Serica Energy Share Discussion Threads

[nigelpm] 07/3/2024 08:35

Yup - but perhaps more importantly the relevant reserves number is at the date of the acquisition which was March 2023 - best available information at that point was the 55.5m as at the end of 31 Dec 2022. It's just simple facts.

[stemis] 07/3/2024 08:31

oilinvestorAl,

Like I said, if you wait until 2026, you can probably make you Calc closer to $5/bbl!

If that proves to be the case then it would only confirm what I said previously, that it's not just about the 2p at the time of acquisition that matters but the prospectivity of the licenses and their capacity to deliver further increases (as seems to be the case).

[nigelpm] 07/3/2024 08:10

I am delighted that Serica has maintained its record of more than replacing reserves since 2018. We ended 2023 with 2P reserves up 10 million boe, testament to the hard work of our staff and the underlying quality of our asset portfolio.

------------------

Quite an achievement.

[oilinvestoral] 07/3/2024 07:43

Nice increase in the reserve out. Gannet is good but disappointing Bittern numbers. I'm sure our pugnacious accountant has his trusted abacus out to determine how he can now use these new numbers to kid us that Tailwind was a bargain! Top tip: using data after the acquisition was agreed ain't how oil 2P reserves $/ bbl are calculated!

[nigelpm] 07/3/2024 07:14

2P reserves now at 140m boe.. nice uplift.

[oilinvestoral] 06/3/2024 21:52

Stemis : "I didn't say in any of my posts in this discussion whether this was a good or bad acquisition. That's a matter for opinion. But let's at least use the right numbers. No way did SQZ pay ?20/boe"------------Dear Stemis First of all pologies for the late response I was busy dealing with multiple oil & gas projects over the past few days. So, ADVFN had to take a back seat!While true you didn't mention in the very RECENT posts that it was a "good acquisition". It would be more than disingenuous to pretend that you haven't been one of the biggest advocates of the ill fated Tailwind acquisition on this BB! Regarding valuation: it's easy to choose any future date & change the denomator in order to kid yourself & reduce the per bbl figure as you've clearly demonstrated. Like I said, if you wait until 2026, you can probably make you Calc closer to $5/bbl! Unfortunately, the acquisition was negotiated & agreed in 2022. Choosing a random 2P Reserve date in 2023, 24 or 26 to fudge the dollars per 2P bbl figure ain't it my friend!I'm not the only one who based on the announcement numbers and the certified reserves at the time calculates around $20/bbl for 2P!Raper Capital who are run by a very experienced investor and extremely wealthy individual have stated the following regarding the acquisition: I quote : "The total consideration for the Proposed Combination represents a multiple of ~$20/barrel of 2P reserves"! I would tend to agree with a calculation performed by a revered investor such as Jeremy rather than an unemployed Pugnacious accountant called NigelPM! Raper Capital also state:"this transaction immediately and irrevocably destroys at least 300mm GBP of extant shareholder value."! Well would you Adam & Eve it!!! The market cap has fallen by more than £300 million since he wrote this!!!! It's as if he can almost tell the future! May be he has a crystal ball ? Guffaw!!! Or may be he is just a prudent, articulate, experienced, intelligent investor who actually knows what he is doing ?! Since you like analogies here is a good one from Jeremy : "It is as if management, in possession of a pan and desiring an omelet, proceeded to exchange a Rolex for a carton of eggs, only to then claim, 'Well, we did need the eggs.'"! I'm sure even if this acquisition ends up bringing serica down, you wouldn't have a bad word said about it! So I'm going to save my myself sometime and decline to engage on this topic in future ... no offence....Best Regards Al

[nigelpm] 06/3/2024 21:34

Any thoughts on your $20/bbl for tailwind which has been completely obliterated? Didn't think so.

[meanreverter] 06/3/2024 21:09

There are three types of accountant: those who can count and those who cannot count.

[oilinvestoral] 06/3/2024 19:19

"Ps I think the best accountants are those that can't count. "-----------MarioPeterGuffaw!!!!! I know at least one who you used an abacus! LMAO LOLZ

[oilinvestoral] 06/3/2024 19:16

"None of those companies were in the cash-rich position of SQZ. Most of our cash has now been transferred to Mercuria for the sake of a few execs keeping their jobs. Ironically they have now resigned."--------Sage of onion Stop it with all your facts!!

[oilinvestoral] 06/3/2024 19:14

The pugnacious is still pugnating I see.... LMAO ! Take a break FFS! LolzPM (Pugnacious Mendacious) logic in three simple steps :1. "You're wrong ! It's not true! It didn't happen"! 2. Once it has been proven that it's true, it did happen or he is in fact wrong: "it's not even that bad"! 3. Once it is proven that it's absolutely horrendous: "look others have it just as bad"! Save yourselves some time an filter the pugnacious one ... my SQZ BB view is much cleaner

[hericsaba] 06/3/2024 18:35

Maybe there is a tiny little more effect of the UK natgas prices dropped 80+% than BOD?!

[steelwatch] 06/3/2024 17:27

EPL extension leaving present from Hunt:

[stemis] 06/3/2024 14:35

SageOfOnion 5 Mar '24 - 19:22 - 5788 of 5795

Explain this - it makes no sense.

Well...

They picked up a nice big dividend, despite not holding shares on the ex div date prior to the deal

Are you talking about the 2023 final dividend that went ex div on 29 June 2023, more than 3 months after the acquisition of Tailwind completed?

[creditcrunchies] 06/3/2024 12:48

What a S show this is now 450p bid is long long away now. Sad to see a company get completely destroyed by this BOD

[scbscb] 06/3/2024 10:46

It doesn't matter if the Treasury or the current or a new Chancellor who makes the decision taxes are only going up.

[nigelpm] 06/3/2024 08:19

Indeed Stemis. Such basic facts seem to have different interpretations on here.

[stemis] 06/3/2024 08:13

the Treasury will make the decision …does not matter who is in power

It's the Chancellor who makes the decision, which will be Labour's Rachel Reeves

[nigelpm] 05/3/2024 21:44

The Treasury are directed by the Government - that's how it works.

[mariopeter] 05/3/2024 20:53

No Nigel the Treasury will make the decision ...does not matter who is in power. Labour will not rip up the extension of WFT from 2025 to 2028 ...to be announced tomorrow.

[nigelpm] 05/3/2024 19:34

I watched his video at the time and it was full of errors.

[nigelpm] 05/3/2024 19:34

Think you will find the Treasury makes the decision.

Err, yes for the time being - not in October when the new Labour government will rip it up.

[sageofonion] 05/3/2024 19:22

Explain this - it makes no sense.

Well...

They picked up a nice big dividend, despite not holding shares on the ex div date prior to the deal, and we paid them at least double what their assets were worth. Watch the Jeremy Raper video for further insight.

[mariopeter] 05/3/2024 15:23

Think you will find the Treasury makes the decision.