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Italy join Hungary, Spain, the Czech Republic and Lithuania in imposing a windfall tax on banks as well as other sectors.

I think the Spanish banks and energy companies appealed to the high court and are awaiting the decision.

Germany and France are resisting at the moment, but if public opinion forces their hand....

https://www.reuters.com/business/finance/european-countries-imposing-windfall-taxes-banks-2023-08-08/#:~:text=HUNGARY,their%20Hungarian%20government%20bond%20purchases.

If more EU nations hop aboard Rishi will have a decision to make, either drop EPL or apply it fairly to all the sectors that have benefited from 'extraordinary profits'

https://www.cnbc.com/2023/08/08/italian-bank-shares-tank-after-government-surprises-with-windfall-tax.html

Many thanks PiratePete,

The more news the better a far as I am concerned, there were a few bits and pieces I wasn't aware of, so many thanks once again for posting.

The link to our bond listing on the Oslo Bors where all regulated news releases are available is below

https://live.euronext.com/en/product/bonds/NO0011142036-XOAM

The NSTA are finally explaining the folly of reducing NS gas production in favour of LNG from overseas. They issued a press release and data to back it up on the 31st of July.

Come on BBC. do your job.

https://www.nstauthority.co.uk/news-publications/news/2023/north-sea-gas-is-almost-four-times-cleaner-than-imports/

https://www.nstauthority.co.uk/the-move-to-net-zero/net-zero-benchmarking-and-analysis/natural-gas-carbon-footprint-analysis/

Https://www.cnbc.com/2023/08/02/gsk-sues-pfizer-for-patent-infringement-over-rsv-vaccines.html

Dinoken,

Whilst we may be first to be approved, it was with a label limitation and Merck's Keytruda is vying to be the first-line treatment of choice for endometrial cancer.

https://www.fiercepharma.com/pharma/gsk-beats-merck-first-pd-1-approval-newly-diagnosed-endometrial-cancer

A near tripling of production in Norway and the UK and steady production in the Netherlands make our monthly production figures look far more healthy at just over 9000 barrels per day.

Norway (Oil)

Total production of 0.095092 millSm3 or 598,129 barrels of oil up from 0.037063 millSm3 in April. That's 19,294 barrels per day. Our net 10% interest = 1924 barrels per day of oil.

UK GLA (Gas)

Total production of 112.4 mmscf/d or 19922 boepd up from 43 mmscf/d in April. Our net 20% interest = 3984 boepd of gas and 180 barrels/day of oil

Netherlands (Gas)

Total production of 25.338.692 Nm3 or 153,208 boe up from 24.857.296 in April. That's 4942 boepd. Our net 60% interest = 2965 boepd

aimo dyor.

NKOTB,

I agree with your sentiments entirely.

If I put myself in Mercuria's shoes would I want to take Serica private? Hell Yes!

I was listening to their CEO speak at a conference in the middle east recently where he said that one of Mercuria's great strengths and advantages over some rivals is that they are a private company and are therefore able to make decisions quickly.

I am just planning to ride the wave, collect the generous dividends, and get out at the appropriate time.

imho the TW deal will only be truly accretive if SQZ can monetise the TW tax losses. A £470m tax offset was mentioned, utilised over the next three years I seem to recall. If they can do that it will mitigate the impact of EPL and make us 'stand out' from the crowd.

aimo

Hi NKOTB, hope you are well.

We can only hope the bod restrain themselves, I will not be holding my breath...

A maximum of $9 per barrel of 2P should be the threshold they refuse to cross whilst aiming to beat the $4.7 per barrel of 2P achieved by Kistos

In Norway Var Energi have bought 100% of Neptune Energy Norge AS for $2.275bn.

67 kboepd of daily production.

~265 mmboe of 2P reserves and several near and medium term growth opportunities.

If my maths is right that's ~$8.58 per barrel.

