17.25% of KIST. As for SQZ we keep on building cash and I hear just done a deal with 'Mattresses r Us'.

aimo & dyor

Somehow, was this always the plan ? Shut Labour et al up, play to the public calls and more importantly stabilise the economy / pound .... No way BP / Shell etc would have agreed to WFT in their 'consultations' with HMG as is, there was no defined structure, as we know, too many unknown variables for it to work. Now under the cover of backwater ministerial offices, amends will be drawn up and hopefully passed into law, or am I giving too much credit to civil servants & Hunt !

aimo & dyor

chinch,

Appears more 'moronic' than ironic to me !!

Current SP, day by day is making AA's initial offer of 246p CASH and 0.2932 KIST share look all the more, like a gift horse.
Still don't understand ( although I could guess ) why we didn't make more of an effort to engage with AA, plus I'm still in the dark as to why ACW et al advised shareholders to "strongly" take no action. Added to which, why the Hardy's backed ACW so strongly by buying substantial stock during the offer period ! Oh and 2 days before Hunt's increased levy we had BlackRock adding~£3.3m taking their holding to >5%, are they looking to become an activist investor or have they the inside track!

aimo & dyor

"The workshop was held as a closed meeting. The information therefore contained in the media reports solely represents the views of the authors...."

Strange to release this RNS for the explicit reason of stating 'closed meeting' ..... so either we have a leak or the story was all fantasy !

I know which one I'm backing.

aimo & dyor

"18 Nov 2022 10:29 - Austria's government has today announced plans to introduce a windfall tax on energy companies that will be of up to 40% for oil and gas firms.

For oil and gas companies, the levy of up to 40% will apply to profits that are 20% above the average of the previous four years, but companies can bring the tax rate down to 33% if they invest in renewables, the Finance Ministry said in a statement.

The tax will apply retroactively from July 1 of this year until the end of next year, it added.

A separate system will apply to power companies, kicking in when they earn €140 per Megawatt hour of power. The threshold can be increased to €180 if those companies invest in renewables, the statement said. Kogler said the tax rate then would be 90%.

That tax will apply from December 1 of this year until the end of 2023, the statement said."

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Much more sensible approach to WFT afaic ...... & just highlights how destructive UK Gov has become.

aimo & dyor

"Austria's government has today announced plans to introduce a windfall tax on energy companies that will be of up to 40% for oil and gas firms.

For oil and gas companies, the levy of up to 40% will apply to profits that are 20% above the average of the previous four years, but companies can bring the tax rate down to 33% if they invest in renewables, the Finance Ministry said in a statement.

The tax will apply retroactively from July 1 of this year until the end of next year, it added.

A separate system will apply to power companies, kicking in when they earn €140 per Megawatt hour of power. The threshold can be increased to €180 if those companies invest in renewables, the statement said. Kogler said the tax rate then would be 90%.

That tax will apply from December 1 of this year until the end of 2023, the statement said."

-----------------------------

Much more sensible approach to WFT afaic ...... & just highlights how destructive UK Gov has become.

aimo & dyor

So we now have Ithaca and Waldorf known to be active in the NS M&A market ..

"The Formal Sale Process announced by the Company on 2 November 2022 is progressing, with multiple expressions of interest received from credible counterparties...."

Be surprised if we were not one of these "credible counterparties" !

"Waldorf Production, a prolific buyer of oil and gas exploration assets in the North Sea, is seeking to raise as much as $2 billion to help bankroll more deals, people with knowledge of the matter said.."

Waldorf who also happen to own 25 % of Columbus too.

aimo & dyor

Usually I re-invest, not this time around or probably ever again, esp when we are about to get whacked by even greater dividend tax next year too.

BTW, See the banks, BP, Shell, SSE etc are liking today ....!!!! FFS

Ithaca ..... come and get us !!!

Now MCap of ~£800m with ~£600m in cash, 27boepd, zero debt and ~58mmboe reserves.... 400p atm would be a good result afaic.

aimo & dyor

BRINDEX and all associated companies should now come out with statements on how this really stupendously stupid budget has damaged NS investment decisions for the foreseeable, added to which, as a whole investment overseas and shutting down of current operations is a really possibility going forward. Unlike Amazon et al who blackmailed UK Gov with taking their operations overseas lock, stock 'n' barrel, NS operators are literally stuck to the UKCS as such have no alternative other than cut their own throats.

aimo & dyor

So, M&A and overseas investment decisions have now become clearer and a lot easier.

Interesting response by Serica and Kistos SP so far today.

aimo & dyor

"Chancellor Jeremy Hunt has decided to reduce the capital gains tax allowance (CGT).

It will be reduced from £12,300 to £6,000 from April 2023 and £3,000 from April 2024.

Hunt announced this change to the CGT free-tax allowance today (17 November) during the Autumn Statement.

Nutmeg financial planner Chris Liebetrau said: “The threshold for paying capital gains tax has been halved from £12,300 to £6,000 for the 2023/24 tax year and will be cut again to £3,000 in the 2024/25 tax year..."

lol, Labour just likened Conservatives to screen soap opera 'Dallas' .....

Of course, you got there first :-)

"But any such tax should be temporary, not deter investment and recognise the cyclical nature of many energy businesses." ....

Really !!!

Blackrock clearly seen value here yesterday with their additional ~£3.3m (~£46m in total) investment even with Hunt's announcement being 48 hours away .... interesting and certainly a confidence vote, for what is the question ?

Date on which the threshold was crossed or reached: 14/11/2022

aimo & dyor

Oh er missus .. ;-)

The main issue I have is afaik there is no defined price for either NBP / Brent to fall too before 'normal' is reached, or how long it needs to be at / below this price before WFT is removed ... then if it will return should NBP / WTI move back above, if so how long will it need to be above before WFT is in play once more !!!
We have already seen several days where I would have said NBP has traded below 'normal' recently... if averages are used, how are they calculated ... I would have thought this would be of primary concern for producer to know, I have yet to see any detail from anyone on this matter.

aimo & dyor