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Flexmw,
Direct result of the EPL is now forcing UK focused O&G to circumnavigate tax by acquiring other players that have large tax losses, or utilise current allowance, failure to do so will result in more and more distressed sales occurring esp for highly geared outfits with poor hedging. EPL is now starting to bite, result being the accelerated demise of UKCS.
For an out-of-the-box thought, I would be happy for us the sell out totally all NS assets (>£1.5bn) move to 100% focus on overseas. Cash from sale could sit in holding company gaining interest whilst we complete deal/s. Even better still, sell up and distribute cash to SH's, now there's an out-of-the-box thought ( could that be SQZ's aka Mercuria's game-plan ) !!
aimo & dyor
NAV_Mike,
"Doing okay then the familiar sudden smackdown around 2pm.....", indeed Sir !!
Has to be someone in the America's building a position at ~300p/s, my money is on one particular amigo, although I would have thought other buyers are thinking the same.
aimo & dyor
LOL, not as if the UK is reliant upon the US (soon to be Trump) for its supply of LNG.
https://www.bbc.co.uk/news/business-63885968
Time to buy UK woodland as timber will be the UK's primary source of power soon .... !!!
Can our gov not see that preserving, at all cost, UK supply of O&G is more critical than ever....
AIMO & DYOR
NQM,
Are yes, those "tax losses" that have yet to show in our accounts.
One would think, given all the emphasis placed on those wonderful tax losses (by Mitch et al) obtained from the TW deal that SQZ would pay very little tax in 2023, other than what we incurred prior to completion on 23rd March 2023, thereafter tax bill should be zero.... lol, if only !!
Lets see if Mitch 'n' Co have managed to port successfully all the tax losses into the combined group and to apply across all asset/revenue base.
aimo & dyor
Another interesting one is K&L are sole advisor for TotalEnergies on proposed sale of its 20% interest in the Linnorm field offshore Norway !!
https://www.offshoresource.com/news/oil-gas/equinor-increasing-its-ownership-in-the-linnorm-discovery-in-the-norwegian-sea
aimo & dyor
Upomega,
"Surely we would have got better rates going forward...."
You would have thought so, only saving grace is, do SQZ need the loan details concluded in order to sign off a deal, however that is usually (as in debt financing) confirmed within the acquisition RNS not separately. Just appears a bit ar-se about face to me, i'm sure there's a financial benefit for SH's somewhere.
See our new financial 'advisors', Kirk Lovegrove and Company Ltd are the same company that provided strategic and acquisition advisory services for Tailwind on the deal with us !!
aimo & dyor
Flexmw,
"Shortest Serica Energy RNS to date.."
Yes, lacking on detail is an understatement, almost as if they (Mitch) have something to hide !
What conditions were met ( ie hedging details) and with whom, oh and what is our current draw-down.
aimo & dyor
" It makes sense to perform shutdown operations whilst the tax level remains high. .."
Absolutely, costs are then available to off-set against tax and also I think HBR are ahead of the curve by getting maximum allowance built up before Labour are able to move the goal posts. Once again HBR (Linda et al ) are leading the way in the fight against this ridiculous tax. Every major UK industry one by one have over the last 50 years fallen with UK steel being the latest, as things stand, NS O&G industry is not far behind.
aimo & dyor