That would have been a great deal for us....

https://s29.q4cdn.com/674042470/files/doc_news/att-1-Vr-Energi-reports-second-quarter-2023-results-2023.pdf

Excellent progress being made at Balder and Ringhorne, the Mime acquisition is going to be another superb piece of business the team.

Jotun FPSO re-float and installation of the turret safely completed. On track for >50% production growth by end-2025. Production efficiency of 83% with planned maintenance in the quarter. Restart of the riser at Ringhorne in May with permanent replacement scheduled in Q3. Planned turnaround in Q3 and high-activity period at Balder FPU ongoing. Improved drilling performance with increased drill speed and reduced costs.

https://s29.q4cdn.com/674042470/files/doc_news/att-1-Vr-Energi-reports-second-quarter-2023-results-2023.pdf

Berenberg and Panmure Gordon are our in house brokers so their advice is not seen by many as strictly impartial.

However, I agree with their sentiment.

£196m for all that we have going on is bonkers.

Consensus beat again.

Turnover. £7.2bn vs £6.8bn

EPS. 40.1p vs 34.7p

All they can do is to continue to beat consensus, develop the pipeline, and eventually that re-rate will come.

Consensus estimate: Earnings of $0.85 per share, down 2.3% from Q2 last year. Revenue $8.49bn, down 2.5%.

GSK has beaten the consensus earnings per share number in each of the last four quarters. I think they will do it again.

Stock symbol is CNQ apparently, some refer to it as CNRI and some as CNRL but your CNR makes more sense!

I see where you are coming from NKOTB, with the knock on implications for Mansell and Orlando it is certainly worth the risk if as you said, it can be picked up at a favourable price with little or no decom costs.

65 million proved and 99 million proved + probable is not be sniffed at in almost any fiscal environment.

From CNQ "▪ Primarily as a result of prevailing regulatory and economic conditions in 2022 along with the increasingly

challenging commercial outlook in the United Kingdom, including the impact of higher natural gas and carbon

costs, the Company completed an assessment of its North Sea operations and de-booked 65 million BOE of its

North Sea total proved reserves and 99 million BOE of its North Sea total proved plus probable reserves,

representing approximately 0.5% of the Company's total reserves at December 31, 2022. Additionally, the

Company is accelerating the abandonment of two of the platforms in the North Sea."

CNRL. Now I'm with you!

CNR is Condor Gold?

I agree with you NKOTB, They wouldn't be cheap and capex would be high to get to production.

I was just joining up the dots from Bluewater cashing out on Siccar and Mime and Serica apparently looking to set up a beach head in Norway.

CNR? Do you mean Capricorn, CNE?

Norwegian acquisition?

1. Steve Edwards made noises that private equity owners were not financially distressed but strategically distressed and had reached their monetisation point in the investment cycle.

2. Andrew Austin mentioned that the private equity owners of Mime, Bluewater, sold Mime to Kistos because they were unwilling to put more cash into the company.

3. Bluewater also own another norwegian based O+G company, Wellesley Petroleum.

Are Bluewater ready to cash in on Wellesley?

The negative is that Wellesley currently have no production, but have been very successful with the drill bit.

9 commercial discoveries since 2016.

195mmboe discovered and another 100mmboe+ to be tested in the next two years.

forecast to produce 12,000boepd in 2029.

https://wellesley.no/development-portfolio/

https://www.bluewaterpe.com/investments/

I have just got around to watching the stream.

I agree with you FlyingF.

Steve Edwards impressed me and made it plain to me that Norway will be the location for our new 'beach head'.

However, I doubt that Shell's norwegian assets are on the table now that Wael Sawan is in charge.

Ben van Beurden embraced a green transition whereas the only transition Wael wants is to boost production and earnings from oil and gas for the benefit of shareholders.

Funnily enough, 'Old' Serica, under Paul Ellis, had a foray into Norway back in 2007 before selling the licences in 2008 to Spring Energy in order to concentrate on Indonesia, the UK NS and Ireland.

https://www.serica-energy.com/downloads/releases/norwaysalefinal3006081.pdf