Member Info for NewKOTB

Kingbilly,

Thanks, interesting that after numerous +ve announcements our SP continues to be range bound, question is, by design or not ! Usually with AIM you see wild swings on RNS as traders take the lead, yet here other than a penny +/- here and there we have been flat-lining since early June off a mean of ~19.5p. Pressure for me is building that will eventually need an exit so I continue to hold as I do feel last few months of H2 will prove pivotal. atb

Party Anyone .... ~Thursday 29th September 2022.

aimo & dyor

GBS,

Yes, guess it would be easier to gain listing by default, although as it wouldn't be reverse takeover not sure if that path is a valid one tbh, however:

Firstly, somehow don't think Ithaca have their eyes on an AIM listing, more likely FTSE 250 at very least.

Secondly will allow JPM to be 'selective' on who Ithaca want to be major holders.

Thirdly, IPO cash generated will allow for rapid company expansion with taking on little to no debt, given interest rates, positive move too or even an equity deal.

No reason why Ithaca couldn't already be in talks with prospective targets, with aim of doing deal either prior too or directly post listing.

Still at front of my mind is use of 'STRONGLY' comment by our board at time of KIST approach..."Serica shareholders are strongly advised not to take any action..." as opposed to the usual comment in these situations, "shareholders are advised not to take any action.. "

We then had Hardy's buying strongly during recent KIST offer period ( as if they didn't hold enough already ) and as of yet appear to have held and not sold any. Which we assume was to defend SQZ at that point in time as opposed looking to sell out to AA !

Ithaca have been working on IPO since early this year, did AA get wind of a possible interest by Ithaca and hence forced into a preemptive strike, which could well be the reason he lacked real 'fire-power' in making the deal happen.

Just some of my Sunday Morning musings.

aimo & dyor

God Bless the Queen, may she rest in peace.

Also from ThIsIsMoney :

"North Sea oil giant Ithaca Energy plans to join the London Stock Exchange 'within weeks', an industry source has told The Mail on Sunday.
The multi-billion pound listing is expected in October and investment bank JPMorgan has been hired to work on the float, the source said.
The fifth-largest North Sea producer is owned by Israeli energy and infrastructure group Delek. Ithaca bought Siccar Point Energy in a £1.1billion deal in April this year – which gives it a 70 per cent stake in the Cambo project, the second-largest undeveloped oil and gas field in the North Sea.
In August, Ithaca said profits rose 570 per cent to £1.45billion in the first half of the year. This was boosted by a surge in energy prices. On average it produced 67,000 barrels of oil a day during the period.
Ithaca was founded in Canada in 2004 and has operated in the UK since 2008. It traded on the junior AIM market and the Toronto Stock Exchange before being bought by Delek in 2017. Delek has said it is looking to spin Ithaca off this year.
Ithaca and JP Morgan declined to comment..."

Interesting, any ideas what Ithaca will do with all their new cash ... go on a spending spree maybe !!

aimo & dyor

Oh, forgot to add Predator Oil ( which I don't hold atm ) as an option too with assets in Morocco.

Looking around in general there appears many 'options' for our board to aggressively advance the business if they are so inclined. One thing for sure ( given our cash hoard ) come results in a few weeks, our board will need to show real ambition to drive the business forward, old excuse of 'we looked but deal wasn't right' will not wash anymore.

aimo & dyor

"what about if SQZ buys Chariot......."

What if indeed ...... ;-)

CHAR are in final throws of FID to monetize a major off-shore gas discovery, Anchois Gas Field, with 637 Bcf 2C and potentially whole Lixus Offshore licence offering >>4.5 TCF. CHAR business model is little more complex that our own, as not only gas but also involves Transitional Power & Green hydrogen. Now, remind me what expertise Jérôme Schmitt who joined us back in July brought with him .... are, yes, Head of M&A and Chief Sustainability officer at TotalEnergies ! We then have our very own Mitch who left Serica to join Circle Oil as CEO in 2015 before returning to Serica in 2017. Circle's focus was North Africa, including major plays in Morocco. Circle assets were subsequently sold to SDX Energy who are still producing from Moroccan wells.

Serica would want to be operator and CHAR are seeking a partner that would bring accretive skills to the business. Given how well SQZ have managed NS assets I see no issue doing the same off-shore Morocco.

Farming into CHAR or possible takeover plus acquisition of SDX would make sense to me given our skill base, country connections and experience. Recent 'events' surrounding NS, looking to diversify our assets base should be high on our boards agenda.

