Serica Energy Share Discussion Threads

[nigelpm] 05/2/2024 08:06

Yes, but Mitch didn’t wanna leave I can guarantee u that from my interactions.

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Fair enough - got that one wrong.

[oilinvestoral] 05/2/2024 08:02

Lots of huffing & puffing with numerous investments over the next 12 months with "an ambitious programme of organic investments" but they are still not able to reach the Q1 2023 production rate that was used to justify this egregious Tailwind acquisition! No doubt certain people will try and put lipstick on a pig and say that this is a good operational update. PS : I see the Pugnacious One has posted something which I can't read (as he is now filtered)! I bet six figure salary that it is not critical of this sh1t show of an update!

[xxx] 05/2/2024 08:01

H2 prod was 31kbls/d, but is now back up to 43k, 2024 guidance 41-48k/bls perhaps a bit lower than I expected.
I agree that it looks like Mitch has been pushed and with the CFO going and the CIO it does seem like there has been a big change in culture.I would like to see a new ops focussed CEO, similar to Mitch [who I liked, though I didnt like the Tailwind acquisition] as the N. sea issues need to be fixed prior to acquisitions, which Meruria will be pushing for.

[oilinvestoral] 05/2/2024 07:40

Yesterday I wrote that "in September production guidance was cut significantly and unexpectedly to circa 42,000 bopd! Not good!"The Pugnacious one accused my post of being "full of factual errors"! Today the company states: "production in 2023 after including volumes from the Tailwind assets for the full year was just over 40,000 boe/d"! So let me get this straight! Not only did they not achieve the original 47,000 BOPD stretch target but they also missed the reduced 42,000 BOPD target from September???? Oh BTW this is down from circa 46,800 boe/d during Q1 2023 when the benefits of this game changing Tailwind acquisition were being enthusiastically espoused by a certain happy clapper ! DOWN 15% from then!!!!!!!!! Yesterday I wrote that operating costs per barrel have gone up by 10% recently! Once again The Pugnacious Moaner accused my post of being "full of factual errors"! Today the company has stated that operating costs are US$19/ bbl which means on yearly basis they are not up by the $10% that was previously telegraphed but are in fact up by 21%!!!!! And up by nearly 9% over the past 6 months alone!!!Yesterday I stated that there were operational efficiency issues! Today the company has confirmed other than the extended / prolonged shutdowns in Bruce and Triton (that have hampered production), Erskine has been shut in since January due to an issue with a compressor and won't restart until March.  Once again The Pugnacious Moaner accused my post of being "full of factual errors"! Now I don't say this for any reason other than just to highlight that being pugnacious for the sake of being pugnacious is not a good character trait! Listening to those who have been investing in this sector for decades and have earned a healthy living from it might just know something that the average retired English bean counter might know about a North Sea oily! I now know why I blocked him previously and regret the time i spent going back & forth on a Sunday afternoon!!! Does anyone else want to say that Mitch wasn't pushed ?????

[nigelpm] 05/2/2024 07:37

Nothing in there to get concerned about. All on track as I see it.

[oilinvestoral] 04/2/2024 17:31

Also wrongly claims it's full of factual errors! I literally copied the information from an RNS ! But I don't expect the pugnacious moaner to be able to read or comprehend. Anyways back on block !

[oilinvestoral] 04/2/2024 17:29

Hi Lord Gnome You probably aren't aware so I'll allow it! But just to let you know, the PM (Pugnacious Moaner) and I have a long history! I've had him blocked for an almost 2 years but recently removed him to see what he was saying . Dismissive, arrogant and argumentative as ever! He will once again return to being an inhabitant of my iggy bin!

[nigelpm] 04/2/2024 15:49

Pompous, arrogant and frankly unnecessarily rude. It's also full of factual errors. Let's see what tomorrow brings.

[nigelpm] 03/2/2024 16:19

Where has the underperformance come from?

Apart from the share price - which isn't unique to Serica - production has doubled with tailwind acquisition and taken reliance away from gas.

[oilinvestoral] 03/2/2024 12:27

Sacking CEOs due to underperformance is very Normal indeed ! Nobody said otherwise! Well may be the peeps who claimed there was a notice letter being handed in! Smh

[nigelpm] 03/2/2024 11:19

It's very normal. Not sure what else to say really. Let others make up their own minds.

[oilinvestoral] 03/2/2024 11:11

The definition of notice period is literally to fulfill your existing obligations until a successor is found!NOT to take on new advisory roles ! Smh

[nigelpm] 03/2/2024 11:09

When on notice period you don't necessarily have to continue in the same role to fulfil the notice period which in this case was 6 months. So he'll work as CEO until release of results around mid April and then as a consultant until AGM. That's all pretty normal stuff.

[farmscan] 03/2/2024 11:01

"the share price would’ve been closer to 300p than 2000p!! FACTS"

I wish it was 20 quid!

[oilinvestoral] 03/2/2024 10:55

Anyway let's hope the new CEO has a share dealing account and knows what a director purchase is! Unlike the exiting one who seems to have an aversion / allergic reaction to buying SQZ shares in the market !

[oilinvestoral] 03/2/2024 10:54

I'm sure it'll all come out in the wash in due course! Regardless of the reasons behind the SUDDEN DEPARTURE of the CEO, the bottom line is that the share price has fallen 55% in 18 months! Granted some of the fall is WFT & gas price related but had the Tailwind deal not been done, the current cash in the bank would've been around 250p/ share and even if you assume the assets are ALL WORTHLESS, the share price would've been closer to 300p than 2000p!! FACTS

[oilinvestoral] 03/2/2024 10:47

"Mitch Flegg will step down from this role and as a director of the Company. This change is expected to take place"What part of the above states he handed in his notice ? The standard of comprehension on this BB is elite! To TDs point, the 6 months quoted would've been for 6m as CEO!!!! Not 8 weeks as CEO! Naivety reaching level 6000! SMH

[nigelpm] 03/2/2024 10:21

What will be interesting in the upcoming trading update will be net cash position and whether the 52k boepd being managed late last year is continuing to generate swathes of cash daily.

[nigelpm] 03/2/2024 10:14

Thanks dudie for digging that out of the annual report and clearing it up - no doubt some will still say he was pushed with the evidence clearly counter to that.