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
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?