Member Info for NewKOTB

That said, if Serica can rip off EQuest in the same manner that TW did with us then that’s another story.

Do think there’s more to this than just what was announced today. Can’t see what attraction there is for Serica other than some tax losses, even though Serica themselves have around $1bn atm. Could it be the case Serica have been approached themselves and wanted to put the for sale sign up as I still can’t find any reference to “speculation” that prompted todays’ mid morning RNS.

Aimo & dyor

TM1,

"deja vu all over again, tailwind anyone.."

Lets hope we are on the 'reward' end this time of any deal, when TW certainly got an amazing deal and Serica as it was then, sold a lemon. Mercuria's influence will be watered down considerably so unless they are looking to exit, guess they will not be too happy.

aimo & dyor

Dcarn,

"Perhaps to see if there are any other offers.." agree, strange move by BoD. Given HBR results yesterday I would think they could well do with our tax losses circa ~$2bn.

PS. If anyone finds anything, please post it.

Flexmw,

"Did anyone genuinely see or hear any press speculation on the merger?? I certainly didn’t…"

Likewise, not even a sniff..... weird for Serica to state as such !

aimo & dyor

"Serica shareholders would hold a majority of the shares in the enlarged company with shares listed on the ESCC market of the London Stock Exchange.."

ESCC :

https://docs.londonstockexchange.com/sites/default/files/documents/uk-capital-market-reforms-faqs.pdf

"Expected Return of Capital" .... guess that will be all the cash in the company then.

Well that a surprise :

"Statement re. media speculation

Serica notes the recent media speculation and confirms that it is in discussions with EnQuest plc ("EnQuest") regarding a possible transaction to combine Serica and EnQuest (the "Possible Transaction").

The Board of Serica believes there are substantial potential benefits to the Possible Transaction, including increasing scale and diversification, unlocking significant synergies and providing a stronger platform for further growth.

Although discussions are ongoing, it is currently envisaged that the Possible Transaction will be structured as an all share offer by EnQuest for Serica by way of a reverse takeover under the UK Listing Rules. It is expected that the Possible Transaction would involve a return of capital to existing Serica shareholders conditional upon completion of the Possible Transaction (the "Expected Return of Capital"), and that Serica shareholders would hold a majority of the shares in the enlarged company with shares listed on the ESCC market of the London Stock Exchange. There can be no certainty either that an offer will be made, nor as to the terms on which such offer will be made. A further announcement will be made when appropriate...."

"Serica notes the recent media speculation and confirms that it is in discussions with EnQuest plc ("EnQuest") regarding a possible transaction to combine Serica and EnQuest (the "Possible Transaction")..."

Up 13% ..... WHY !!!

RSI now lowest since Covid crash March 2020 and SP lowest since (yesterday aside), well, since records began !

aimo & dyor

“ I recon there's a possible sale of uk asset…”

Agree, Serica would certainly be interested and a front runner imo.

“ I guess the 40% held by BASF makes HBR vulnerable to a takeover…”

If any backroom deal is made by another entity then it would pose a real issue for HBR. It’s important HBR get and hopefully cancel these shares or they go into treasury for future M&A. BASF would look for a deal not necessary at 360p if someone came knocking. The way our SP has been attacked at any opportunity since the deal announced and completed makes me think there’s something more to it . Not sure what atm .

As a point of note, HBR reserves are being valued at less than $1 barrel, that’s fire sale territory.

Aimo & dyor

Lets see what late / delayed trades occur !

It's dark magic how a share can be destroyed in the market like HBR has been today, when buys 5.4m outweigh sells 4.3m.

Woowww, that close was close to 187/188, CLOSED 189.4p (-24.6p / -11.5%)

Media is slowly catching on, we need more exposure for sure with such a world class asset.

"2P reserves and 2C resources more than tripled to 3.2 bnboe (2023: 880 mmboe), representing 19 years 2P reserves and 2C resource life..."

BP could grab a bargain, at our current Mcap, Mr Market is valuing our reserves at LESS THAN $1 BARREL !!

Utter madness our SP is currently being valued by the market at FIRESALE prices.

aimo & dyor

LOL, so the market is attributing a 12% fall due to a delayed buyback announcement, seriously !

.... lol, it cut off the important bit ... "less than $1 barrel"