Member Info for NoQuestionMarks

"Due to the ongoing maintenance issues and the performance of the Triton FPSO over the last 12 months, the Company is discussing with Dana all options to secure a lasting improvement in the operating performance of the FPSO."

I think they are coming to the realisation what many of us thought at the time of the Tailwind deal. The FPSO is operating beyond its design life and it would appear to be in dire need of a major refurb back in the yard.

aimo

Pull the deal with enquest and concentrate on our portfolio.

Establishing 50k boepd from BKR and Triton has to be the focus for the rest of this year and until Labour leave office.

We have plenty of growth projects for the future if the UK becomes a more benign tax jurisdiction (Skerryvore, Buchan and fynn beauly)

If the UK does not play ball, bank the cash and expand overseas.

To continue talks with ENQ at the present time will result in a poor deal for serica shareholders and a very good deal for enquest shareholders.

aimo

On schedule, let us hope it stays that way.

The Var Energi press release puts a bit more meat on the bones. Interesting to note that despite the over spend and over runs Var expect payback in around two years.

https://varenergi.no/en/newsroom/stock-exchange-announcements/

Investor sentiment towards US listed companies is far better than those listed in London, or elsewhere. With DJ Trump threatening tariffs against almost everybody I can see why the reverse takeover approach was seen as the most favourable for the future.

aimo

Investor sentiment towards US domiciled companies is far better th

December came in at 7.1k barrels per day. 4265 boepd of gas and 2909 b/d of oil.

Norway = 2725 barrels per day of oil.

UK = 184 barrels per day of oil and 2446 boepd of gas.

Netherlands = 1819 boepd of gas

aimo.

Ukraine peace talks, milder forecast for the rest of February and reports suggesting the EU may introduce a gas price cap as part of an industry support package are pushing prices lower.

However, EU storage at 47% is the lowest level at this time of year since 2022, refilling for best year will be fun!

It's worth noting that even after the pullback recently EU and UK gas futures are up 103% and 100% respectively year on year.

aimo

1. Tax refund of 67m received in December 2024, £2.7m of which was interest.

2. Tax refund for December 2025 estimated to be £53m plus interest.

3. $15m of hybrid bonds were cancelled on 10th January

4. A further $15m of hybrid bonds will be cancelled on or around the 3rd of March because the second offload and sales threshold will not be met by the 28th of Feb.

5. 2025 2P reserves stated at 21.2mmboe

6. Cash at end of December $18.7m.

7. Nothing drawn under the revolving credit facility from the parent company Kistos.

aimo.

On HBR, It is worth remembering that only 45.5% of the company is in the hands of shareholders.

BASF 39.6% and LetterOne 14.9% holding the rest.

I'm not saying it's a good or a bad thing but one to bear in mind and research.

aimo

Todays update states that the Jotun FPSO is mechanically complete with commissioning well advanced Sail away planned for March, subject to favorable weather conditions. Start-up is targeted by the end of the 2nd quarter.

Phase V has been sanctioned, drilling to commence in the first half of this year, first oul expected by the end of 2025. Phase VI being matured with planned sanction in 2025.

All they have do do now is DELIVER.

European gas storage is now below 53% capacity, down from 69% at the same time last year. Hopes are being pinned on the forecast for a warmer February than normal.

UK Gas futures were around 60p per therm at this time last year and have risen in a fairly straight line to the current price around 134p per therm

Likewise EU natural gas futures were around €27 per MWh at this time last year and have risen in a fairly straight line to the current €55 per MWh.

So, both have doubled, over a twelve month period in a gradual sustained manner.

This isn't a spike, this is possibly the new normal.

aimo

Equinor have decided to half their renewable energy investments over the next two years from $10bn to $5bn. Transition moving slower than expected, increased costs and customer reluctance to commit to long term contracts were cited as reasons.

In contrast, Equinor will increase oil and gas production by 10% over the next two years.

Norway 'gets it'

American axle now trading at $5.12, down 12% since the announcement on the 29th, their 52 week low is £$4.80 and the high is $8.88, the US market reaction is lukewarm at best.

Our share price is basically back where it was prior to the announcement.

Moody's say that the $2.2bn in additional debt will not affect american axles B1 corporate family rating but would affect the ratings of individual debt instruments. They think the Ba1 rating on the senior secured debt will be brought closer to B1 CFR, a reduction from substantial credit risk to high credit risk.

aimo

We know it's only a matter of time here before the market, or a predator, realises the undervaluation of GSK. I've been topping up whenever we dip below 1400 and think at 1800 is achievable once we are valued correctly.

aimo

Idkmybffjill,

You have asked this previously, please make a note of the websites this time so I don't have to keep repeating my answer...I won't provide them to you again.

You need to spend some time filtering the data by field, the year, the month etc etc in order to get to the figures you require. The data is three months old.... calculated at the end of the month th in Norway and NL and the middle of the month in the UK.

For the Netherlands: nlog.nl/en

For Norway: factpages.sodir.no/en

For the UK: opendata-nstaauthority.hub.arcgis.com/search

Net production came in at 7.8k barrels per day.

UK and Norway were strong whilst the Netherlands was a little lower than usual.

Norway 10% net = 2930bpd of oil

UK 20% net = 2984boepd of gas and 142bpd of oil.

NL 60% net = 1796boepd of gas.

aimo

One pure gas one that springs to mind is the UK assets of CalEnergy Resources.

I think they now own 100% of Saturn Banks after buying IOG from administration for £10m. From memory I recall IOG having carried forward tax losses of around £250m. Add that to the tax losses CalEnergy presumably also racked up in that disastrous project and the tax losses must be substantial.

Of course, they also own the remaining 30% of Skerryvore, so they must be on the radar I would think?

aimo

A HSE notice was served to Serica on the 12/12/2024.

The notice was served in relation to operations on the Bruce platform and specifically due to the companies handling of the maintenance of one of the gas low pressure booster compressors.

https://resources.hse.gov.uk/notices/notices/notice_details.asp?SF=CN&SV=314711788

I can see why AXL are keen to diversify their customer base and geographical base. GM, Stellantis and Ford are 67% of their business and 73% of their business is in North America.

https://www.aam.com/docs/default-source/investor-presentations/01-29-25_aam-investor-presentation.pdf?sfvrsn=2afce132_0

Heading towards €52 per megawatt hour, highest since Oct 2023.

Norwegian outages at Gullfaks, Troll and Asgard fields are restricting supplies to europe.

European Gas storage stands at 55.46% full, down from 71.9% at the same time last year.

Higher gas prices are here for the whole of 2025 in my opinion.

aimo