For record I hold CHAR & SDX too.

aimo & dyor

"Where else? Gulf of Mexico?...." errr no, given BP are still paying $billion$ every year for Deep Horizon.

Morocco would be my option given connectivity to Europe or SE Asia, stay well away from Nigeria and alike. N Eigg, as you suggest, has by default now become critical to lowering our tax and recovering max allowances notwithstanding other NS corporate activity by us or others !

aimo & dyor

It was around 370p yesterday you were first able to buy .... so anyone new yesterday will be in profit, who will probably take their trading beer money for the weekend.

SP being pegged back now down where as all other producers appear to doing well today, very strange given macro economics. Fell quite sharply ~9pts in an hour over lunchtime ... 60k sell probably didn't help either.

Oh dear ... wishing my life away ..... thanks for correcting the 'old' man DRB.

Only little over 6 trading days until interim's which will hopefully show CoH and equivalents as of 31/8/22 at ~£550m-£565m or appox ~55% of our MCap, whilst we still remain debt free.

Knocking out ~29kboepd (net) with commods remaining elevated SQZ are able to off-set additional levy with N Eigg drill along with several Bruce well interventions. Should we make a sizable acquisition then our tax liability will fall drastically, may not even be liable for tax... lol that would be one in the eye for Starmer !

Remember SQZ held ~£400m cash prior to new levy which is already ring-fenced from additional levy. So not sure how they can equate 'most value eroded' or 'wipes out 30% NAV' due to new levy when we are still just over 7 months into the year..... plenty of time for deals afaic.

aimo & dyor

sheltie,

"I have just watched the video (from 19 mins as you suggested). For me, the CFO came across considerably better than the CEO. She had more gravitas in my opinion and 'explained' the 'situation' pretty convincingly...."

My perception exactly .... does Cathy appears like someone that would last 5 seconds in prison ... so there is no way she would not do her upmost to ensure financial are squeaky clean.

aimo & dyor

Talking of divi's ... just over 2 weeks until we find out more on that front ourselves too, any advance on current proposed 6p/s I wonder, be amazed if not !

...and if not, or very limited improvement on 6p why not, either cash is to be used in near term for acquisition or god forbid, share buyback or we go into partnership with Beds'r'Us so we can stuff cash under mattresses.

aimo & dyor

Ooh .... figures should be in $ not £ .... so even less for Kier Starmer to divi out

Just checked, as result of UK operations, BP declared ~£1.7bn after tax (£302m tax) in 2021 at 40% tax ( now 65%) out of their £10.3bn worldwide operations.

As for BP ... they reported profit, worldwide for Q2 2022 was $9.3 billion, compared with a loss of $20.4 billion for Q1 2022, with net debt of $22.8 billion .

Labour et al also keep quoting Looney ( who btw made a public boo boo with this statement imo ) that BP are a 'cash machine' and levy will 'not change current BP investment plans in NS' ...... Of course it's a cash machine, shouldn't all business be so and investment decisions take years to make, not change on a whim.

Really makes me turn into Mr Angry the way press / politicians pander to Joe Public for brownie points with what is bias reporting and not only from likes of Sky but BBC et al too. I could go on but my BP (blood pressure) is rising just like the billions upon billions BP are making from the NS ..... (lol)

Regards
Mr Angry ..

Stupmy, be sure to let us know how you get on, for me probably never been a better time to invest in DARK.

Watch the presentation esp CFO's

https://ir.darktrace.com/webcasts/financial-results/2022-2h

Decent jump this morning, probably shorts closing and bargain hunting traders.

Froth of early trading, once cleared one would hope to see signs of recovery going into w/e as this was so blatantly manipulated yesterday imo

Don't forget we still have many, many large holders ....

Blackrock 2.7%
L & G 4.98%
S & G 1.58%
Vitruvian 2.35%
etc etc ....

"nonsense around the £170 billion in windfall profits.."

lol, I was actually swearing and shouting at the TV watching these idiots in parliament yesterday spouting this rubbish and more.

sheltie, listen to CFO at ~20 minutes in for explanation of your concerns around 'oversights' .

It has been and appears to be continued some sort of concerted effort by Times / Telegraph et al to re-hash old news to slurry DARK at any opportunity .... who's getting the hacks to continually do this and what's their game plan behind doing so .... awful day yesterday, no sign of shorter's exiting , so far !

atb
aimo & dyor