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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Serica Energy Plc | SQZ | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -2.30 | -1.76% | 128.30 | 16:35:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 133.00 | 126.60 | 133.00 | 128.30 | 130.60 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 10/09/2024 | Interim | GBP | 0.09 | 24/10/2024 | 25/10/2024 | 21/11/2024 |
| 24/04/2024 | Final | GBP | 0.14 | 27/06/2024 | 28/06/2024 | 24/07/2024 |
| 19/09/2023 | Interim | GBP | 0.09 | 26/10/2023 | 27/10/2023 | 23/11/2023 |
| 13/04/2023 | Final | GBP | 0.14 | 29/06/2023 | 30/06/2023 | 27/07/2023 |
| 30/06/2022 | Interim | GBP | 0.08 | 27/10/2022 | 28/10/2022 | 25/11/2022 |
| 21/04/2022 | Final | GBP | 0.09 | 30/06/2022 | 01/07/2022 | 22/07/2022 |
| 15/04/2021 | Final | GBP | 0.035 | 24/06/2021 | 25/06/2021 | 23/07/2021 |
| 23/04/2020 | Interim | GBP | 0.03 | 25/06/2020 | 26/06/2020 | 24/07/2020 |
| Top Posts |
|---|
Posted at 08/3/2025 16:51 by oilinvestoral Author: nigelpm Posted on: 08 Mar 2025 For Serica -- An immediate cash return to shareholders- Utilisation of further losses from Enquest- Diversification outside of NS - Enquest have Vietnam/Malaysia assets- Enquest are experts in decomFor Enquest -- Utilisation of further tax losses from Serica (from tailwind)- Scaling up? ------------Nigel Interesting post again! Keep up the good work! I'll address each of those points raised. "An immediate cash return to shareholders": indeed great for SQZ but removes the main benefit for ENQ (SQZ cash and strength of balance sheet)! They have no reason to accept this giveaway to SQZ! None whatsoever! You state "The question then is why do the deal? It makes a lot of sense for Serica but less so for Enquest.": indeed! On the terms you presented, it makes no sense for Enquest ! However I'm sure if you reduced the pay out to SQZ to £50 -£60million and the deal is executed on the basis of a merger of equals 55-45% or even 60-40%, it starts to become a lot more enticing for Enquest!"Tax losses": As you are well aware tax losses can only be utilised by the entity that incurred them (eg. previous TW losses don't offset Erskine profits). That's why tax losses are less useful than some believe! See the previous webinars where the SQZ CFO answered why they haven't been able to better utilise tailwind losses!"Enquest have Vietnam/Malaysia assets". EnQuest are currently 84% North Sea based and the Vietnam assets you speak of are only 5300 BOPD (a drop in the ocean) that they haven't even been purchased from HBR yet! So the overall production base of the new company will be more than 90% North Sea based and less than 10% international! Hardly the most diversified oil company in the world ! I would've hoped SQZ would merge with something like Jadestone that would've given it 33-35% international diversification into ASIA PAC! "Enquest are experts in decom": This statement might have been relevant 15-20 years ago ! It is no longer relevant! You see as someone who works in this industry, I know some of these people! SQZ's head of wells is an ex colleague who has years of decommissioning experience (with other operators)! I also know a number of ex BP and Repsol Engineers who now work at SQZ who have been involved in decommissioning projects worth hundreds of millions! SQZ are NOT lacking in experience in this regard ! That's what I tried to explain to Adam yesterday! Also I know it's a fancy new term for some people but North Sea decommissioning has been ongoing since the 1990s (just less so in the media)! "Scaling up?": This is a terrible reason to do a takeover or merger ! Anytime this was used as a reason for M&A , it ends in disaster. See a few examples in the link below :https://www.linkedi |
