Serica Energy Share Discussion Threads

[oilinvestoral] 19/4/2024 17:48

Stemis His role would be more in an approval capacity rather than anything else, and if he needs nearly 12 weeks to gain enough of an understanding to approve accounts jeez may be we hired the wrong guy.With regards to reserves: You see my dear Stemis ! While I haven't been a CFO, I have worked for 4 of the oil majors including 2 of the Seven Sisters as well as private companies & IOCs . I can tell you the way private companies manage their processes is very very different. At the end of the day (even though it's audited), it's a judgement call. There are assumption and private equity assumptions are the most aggressive I have ever come across! Also reserves are need to be taken in to the wider context of operational performance and wells delivery (again I wouldn't expect your pugnacious friend to understand any of this this). Reserve bbls are NOT created equal! I hope I'm wrong (for my sake)! But wouldn't be surprised either way! I certainly wouldn't rule it out!

[stemis] 19/4/2024 17:21

I wasn't questioning your 'financial' knowledge.

I was questioning your understanding of the process of approving the accounts and the responsibilities of a CFO, in light of the comment - "You now reckon they were waiting for the accountant to turn up in February to progress the results?".

As to whether there will be write downs, I don't see why there should be (if you are referring to the Tailwind acquisition). The reserves are higher than on accquisition and the oil price too. I'm not aware there has been any material increase in the cost of extraction. Why do you think there will be?

[bountyhunter] 19/4/2024 17:12

Serica's results have been in April every recent year I've looked up so there's nothing to worry re just a few days variation. It's really no big deal especially in the context of the management changes.

[oilinvestoral] 19/4/2024 17:11

"Also, it's not just up to the CFO to 'kitchen sink' the results "------Yes we know it never happens EVER! Does it? Tongue so far in cheek it's in another room ...

[oilinvestoral] 19/4/2024 17:09

BH in the context of the last years it's not 2 days! It's the latest results they have issued! In fact, comparing them to some of the earlier results they are later by many weeks. Rhetorical question being: is the auditor happy? Have there been any findings or questionable points that have been raised? Rule of thumb : bigger companies issue results sooner! Why is the 2024 SQZ issuing its results many weeks later that the tiddler from years ago ?

[oilinvestoral] 19/4/2024 17:06

"I didn't say anything about whether there would be write downs"----No you didn't! You completely ignored that point and decided to question my financial knowledge because I hadn't been a CFO like 99.9% of the population (not that I would personally even consider being a bean counter but each to their own ).I don't get the reference to strawman! Is that where this "debate" is heading? So go on then - point blank: do you or do you not (as "a former CFO of a listed company") think there will be write downs next week ... I won't hold my breath for a straight answer!

[nigelpm] 19/4/2024 16:51

If you start trying to "Kitchen sink" the results you'll also find the Auditor won't be overly pleased and your timeline to prepare results will really suffer as a result - we won't be talking 9 working days at that point!

[bountyhunter] 19/4/2024 16:38

Yes the latest results by just 2 days, is that supposed to signify some kind of problem especially given the management changes, talk about being pedantic! If that's supposed to be a worry then I wouldn't be overly concerned. I have to say I agree with Stemis and Nigel on this one.

[stemis] 19/4/2024 15:37

Straw man. I didn't say anything about whether there would be write downs, either way. What I was pointing out was that, any decent FD worth his salt would ensure he understood the numbers before signing off on the accounts. Since he was only appointed CFO on 5 February, a slight delay to 24 April is hardly surprising, whatever they show.

Also, it's not just up to the CFO to 'kitchen sink' the results

[oilinvestoral] 19/4/2024 14:36

No but I've held senior management positions in oil companies and have provided technical input into acquisitions.As a CFO are you not even contemplating write downs? Seems bizarre & naive at the same time! Also if I was a new CFO of a listed company I will absolutely kitchen sink my first results for a period before I arrived. Not to do so would be lunacy.Also if the engineer gets it more right than the accountants this will be embarrassing! Being on next week !

[nigelpm] 19/4/2024 14:31

Both Stemis and I have held senior Finance positions in businesses. I may well be retired now but our knowledge in this area is hopefully useful to folk who want to listen to it.

[stemis] 19/4/2024 14:02

I'm guessing you've never been the FD of a plc then...

[oilinvestoral] 19/4/2024 13:44

Oh dear lord! You now reckon they were waiting for the accountant to turn up in February to progress the results? Why I are we avoiding looking at the pink elephant in the room and trying to grasp at non-existing straws? Pink elephant being a non- cash write down !! There I've said it!

[nigelpm] 19/4/2024 13:35

A further good point Stemis and a change of CEO - in fact if you consider all the factors I'm almost surprised they've been able to get to the date. Must have been working very hard to manage it.

[stemis] 19/4/2024 13:24

The company also has a new CFO, who took post sometime in early February. I think we can allow him a few extra days to get his feet under the table...

[oilinvestoral] 19/4/2024 13:17

Bigger business have bigger resources and can get results out sooner. This is simple logic! If bigger meant later results, Shell's results would be out in November not Q1! The smaller companies in the space issue results in May or even early June. The biggest issue them in February & March! So one could argue that they should've aimed for April the first as that would've been befitting for the pugnacious fool!

[oilinvestoral] 19/4/2024 13:13

Is the empty pugnacious vessel pugnating about me? I can't see his posts so the fact he's spending his retirement writing guff that I can't read makes it more delicious

[oilinvestoral] 19/4/2024 13:11

Still the latest ever in 10 year # Fact

[nigelpm] 19/4/2024 12:39

Thanks Stemis ;-)

[stemis] 19/4/2024 12:36

2021 results were released on 21st April. So this year just 3 days later than that.

[nigelpm] 19/4/2024 12:15

In fact 11 days (or 7/9 working days depending on how you look at is) is fast in comparison given the doubling in size of the business and additional preparation and audit work required.

[nigelpm] 19/4/2024 12:09

You're being somewhat charitable there bounty - it's completely stupid.

[bountyhunter] 19/4/2024 11:47

If we are being pedantic last year results were on the 13 April so I would say that highlighting an 11 day difference this year as some kind of issue is splitting hairs.

[oilinvestoral] 19/4/2024 10:02

CCPwhy the frigg are you running you questions by Nigel? If you want to ask about Mitch's sacking you can do that! If you want to ask about taxes you can do that! As long as you are respectful and courteous in the way you ask I see no problem with asking whatever you want as a shareholder! Nigel is one of those people who likes to comment on other people's posts but never adds any value himself! His go to response is to say others are wrong while providing nada evidence to the contrary! Save your self the hassle and stop asking Nigel for permission like he is some sort of administrator!

[nigelpm] 19/4/2024 09:49

Good points coffee and a good question.