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The four takeaways for me were:
1. The filing error was related to Serica's 2022 dividends and was simply an admin error that many other companies have made. I think he said that the report was filed, but due to how it was filed it never reached companies House.
2. The $58 for 2023 and $74 for 2024 hedges were agreed by tailwind to satisfy the requirements of their RBL. We just have to run them down.
3. Recent Kistos acquisition MIME petroleum were not on Serica's radar. An opportunity missed IMO.
4. He alluded to an overseas deal. I think his exact phrase was along the lines of "what I will say is that we are looking at an overseas transaction, but I can say no more"
To give Mr Flegg his dues, he answered all my questions and invited shareholders to ask any others via the email address.
It makes a pleasant change to have a CEO engage so openly with the small fry!

I have asked him the question regarding the 'filing in respect of certain dividends paid in 2022 had not been made as required under the Companies Act.' issue.
I have also asked him whether or not the $58 hedge for oil this year was the best deal available on the open market.
Roll on 4pm

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.
Here's a simple (ish) guide
https://blogg.pwc.no/skattebloggen-en/the-norwegian-petroleum-tax-system#:~:text=The%20special%20tax%20is%20a,effect%20from%201%20January%202022.

I'm sure they will try to repurchase the bonds as they are doing with the NL2 bonds, if and when they have the cash to do so.
The NL2 (Dutch) bonds have coupon rates of 8.75% (90m euro) and 9.15% (60m euro) so the 9.75% & 10.25% coupon rates of the Super senior and MIME02 bonds are not that dissimilar.
Super seniors mature Sept 2026 and MIME02 Nov 2027

Good spot BillyRayVal and many thanks for sharing.

The market reaction to the respective deals executed by the boards of Kistos and Serica speaks volumes.
The Kistos deal is innovative and could at worst result in a dilution to shareholders of around 7%.
The dilution would only occur if and when the warrants are exercised at 385p which even after today's 13% rise is still arpund 15% higher than the current SP.
I hold both KIST and SQZ as I believe they are both undervalued but would be far happier to have 'our' company under the control of the Kistos management.

More good news for us, Ithaca and the exchequer.
https://www.oedigital.com/news/504435-shell-s-north-sea-field-restarts-production-after-major-fpso-upgrades

Figures for January are out.
Net gas production to Kistos comes in at 7,914 boepd plus another 226 bpd of oil from GLA.
January was presumably impacted by the workovers at Q10-A and I expect February and March will be affected too.

Q10-A Gross production 28.711.542Nm3 or 5600 boepd.
Net to Kistos (60%) =3360 boepd

GLA Gross production 22,771 boepd.
Net to Kistos (20%) =4554 boepd + 226 bpd of oil.

AIM Rule 19 requires that audited accounts are prepared within six months of the year end.
So, we have until the end of June to report.
The longer it takes the more optimistic I will become.
A delay would lead me to believe thar the company is working on an acquisition of assets that they would like to announce alongside the results for maximum impact.
Just my opinion fwiw

No worries infor,
My 5p would be on tailwind too.
I'll put it ti mitch at next week's investor meet company.

Any ideas what this paragraph relates to?
"Following the 2022 year end the Directors became aware that a filing in respect of certain dividends paid in 2022 had not been made as required under the Companies Act. Accordingly a resolution will be proposed at this year's AGM to resolve this."

infor,
Div paid 27th of July
Ex div date 29th June

elbaroney,
The 10th is a Bank holiday

Very odd.
Surely the title should have been something like "Buyback programme update"
Ex Div day tomorrow If I am not mistaken?

I jumped back in on Monday as it seems that the banking jitters have been calmed.
The Jet2 shareprice held up incredibly well, as we prepare to enter the holiday season I expect Jet2 to ontinue the upward trajectory of the previous 6 months.
There was a very positive article in This is MONEY yesterday , Steve Heapy is confident that the rewards for their hard work are just around the corner.
https://www.thisismoney.co.uk/money/markets/article-11919275/Jet2-boss-Steve-Heapy-bold-pandemic-steps-helped-group-Britains-biggest-tour-operator.html

Boyobach,
I enjoy reading your analysis, it is always fair and usually you call it correctly.
Many thanks for taking the time to share your thoughts.

The website looks to have had a revamp following the acquisition of the tailwind assets.
Looks much brighter than the previous incarnation.
The Board and Senior Management look to have had new photos taken.
The 'old' Serica management, with all due respect, now looks relatively old in comparison to the Tailwind and Mercuria management.
How long before Steve Edwards is CEO & Jacques Tohme CFO?
Robert Lawson/Guillame Vermesch Non Executive Chair?
The acquisition/merger is done, despite my objections, and I admire what they have achieved for Tailwind and Mercuria.
I'm still sat on the sidelines watching but feel that the best chance for growth is now in the hands of the Tailwind/Mercuria management.
With an 18 month lock in, that might present opportunities for those wanting out to do so at a profit.

No floor price in today's 'Powering up Britain' announcement.... I despair.
OEUK Chief exec David Whitehouse said that the North sea's future hangs in the balance.
Well worth reading his response.
https://www.ogv.energy/news-item/north-sea-s-future-hangs-in-the-balance-as-government-offers-no-relief-on-windfall-taxes-says-offshore-energies-uk

I hope you are right Autofund but I am not so confident.
There is a huge number of people, particularly in the so called red wall seats, who will switch to labour.
The pausing of the extension of HS2 from Birmingham to Manchester is symbolic of the feeling that 'levelling up' was merely a slogan.
If the Conservatives lose the red wall they will lose the election imho.

BRV,
Yes, the figures on the dutch portal are gross, thanks for the net production figures.
I have just listened to Rachel Reeves on Radio 4.
She said that if labour was in power today they would freeze council tax. They would pay for this by increasing the windfall tax on the oil and gas giants....
With idiots like this soon to be in charge the north sea is dead.