Member Info for NewKOTB

sasa43,

"Tend to agree with Flying F's comment re: Zenor and the value argument..."

I too agree, strange that we have had no press media as such then this pops ups .... could SQZ be using ZENOR leak as leverage for another one maybe...... "Look, guys, we really want to do a deal with you, but there are other opportunities out there (Zenor), so lets get this one done"

jimo

"Zennor currently produces around 5,000 barrels of oil equivalent per day (boed) but has projects lined up to boost its output to around 35,000 boed by 2023..."

Well, not a bad base to build from, also I would have thought Zennor would not be the sole targeted deal by SQZ atm.

aimo

Thanks ....

"LONDON (Reuters) - Private-equity firm Kerogen Capital is seeking offers for its North Sea business Zennor Petroleum from a select number of bidders with the help of U.S. investment bank Citi, industry sources said.

Kerogen has opened Zennor’s books to potential buyers after receiving approaches from some, one banking source said, adding that Britain’s Serica Energy (SQZ.L) could make an offer......"

https://uk.reuters.com/article/us-zennor-petroleum-m-a-kerogen/kerogen-tests-waters-for-sale-of-zennor-petroleum-sources-idUKKBN1X31MS

Would explain the strength on close ....

https://www.zennorpetroleum.com/

Have you got a link by any chance Mommur.

Keeping the spread .... extra wide (9.5%), ridiculous imo

Could really do with a close above 141.35p to make this a great day after a great RNS.

Questions is what was SQZ argument to extend their wavier, more the case the internal reason behind it....

atb

Let's kick on into our new trading range ..... please

Extract from last project update:

"The shipping distance between Pointe-Noire and Qingdao is approximately 9,700 nautical miles...."

Qingdao .... rather specific, is it not !

https://www.lse.co.uk/rns/ZIOC/zanaga-iron-ore-zanaga-project-update-xz69gwj4kw21xj4.html

I would suggest ZIOC are in a closed period of NDA inclusive and have been for sometime imo

aimo

Sasa43,

Agree, just venting off a little atm. We all know what a great job the BoD are doing, just sometimes perception is we are standing still whilst deals are being done around us.

ATB

Almsivi,

You have a keen eye my friend .... thanks for that. I never seen that reporting before so .....

Having looked back at the SP activity prior to this report. It is interesting to note that we did move from c21p to c32p in 16 trading sessions prior ..... hummmmm !!!! Just over 50% increase, although that may also have something to do with the good results announced on 6th Apr 2017

And just over 7 months later, a deal is indeed announced.

atb

Upomega / stuartmich

Just hope we are frying much, much bigger fish atm, otherwise I'm at a loss as to why after almost 2 years since our BKR deal, we have had not even a sniff of a follow on, rumors or otherwise ..... Although like I mentioned recently, there was zero heads up leading to the BKR deal, then whammmm .... So the watertight NDA worked then as it is no doubt work atm, I hope .....

We have too much cash on hand, and the market does not like it when companies hoard their cash, it must be seen to be working for the investors. Our SP has been stagnating for 12 months, since the official completion of the BKR deal, this has to change soon, does it not?

atb

upomega,

"This waiver will always be a problem...."

Yes, it might be an issue but I would also suggest that having renewed successfully for several years this would secure a precedence for the future renewals imo, unless the T&C's change that is!

ALL criteria for the wavier have previously been met, as per RNS 2018.

atb

If so, it's an eviction order ... SP just dropped down 3p in a flash !!

Or a large buy order trying to be filled !

atb

"..I think that says it all.the market does not feel serica is a growth company from these levels.its as if serica are just waiting for a bid......"

Agree, progress has been slow with SQZ sp, so it may be for a reason as you suggest. Would RRE bid for SQZ, I'm not sure. However should they wish to the window of opportunity is slight imo. Once the OFAC has been renewed, you are guaranteed another 12 months at least of >34kboepd. I would also suggest that having renewed successfully for several years this would secure a precedence for the future renewals imo. So this would be the time to strike.
Or, RRE could be waiting for SQZ to complete another blockbuster deal on the same terms akin to BKR with BP. If so new OFAC and Blockbuster deal might look even better to RRE.

Or a merger could suite both parties, particularly if SQZ aging BoD are given a role that will see them gain materially from the merged companies.

Either way, I do feel both RRE and SQZ are waiting for an 'event' to occur.

aimo & atb

What is clear from today is ... activity on the board has increased substantially by the doubters ..... so in my eyes, we should have good news soon, or at least a reversal of the SP imo.

May need to bottom out first circa 11.75p

atb

Large UT once again had the last word on our closing SP, despite best effort of our friendly closing BoT.

"Serica Energy plc (AIM: SQZ) announces that the conditions of the License relating to the UK North Sea Rhum field, issued by the U.S. Office of Foreign Assets Control (“OFAC”) to Serica Energy (UK) Limited (“Serica UK”) and BP in respect of the interest in the field held by the Iranian Oil Company (UK) Limited (“IOC”), have now been met in full...."

"MET IN FULL", and afaik nothing has changed, if it has, the company would already know and should inform the market.

https://www.serica-energy.com/downloads/releases/OFAC%20Conditions%20RNS%20Final.pdf

"£30K bought in 2 minutes....hmmm.."

At almost the days high too ....

https://www.serica-energy.com/downloads/releases/Serica%20Energy%20-%20Receipt%20of%20OFAC%20License%20and%20Assurance%20for%20Rhum%209.19.18.pdf

JAdam,

"If the OFAC is initially denied, ..." why would the US do that, as it's in effect an open chq book for US companies to do business with SQZ.

I have to say, the silence from SQZ is a tad concerning and imo, a communication of some kind must be made akin to last year and pronto imo. It was an RNS worthy event 12 months ago, why not now ?