Posted at 08/3/2025 11:49 by oilinvestoral Now do I agree with your conclusion (70/30 plus a 250 million windfall to SQZ) ? Well I think you're probably being extremely optimistic and here is my reason why : why would they (the combined entity) borrow 250 million and over-leverage the company just to hand out that much cash to appease SQZ shareholders? I can't see ENQ shareholders accepting/ agreeing to that! What's in it for them ? The whole raison d'etre for this merger is that they want to join forces is to make use of SQZ's stronger balance sheet? If SQZ strip out the balance sheet strength, ENQ may as well remain independent.As an SQZ shareholder, I would accept it (as it is definitely more than I deserve). As a ENQ shareholder I would run for the hills! ENQ would probably looking to present this as a merger of equals and would probably be looking for something around 40% ENQ / 60% SQZ max! With significantly less cash handed out to SQZ than your suggested 250 million dollars. |
Posted at 07/3/2025 16:36 by bountyhunter Actually I was comparing SQZ with ENQ with HBR thrown in! I agree about the Tailwind deal being bad for SQZ which I kept saying at the time, despite the cheerleaders :) ...I advocated returning the huge cash pile to shareholders as a special dividend and if that had been done we would now hold the original SQZ shares for next to nothing, or less.Ace, spot on, it should at least equally benefit shareholders of both companies to be a fair deal, especially as SQZ is the better company imv as well. |
Posted at 07/3/2025 16:10 by acevalue To me, Serica is a better company than Enquest, which is why I own SQZ and I do not own ENQ. So I'm very curious to know the details of the deal. Furthermore, as an SQZ shareholder, I want to be "up" on the deal, I don't want an even-stevens situation.SQZ price is up 7.47% so far compared to yesterday and ENQ price, which is up 15.60%, based on that (whether right or wrong), the market seems to think that ENQ is going to be getting the better end of the deal, and I'm not OK with that as an SQZ shareholder. What does everyone else think? |
Posted at 26/11/2024 07:50 by ashkv From Surprised on the other forum ->Broker note out ...Today 07:23 While our YE24 net has increased, we note UK gas prices (NBP) now stand at ~£1.20 per therm. With Russia cutting gas supplies to Austria, the fundamentals for UK gas prices in the near term are very strong. Serica continues to be committed to significant dividend returns. All else being equal, we continue to forecast >16% dividend yield for 2024. • We re-iterate our target price of £2.90 per share. we forecast that Serica could generate ~US$500 mm of operating cashflow (post tax and interest) next year. Even assuming FY25 capex in line with FY24 (US$270 mm), this would lead to US$230 mm free cash flow. This leaves ample running room to fund a dividend at current levels (~US$115 mm) and/or make acquisitions. The new fiscal terms stability in the UK has generated multiple opportunities for the company. Compressor at Triton back on line • The first compressor at Triton has been repaired and the platform is expected to be back online this week. This represents a few weeks’ delay but the restart will boost production materially. With the recent addition of the B6 well (>5 mboe/d net), total production was already over 50 mboe/d on 2 October. Since then, the Gannet GE05 well has been tied-in and the EC1 well (Guillemot NW field) has reached TD (first production in 1Q25). Overall, we forecast that Serica could produce ~48 mboe/d in 1Q25 Valuation We have reduced our Brent price forecasts in 4Q24 and 1Q25 from US$80/bbl to US$75/bbl but have increased our NBP forecasts from £0.94/sh to £1.10/th in 4Q24. As we incorporate the later production restart at Triton, our Core (2P) NAV and ReNAV are broadly unchanged at ~£2.44 per share and £2.84 per share. All else being equal, we continue to forecast >16% dividend yield for 2024. • We re-iterate our target price of £2.90 per share |
