GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
The below two graphs are interesting as inmv it clearly shows that we are now following the crude price.
https://www.lse.co.uk/ShareChart.html?sharechart=SQZ&share=Serica
https://www.marketwatch.com/investing/future/brn00?countrycode=uk
We could also be in for another good day tomorrow with brent currently up.
I posted numerous times on here and advfn saying that had they all stuck together in the beginning we would not be in this mess. The idiots that went for the last North sea licences didnt help matters. Im sure it would have had an effect had they put up a united stance at that time. This tax is here to stay now at the very least. Let alone what could be added to it in the future.We might get lucky if oil prices completly collapse, but that would completly wipe out any profits anyway.
We are scre...wd If the local elections are anything to go by. Serica really do need to do something quick and diversify overseas. Otherwise we will soon be un investible. For me i am seriously considering moving on if the shares can rebound a little . A nice spike in oil prices would help now.
Italy is now calling for a windfall tax on banks. I wonder how long it will take before Starmer calls for the same. So if the unofficial pm calls for it you can guarantee it will happen. So hopefully that will then take the heat off North Sea o&g producer's. . That's if there is an industry left by then.
We can't even follow the oil price now. Come on someone bid for us. Three pounds plus the dividend sound's good to me. The question now is what does the market value this at now. Absolute crap inmv. I hope the bod are following this and try to come up with something. Maybe offer an enhanced dividend
I agree with you DennisThePennis which is why i voted against the additional shares being issued. Like yourself i do not see this tax being reduced in anyway at all as all parties are for it. It is now blatantly clear that they want the North sea oil and gas industry to come to an end as soon as possible. Maybe serica sees an angle here in taking assets on to wind down the production of the fields. Just think they could end up the only company operating in the North sea at some point (if only).
Fwiw Im holding out until this reaches a level which i have set myself and then reduce my holding by at least half. Unless they can come up with a good acquisition soon. My other concern is that the dividend will be cut dramatically after the 14p in july.
I wonder if we fall much further that there could be outside interest in acquiring us. As mentioned before if it was an all cash offer of three pounds or more with the dividend thrown in .Then I would be happy with that and inmv maybe the new major shareholder would be as well. Considering that they would have made a quick return on their investment.
The sooner Serica buys an overseas asset the better inmv. Then maybe they could then sell all or part of their North assets. I can not see opec letting the oil price to continue to fall, but at these levels it should give Serica an opportunity to purchase some more assets.
Also does anyone know if hedges are kicking in where Serica is benefiting.
So Starmer and his cronies want to reverse things and make matters worse for North sea producers and pensions. New legislation which has recently been passed i.e the lifetime limit on pensions, but wait the oik is exempt from such a reversal apparently. So if that is the case isnt oil and gas and pensions exempt from the oiks proposal. Fare play to the bbc and worth a read inmho
https://www.bbc.co.uk/news/uk-politics-65037136
Also I think we are in for a long wait if this tax is to be reduced. As looking at historic prices before 2021 we could be looking at fifty dollars per barrel.
My guess is good old hmg will re name the tax. Something along the lines of, the social caring tax. I'm sure labour will come up with a better name before the next general election. Maybe the oik Starmer ruskie tax would be more fitting.
NoQuestionMarks it's a bit difficult to do ATM as I am using my phone,but I found it by googling and the whole article came up. I haven't got a subscription so I cannot access it that way. Something I have noticed is that generally you can view articles if they are a day or so older on most subscription sites. If that helps.
Both gas and oil prices continue to fall . Yet the dastically duo comprising of Labour and concervatives still believe that oil and gas companies are having a windfall due to high prices on the back of the Ukraine conflict. Bp has not helped the cause inmv to have a floor on this tax by saying that they continue to make extra profits due to higher prices. Why are they not saying that the main cause of their excess profits are now due to efficiencies together with higher production. They could have also used a comparison and said that had production and efficiencies remained as they were eighteen months ago then profit would be ex amount with prices trading where they currently are. At least then it would be blatantly obvious that we are not in windfall territory now. inmo