Serica Energy Share Discussion Threads

[tyler19] 10/5/2018 22:28

I guess the secret here is to watch the reaction of the fund managers, if they start buying things may not be too bad or vice versus.
I guess the biggest obstacle will be how Iran reacts if it looses inward investment from Britain.

I do know that the sanctions are very stringent and most global companies take a lot of care in conducting business with sanctioned entities. Does Serica have the expertise or the lobbying power to handle this complex situation? Will BP help?

[captainfatcat] 10/5/2018 21:40

A delay in completion of the BKR deal while the necessary work around is achieved would be a positive outcome in my book.

[gersemi] 10/5/2018 21:32

Great find, bountyhunter

[bountyhunter] 10/5/2018 21:29

just seen this article, don't think already posted although may have been, news to me anyway...

[captainfatcat] 10/5/2018 21:21

Not sold any myself and am keeping some powder dry. Reasonably optimistic the situation will be resolved and an exemption, waver or what ever is required will be issued that will allow the deal to progress to completion.

The situation will become clearer as time progresses.

Tin hat at the ready in the meantime.

[farmscan] 10/5/2018 21:06

Jeffery Harris was the NED who resigned from the board to facilitate the deal going through, but he is also the biggest shareholder, CRG uk.

[farmscan] 10/5/2018 21:04

Well, they either give Serica the waiver or the deal doesn't go through and BP is left with Rhum and they then have put sanctions on BP, which, I think, might be complicated.

[farmscan] 10/5/2018 20:59

Jeffery Harris

[pineapple1] 10/5/2018 20:57

Exactly as i see it Farmscan. Which was why the US non exec who's name escapes me resigned his position when the deal was announced about 6M ago.
BP already have a waiver. Do investors believe that the US will refuse Serica something similar as to do so they will be almost compelled to refuse BP any renewal of their sanctions relief waiver. Now that would be veiwed as being deliberately vindictive and obstructive and designed to not penalise just Tehran but the UK as well.
If no waiver in favour of BP currently existed i would likely feel rather differently about this whole matter than i do..
imho

[farmscan] 10/5/2018 20:47

Me neither. The way I see it (and I'm probably wrong!) this scenario has been on the cards for some considerable time, it hasn't just happened out of the blue. so Serica management, BP and the OGA must all have considered the implications and therefore the impact on the deal for it to have got this far (timeline wise).

[fardels bear] 10/5/2018 20:34

Well, I'm bloody not.

[rathean] 10/5/2018 20:33

Agreed Nick, I think the risk is over blown but happy to see another day fall to mid 50s for a bit of day trading.

[nickg2] 10/5/2018 20:30

Still holding my position... have a few thousand and comfortable with the future prospects of this gem.

[fardels bear] 10/5/2018 20:27

No. I'm still in. Not sold any.

[farmscan] 10/5/2018 20:22

Fardels re 7168. Does that mean you're out as well?

[fardels bear] 10/5/2018 19:38

So, all to play for then?

[pineapple1] 10/5/2018 19:27

Not sure if posted previously.....


In an emailed response, a spokesperson for Serica said the company was not unduly worried about anything, but it felt obligated to put out a statement this morning due to the Iranian involvement in Rhum.

The spokesperson clarified that, while the Iranian Oil Company is subject to U.S. restrictions, Serica as a British company is not itself a US Person and is not restricted in its partnership joint venture arrangements but will otherwise comply with US sanctions law in every respect insofar as it applies to US persons as they relate to Rhum field operations.

Offshore Energy Today has also reached out to BP looking to find out if the sanctions might jeopardize BP’s sale of Rhum stake to Serica, or any other potential business with Iran.

A spokesperson for BP declined to comment any further aside from noting that BP always considers sanctions carefully and ensures it complies with all applicable sanctions

[fardels bear] 10/5/2018 19:12

Just thought I'd complete the team of bears turning up..

[fanshaw] 10/5/2018 19:10

Exactly what is this Us Treasury Licence and if it likley to delay deal

could we just proceed with Bruce and Keith in the interim .

[bountyhunter] 10/5/2018 18:13

at least I can curtail my Trump watching for now ;-)

[sawney] 10/5/2018 17:58

My average price originally was 12p quite a while ago now so preservation of capital eventually outweighed the risks of continuing to hold for me.

...ditto...my average was 14p...I still think the deal will eventually be done but I was unwilling to wait as I have other fish to fry... apart from being concerned about the UK/Markets in general....still have a small holding for old times sake...