Posted at 26/11/2024 07:48 by ashkv Shunted out Serica Ex-CEO Mitch Flegg should be sued and criminally investigated to determine if there was a side-deal for the TailTrash Acquisition - the lemon of all lemon deals continues with its nightmare RNS factory!!!18% 2025 Expected yield at a share price of 131p!!! If new CEO sorts out Operational Issues - SQZ is a steal :) SP-> 130.40p SQZ Current Share Price vs 52 Week low of 110.4p on 10 Sep 24-> 18.12% SQZ Current Share Price vs 52 Week High of 242.4p on 27 Dec 23-> -46.20% Brent-> $73.20 British Gas Prices (Next Month)-> £118.00 Shares Outstanding-> 390,426,423 GBPUSD-> 1.255 MarketCap GBP-> £509,116,056 MarketCap USD-> $638,940,650 Cash USD (30 Sep 24)-> $258,000,000 Debt (USD) (30 Sep 24)-> $231,000,000 NET CASH (USD) (30 Sep 24)-> $27,000,000 NET CASH % of SP/Market Cap-> 4.23% Net Cash Component of SQZ Share Price-> 5.51p Enterprise Value (In USD)-> $611,940,650 2024 Re-Revised Down Mid-Guidance Production [2024 Guidance Down To 37kbpd from 41-44kbpd]-> 37,000 SQZ Average Production Up Till Q3 204 (30 Sep 24) -> 37,800 Production Actual 2023 [Guidance 2023 Mid-Point (40-45kbpd)]-> 40,121 Enterprise Value/Barrel Nov 2024 Re-Revised Down 2024 Guidance Production -> $16,539 EV/Barrel SQZ Average Production Q1-Q3 2024-> $16,189 EV/Barrel Actual Average 2023 Production-> $15,252 Decommissioning Provision (Per HY 24 Results)-> $133,200,000 EV/Barrel Revised Down Mid-Guidance 2024 Production including Decommissioning Provision-> $20,139 (9p+14p) 2024 Full Year Expected Dividend Yield-> 17.64% SQZ Net Payout Yield (Dividend + Buybacks (2024 GBP 15Mn) + Special Dividends) -> 20.58% SQZ + Tailwind 2P Reserves as of 31 Dec 23-> 140,000,000 SQZ Combined Enterprise Value/2P Reserves-> $4.37 Tax Losses to offset tax payables (Half Year 2024)-> $1,000,000,000 |
Posted at 10/9/2024 10:24 by ashkv Updated with net cash lower as of 4 September 24 given payment of 2023 Final Dividend [As per 10 Sep 24 presentation]SP-> 111.10p SQZ Current Share Price vs 52 Week low of 111.1p on 10 Sep 24-> 0.00% SQZ Current Share Price vs 52 Week High of 271p on 18 Sep 23-> -59.00% Brent-> $71.60 British Gas Prices (Next Month)-> £89.50 Shares Outstanding-> 390,457,635 GBPUSD-> 1.310 MarketCap GBP-> £433,798,432 MarketCap USD-> $568,275,947 Cash USD (4 Sep 24)-> $262,000,000 Debt (USD) (4 Sep 24)-> $231,000,000 NET CASH (USD) (4 Sep 24)-> $31,000,000 NET CASH % of SP/Market Cap-> 5.46% Net Cash Component of SQZ Share Price-> 6.06p Enterprise Value (In USD)-> $537,275,947 2024 Revised Down Mid-Guidance Production [2024 Guidance 41-44kbpd]-> 42,500 SQZ Average Production Half Year 2024 (30 June 24) -> 43,700 Production Actual 2023 [Guidance 2023 Mid-Point (40-45kbpd)]-> 40,121 Enterprise Value/Barrel Revised Down 2024 Mid-Guidance Production -> $12,642 EV/Barrel SQZ Half Year 2024-> $12,295 EV/Barrel Actual Average 2023 Production-> $13,391 Decommissioning Provision (Per HY 24 Results)-> $133,200,000 EV/Barrel Revised Down Mid-Guidance 2024 Production including Decommissioning Provision-> $15,776 (9p+14p) 2024 Full Year Expected Dividend Yield-> 20.70% SQZ Net Payout Yield (Dividend + Buybacks (2024 GBP 15Mn) + Special Dividends) -> 24.16% SQZ + Tailwind 2P Reserves as of 31 Dec 23-> 140,000,000 SQZ Combined Enterprise Value/2P Reserves-> $3.84 Tax Losses to offset tax payables (Half Year 2024)-> $1,000,000,000 |
