Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
In addition in May the '' Long Term Incentive Plan Awards
The award has been made to members of the Group's executive team and senior management, based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, the highest average share price must be at least equal to 500p''
Very few if anyone sold out of SQZ as on April 13th 2023 results were announced by Mitch Flegg -
''... another year of outstanding progress for Serica. There was strong growth in production volumes, a significant upgrade to reserves and increased profitability at all levels.
Serica's two-pronged strategy is to invest in our high-quality portfolio of UK North Sea assets to unlock value and prolong their life whilst continuing to target future acquisition opportunities.
We have now completed the acquisition of Tailwind which has boosted production and reserves and provides a number of short-cycle growth opportunities for the Company.
I'm delighted that we can recommend an increased final dividend of 14p per share. The continued strength of the Company underpins the intention to maintain or increase the dividend in future years."
Profits increased at all levels with a 93% increase in operating profit and a 124% increase in profit after tax, boosted by the end of BKR net cash flow sharing, increased production volumes and higher commodity prices.
Serica 2P reserves increased to 74.9 million boe effective 1 January 2023 (1 January 2022: 62.2 million boe) with Group 2022 production replaced more than two-fold.
Final 2022 dividend of 14p per share recommended, bringing 2022 full year total to 22p per share
Completion of the acquisition of Tailwind puts the Company in a strong position to maintain and grow its dividend.
......................................................................................................................................
The above is taken from last years results RNS a lot of reasons no one sold out.
Hi Rich, yup I see Downing appear to be selling down as they close their fund and it is therefore providing a rare opportunity to secure some cheaper RFX shares, seems rude not too 😉
Back in after a year, sp dropped on ex div couple of days ago and now on a 52 week low surprisingly, RFX generates, profits, FCF and organic steady growth plans for 2024
https://twitter.com/surprised_trade/status/1758427520796430647
Part of this mornings broker note -
''Last week we attended a site visit with Serica Energy in Scotland. We toured facilities near Edinburgh into which liquids from the company’s Bruce, Keith, Rhum, Erskine and Columbus assets are received via the Forties pipeline system, processed, and then re-exported to market. We were left with a favourable impression of the scope and quality of these operations, and their positive role in Serica’s business.
Serica produces in the UK North Sea principally via two production hubs: BKR and the Triton FPSO. The company produced at over 40mboe/d in 2023, and guides to 41-48mboe/d for 2024 based on new drilling and lower maintenance downtime. The forward programme includes drilling on the Gannet East, Bittern, Evelyn, and Gannet Northwest fields, and numerous well workovers/interventions, with new development projects also moving forward on Belinda and, more significantly, Buchan. The balance sheet is strong, with net cash of £81m at the end of 2023, and there could be capacity for further acquisitions.
The company is attractively valued, in our view, with an undemanding 2024 P/FCF multiple of 2.8x and strong dividend yield of 12% (all based on consensus forecasts). ''
This report couldn’t be better if I had written it myself and proves what an amazing investment PetroTal is at these levels. The comments above by the CEO sum up all the good news presented in the reserves evaluation, 2P numbers of 100m bbls have an excellent recovery rate and the reserve life of 19 years is outstanding given the upside in both Bretana and elsewhere in the portfolio.
Again Manolo has hit the nail on the head, the market cap is at a discount to the NPV and all these numbers are after several years of increasing production and especially in recent years, substantial distributions to shareholders.
And this is a play for the long term, careful stewarding of the rocks and producing at sensible levels will ‘deliver material cash flow for the next 20 years’. My Target Price of 150p is locked in, for choice I would be increasing it based on these excellent numbers but for the time being this is a huge store of value..
https://www.malcysblog.com/2024/02/oil-price-petrotal-beacon-corcel-star-and-finally/
PetroTal has released its end 2023 reserves update, reporting an increase in 2P reserves from 96.7mmbbl to 100.2mmbbl, and a larger uptick in 3P reserves, from 168.3mmbbl to 199.6mmbbl. In our view, this continues to demonstrate the attractiveness of the company’s Bretana field, and the longevity of this for company growth and cash flows
Current production continues strongly. Average PetroTal January 2024 production is reported ahead of company expectations.
Overall, in our view this represents good progress for PetroTal. Production for 2023 has been more than replaced in the overall 2P reserves number, forward OPEX expectations are reduced (reflecting the company’s ongoing cost saving efforts)
The company has a strong balance sheet, holding US$111m of net cash at the end of 2023, PetroTal establishing a regular dividend of 6c/share from Q1 2023, implying an 11% yield at current levels. As such, PetroTal offers investors regular drilling news flow, strong and growing production based on a material asset, significant cash flows underpinned by the variety of export routes, and an increasingly established dividend.
We believe PetroTal continues to be well set for production and cash flow growth, alongside ongoing shareholder returns, all supported by its strong net cash balance sheet
'Improved Cashflow and Shareholder Return predictability' part of the presentation...
https://www.serica-energy.com/downloads/presentations/Analyst-presentation-Feb%2024.pdf
European Wind giant Orsted is out with another shocker:
Dividend suspended for 2023, 2024 **and** 2025
It exits several markets, including Norway
Slows down projects elsewhere
Guidance for wind installation cut by ~30% for 2030
Job losses: 800
Oil and gas investment compares favourably with wind farms, despite our politicians rhetoric.
Upomega , the CEO announcement imo was not a worry, many have regularly posted their dissatisfaction with Mitch and most expect an overseas acquisition, not what sqz have been specialist at, so s new CEO would seem logical, if that is indeed the plan. Analyst meets are often s day or two later so no issue for me there....at the end of the day it is about, profits, free cash flow, healthy Divi and a sustainable outlook, if they can detail that at the analyst call then game on again...
Thanks for clarifying, no one who holds shares will be happy with the current sp level and as we know markets over react both ways (up and down) on news releases etc. SQZ have consistently stated share holder value is a priority, they now have the opportunity to prove to the market and holders their commitment to that, starting with the analyst call....
The day after the day before. Markets calmer with a few hundred million £'s now knocked off the mcap will the market see value at 52 week low ahead of analyst call in next couple of days.
https://twitter.com/surprised_trade/status/1754785981041951218
From the rns - '' Serica is now well placed for further growth in service of increased shareholder value, to which the Board is committed as its top priority. With the executive team strengthened by the appointment of Martin Copeland as CFO and a depth of talent both within the management team and on the Board, we have an enviable platform for growth and delivery of value to shareholders and all stakeholders."
Analyst call later in the wek will reveal a lot more detail
Broker note out...Shares opened 7% down due to delayed production in 4q23 restarts and slower than expected production ramp-ups after summer shut downs.
There have been changes to the leadership team and the recent farm-in to a non-operated 30% interest in the 100mb Greater Buchan Area redevelopment, which we think signals a broadening in the Company’s strategy that follows the merger with Tailwind making Serica more comfortable investing in larger and more long-term development projects to make use of EPL offsets for new investments.
Serica will host a presentation for analysts this week, where we expect the Company to give greater granularity on the the capital allocation policy given the planned organic investments during 2024 and beyond.
190p...😳 markets can be 'testing' at times, as it hits a 52 week low....I may be out of sync with the sellers down here but I'm holding all mine.
https://twitter.com/surprised_trade/status/1754440730196451535
Alteration , below post should have stated ....'' finding opportunity in current market is not an easy game with few companies providing steady profits, decent divis and having a positive outlook/catalyst with potential for uplift in sp.''
if Sqz does not fit your profile upomega then it is time to move on, good luck with whatever you choose.