Member Info for NoQuestionMarks

It certainly is NKOTB.

If ACW hadn't stepped down, and picked up his bonus, he would have been picking up around £880k ...

What did they do to deserve it? They maintained production at a time of stratospheric gas prices and turned down an offer for the company in excess of £4 a share..... why is that bonus worthy?

The criteria set by 'the committee'

"For 2022, the annual bonus was based on a scorecard of measures featuring HSE/ESG, production projects and M&A for the Chief Executive Officer and financing, TCFD implementation and M&A for the Chief Financial Officer.

Progress against the scorecard was assessed by Committee, taking into account input from the HSE Committee and other independent directors as appropriate. When determining performance, the Committee considered a number of quantitative and qualitative factors which included, for example, overall safety performance and carbon dioxide emissions.

The Committee determined that the annual bonus for 2022 should be 80.83% of salary for the CEO and 75% of salary for CFO. The former Executive Chair did not receive an annual bonus for 2022. "

ACW £490,000

Mitch Flegg £1,014,460

Andy Bell £617,928

See Page 46 of the AR

https://www.serica-energy.com/downloads/reports/Serica-Energy-Annual-Report-2022.pdf

The executive directors have taken generous payments for their performance in 2022.

Each received a cash bonus equal to their basic pay for delivering the GLA acquisition.

Total remuneration as follows:

Andrew Austin £817,000

Peter Mann £791,000

Richard Slape £693,000

See page 40 of the annual report for more details

https://d1ssu070pg2v9i.cloudfront.net/pex/kistos/2023/05/30084855/Kistos-Annual-Report-and-Accounts-2022.pdf

Sale of £804m worth of Haleon stock.

A positive court ruling from Canada relating to ranitidine.

Positive results in a phase III trial of its 5-in-1 meningococcal ABCWY vaccine candidate.

A very good day 😃

Idkmybffjill,

One would assume so but until confirmed we can't be sure.

31st December 2022.

Cash 211m euros.

Nordic bond debt 82m euros.

31st March 2023.

Cash 262m euros.

Nordic bond debt 81m euros.

That's net cash up by 52m euros in three months if we haven't paid the 'up to $40m'

Or, net cash up by 80-90m euros if we have.

Net cash went by 97.4m euros between 31st August and 31st December 2022 so it is possible.

But then again, prices and production have fallen in the three months to the 31st of March.

It's a coin toss in my opinion.

The up to US$40MM is paid from Kistos to Total of course.

If you weren't already aware it's worth remembering the following clause in the GLA deal.
" In the event the average day-ahead gas price at the National Balancing Point exceeds 150p/therm in 2022, up to US$40MM will be payable in January 2023"

Good post dickupham,
I prefer the Norwegian tax system to ours at present, It seems more efficient, particularly in refunding losses.
As I understand it the Norwegian tax on upstream businesses is 78% (22% corporate rate and 56% special tax)
There are allowances that can reduce the 'real' tax rate and a refund system for losses
Costs for the maintenance of operating assets used in the upstream business are deductible against 78% tax, regardless of whether the assets are located on the continental shelf (offshore) or onshore and the refund system means that, in practice, a company will always have 71.8% of its losses covered.
This blog explains it in terms that an idiot like me could grasp.
https://blogg.pwc.no/skattebloggen-en/the-norwegian-petroleum-tax-system

The share price looks to be holding steady following yesterday's trading update.
No small feat as we are up 27% YTD against a 5% rise in the FTSE100 YTD.
Our update was similar to Taylor Wimpey and Persimmons in highlighting renewed buyer interest since the start of 2023, despite remaining cautious about broader economic concerns.
YTD forward sales up £280m to £2.95bn since the last update at the end of January and the raised home completions target of 16,500-17,000 was pleasing for me.
All in all just about as good as we could hope for given the environment we are operating in IMHO.

Another winner for us and now approved in the US too.
We need to make hay whilst we have the only fully approved vaccine for RSV.

https://www.cnbc.com/2023/05/03/rsv-vaccine-fda-approves-gsk-shot-for-older-adults.html?__source=androidappshare

Thanks upomega, I'll give it a go.

upomega,
Could you possibly copy and paste the text for those of us without subscriptions to the telegraph?
Many thanks if you can.
I listened to the Keir Starmer interview on R4 this morning. He stated yet again that if labour was in power they would legislate for a 'proper windfall tax' and use the proceeds to freeze council tax. ....
Doomed... doomed I tell you

Net production for February was 7505 boepd, down from 8140 boepd in January.

Q10-A Gross production 23.889.296 or 4815 boepd.
60% Net to Kistos = 2889 boepd (January 3360 boepd)

GLA Gross production 23,081 boepd (22,137 boepd gas, 944 bpd oil)
20% Net to Kistos = 4616 boepd (January 4780 boepd

gwm121,
GSK have used and continue to use artificial intelligence and machine learning to analyse vast sets of biological and genetic data that could help lead scientists to the next big breakthrough from bases in London, San Francisco and Philadelphia.
https://www.gsk.ai/

Astrazeneca are probably ahead of us in that they partnered with BenevolentAI several years ago as well as using machine learning for their R and D.
I think the BenevolentAI platform analyses all drugs and medicines looking for potential new applications for existing drugs/medicines.
https://www.benevolent.com/

Div yield is around 3.9% at the current shareprice.
100/1435 x 56p = 3.9%

A fair reflection on yesterday's results.
https://www.hl.co.uk/feeds/apps/share-research?id=70844

I agree oldbutnotwisa,
68 medicines and vaccines in the piepline with 17 at the Phase III/registration stage bodes well for the future.
I'd rather see us progress that pipeline than be taken out for a bid at £17 to £18 in the near future.
Despite competition from Pfizer, Moderna and others I think our RSV vaccine will gain a decent share of the market based on its efficacy.
In the over 60's the vaccine was 82.6% effective in preventing lower respiratory tract disease and 94.1% effective against severe lower respiratory tract disease associated with an RSV infection.
I am 53 now, so I'll probably need it in the not too distant future!

I assume the 3% drop is thanks to Brussels...
https://seekingalpha.com/news/3960451-eu-publishes-proposed-reforms-for-pharma-industry

Thanks for the link BRV,
24mmboe for $4.70 a barrel....half of what the operator is valued at....and analysts think Var are undervalued.... sounds like a great deal.
The Balder area produced 28k boepd in Q1 despite a riser shutdown on Ringhorne cutting production by 5k boepd.
The riser issue due to be sorted by Q3.

Balder X update from Var
Balder X
The project is progressing towards first oil in the third quarter of 2024. Work is ongoing with high activity at the yard to complete the FPSO. Focus is on executing high construction volume and optimising the execution sequence of the remaining work. The positive trend on safety performance continued in the quarter and the project reached key milestones as planned. This includes reaching the “ready for re-float” milestone, with the physical re-float and turret re-installation planned in the third quarter. Drilling operations are progressing per plan with five wells completed. All producing wells are
expected to be completed for planned first oil to support rapid production ramp-up. SPS/SURF activities are delivering according to plan with planning for the 80 vessel days offshore in 2023 ongoing"
https://s29.q4cdn.com/674042470/files/doc_news/att-1-Vr-Energi-reports-first-quarter-2023-results-2023.pdf
https://varenergi.no/wp-content/uploads/2023/04/First-quarter-2023-results.pdf

Banburyboy,
Of course Mercuria will receive the final 14p dividend for 2022, why shouldn't they?
They are now shareholders and will be on the register on the 30th of June, therefore they will receive the dividend.

IMHO