Posted at 10/9/2024 07:16 by ashkv Finance 101/PE 101 - SQZ with relatively inexpensive financing unless SQZ undertake a deal that has metrics of EV/Flowing Barrel or EV/2p lower than SQZ share price at 150p (unlikely) than it makes sense to take on short term debt to undertake a tender offer.Will be far more accretive to shareholder value over the longer term!!! For example dividend yield is 15% FIFTEEN PERCENT at a share price of 150p and expected 2024 dividend 9p+14p With future such flows being allocated to shareholders who wish to retain ownership in SQZ!! oilinvestorAl10 Sep '24 - 08:07 - 7011 of 7016 “At this sort of share price even a $150mn Tender Offer at 150p makes sense!!!” ——— Erm they don’t have the cash to do a $150m tender offer ! Read the balance sheet. Add to that the ongoing LWI campaign and extensive drilling campaign capex + the H2 weighted tax and dividend payments. There was a reason why the emphasised that cash out flows were going to be heavier in H2…. To address this question ! |
Posted at 10/9/2024 07:09 by ashkv 20% dividend yield with a share price of 114p and almost 24% Net Payout Yield (Including Buybacks announced so far)SP-> 114.00p SQZ Current Share Price vs 52 Week low of 112.25p on 10 Sep 24-> 1.56% SQZ Current Share Price vs 52 Week High of 271p on 18 Sep 23-> -57.93% Brent-> $71.60 British Gas Prices (Next Month)-> £89.50 Shares Outstanding-> 390,457,635 GBPUSD-> 1.310 MarketCap GBP-> £445,121,704 MarketCap USD-> $583,109,432 Cash USD (30 June 24)-> $362,000,000 Debt (USD) (30 Jun 24)-> $231,000,000 NET CASH (USD) (30 Jun 24)-> $131,000,000 NET CASH % of SP/Market Cap-> 22.47% Net Cash Component of SQZ Share Price-> 25.61p Enterprise Value (In USD)-> $452,109,432 2024 Revised Down Mid-Guidance Production [2024 Guidance 41-44kbpd]-> 42,500 SQZ Average Production Half Year 2024 (30 June 24) -> 43,700 Production Actual 2023 [Guidance 2023 Mid-Point (40-45kbpd)]-> 40,121 Enterprise Value/Barrel Revised Down 2024 Mid-Guidance Production -> $10,638 EV/Barrel SQZ Half Year 2024-> $10,346 EV/Barrel Actual Average 2023 Production-> $11,269 Decommissioning Provision (Per HY 24 Results)-> $133,200,000 EV/Barrel Revised Down Mid-Guidance 2024 Production including Decommissioning Provision-> $13,772 (9p+14p) 2024 Full Year Expected Dividend Yield-> 20.18% SQZ Net Payout Yield (Dividend + Buybacks (2024 GBP 15Mn) + Special Dividends) -> 23.55% SQZ + Tailwind 2P Reserves as of 31 Dec 23-> 140,000,000 SQZ Combined Enterprise Value/2P Reserves-> $3.23 Tax Losses to offset tax payables (Half Year 2024)-> $1,000,000,000 |
Posted at 10/9/2024 06:46 by ashkv SP-> 112.60pSQZ Current Share Price vs 52 Week low of 112.6p on 10 Sep 24-> 0.00% SQZ Current Share Price vs 52 Week High of 271p on 18 Sep 23-> -58.45% Brent-> $71.60 British Gas Prices (Next Month)-> £89.50 Shares Outstanding-> 390,457,635 GBPUSD-> 1.310 MarketCap GBP-> £439,655,297 MarketCap USD-> $575,948,439 Cash USD (30 June 24)-> $362,000,000 Debt (USD) (30 Jun 24)-> $231,000,000 NET CASH (USD) (30 Jun 24)-> $131,000,000 NET CASH % of SP/Market Cap-> 22.75% Net Cash Component of SQZ Share Price-> 25.61p Enterprise Value (In USD)-> $444,948,439 2024 Revised Down Mid-Guidance Production [2024 Guidance 41-44kbpd]-> 42,500 SQZ Average Production Half Year 2024 (30 June 24) -> 43,700 Production Actual 2023 [Guidance 2023 Mid-Point (40-45kbpd)]-> 40,121 Enterprise Value/Barrel Revised Down 2024 Mid-Guidance Production -> $10,469 EV/Barrel SQZ Half Year 2024-> $10,182 EV/Barrel Actual Average 2023 Production-> $11,090 Decommissioning Provision (Per HY 24 Results)-> $133,200,000 EV/Barrel Revised Down Mid-Guidance 2024 Production including Decommissioning Provision-> $13,603 (9p+14p) 2024 Full Year Expected Dividend Yield-> 20.43% SQZ Net Payout Yield (Dividend + Buybacks (2024 GBP 15Mn) + Special Dividends) -> 23.84% SQZ + Tailwind 2P Reserves as of 31 Dec 23-> 140,000,000 SQZ Combined Enterprise Value/2P Reserves-> $3.18 Tax Losses to offset tax payables (Half Year 2024)-> $1,000,000,000 |
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