Member Info for shakeypremis

Just got bored tbh. Mitch got away with the crime of the century and I am at a loss to understand why so many voted in favour. I can only fathom that perhaps the large holders know something we don't. Perhaps some deals coming soon?

I do like a good conspiracy theory myself Upomega, but your's are even wilder than mine!

NewKOTB, if massive dividends are extracted, ALL shareholders are going to get them, not just Mercuria.

This is not the forum for this discussion GeneralLevy. But the vaccines were experimental, that is without question. Saying this does not make me an 'antivaxxer'.

DennisThePennis, get used to it. This is how it is going to be from now on. I mean they did lock us up for two years without justification and pushed experimental vaccines on us all too, which again wasn't justified. Why is anyone surprised they are trying to destroy the UK O&G industry??

I will also still be voting no, as it stands. Perhaps more info comes to light from somewhere before deadline for voting, although unlikely. It's just too much dilution and control given to Merc. The presentation does make me feel better about the deal and I probably won't become suicidal immediately if the deal goes through. But I think Serica should sue for better terms and give less control to Mercuria.

Is that true if what they said was true about Mercuria only doing the deal if they got stock?

See slide 19 of the investor presentation. The 30m boe is referencing what could be ADDITIONALLY added to TW reserves over and above January 2022 levels.

https://www.serica-energy.com/downloads/presentations/090123_Serica%20Circular%20Presentation.pdf

GE-04 result not known at initial announcement of the deal is also significant.

Outstanding GE-04 Well Result

· The 100% Tailwind owned GE-04 infill well has just been completed

· High quality reservoir encountered with well results considerably better than pre-drill estimates

· Initial oil production rates in excess of 8,000 bbl/day now modelled, compared with 5,000 bbl/d pre-drill estimate

· Estimated 23% increase in STOIIP in southern panel

· The well will be tied into the Triton FPSO and first production is expected in Q1 2023

Infor, firstly thanks for your write up of Mitch's comments. A couple of things in their, but most glaring is only £200m cash left after deal. Can that be right? Is that a typo on your part? That OE article quoting Mitch mentioned "over £300m" cash after the deal, which again seems too low given they are only going to be spending £60m (so we are told).

Should be back up to 170p/therm by tomorrow. A fantastic price for gas. It's not even cold yet and the wind is blowing.

Stevo12, where did you get your cost per barrel for Tailwind if you don't mind me asking? Cheers.

Free cash flow / EV yields at 162p/therm gas and $80 Brent are over 50%... This is a GREAT gas price for Serica. They are still creaming in money. Management are destroying the value proposition here with what looks like a bad deal because they don't benefit personally from paying out the cash Serica is generating.

But the board will just reject the offer, like they did last time.

Happy New Year all. The vote coming up is just for the issuance of new shares, not about approving the deal or not. However, voting no to the issuance of shares should kill the deal as Mercuria apparently will only do the deal if they get the shares.

We have no evidence of any wrongdoing at present. It's unlikely that management would be so stupid as to make fraud obvious to chumps like you and I if indeed fraud was what they are up to, which I am not alleging they are up to... at this stage.

Could be worth contacting (although unlikely)?

Shareholder concerns
Should shareholders have concerns which have not been adequately addressed by the Chairman or Chief Executive Office, please contact the chairman of the audit committee at: audit@serica-energy.com

What I don't get with this line of thought, if it is grift, what Serica management get by doing this? Why can't they increase their packages already? Is the larger entity justification for increased pay and bonuses and increases the life of reserves (despite them being worse quality)? There is one board member Antony Walker who owns 2.7% of the company, he is going to get diluted by 40%. If this is a grift, is it in his interests to go for it? God knows what is really going on. Need to wait for the circular.

Mitch and co have NOTHING better to do than get this 'set for life' deal through. Not saying it was them but they would be the sort of people motivated to do something like this.

Yes was overwhelmingly No votes against the deal. Good chance someone at the company etc messed with the sheet. Would love to know who it was.

The spreadsheet has been bastardised friends. I felt it was almost certain to happen. Was a big ask for it to not to be. I'll be taking it down.