Serica Energy Share Discussion Threads

[fardels bear] 11/7/2018 16:20

Well, I read that as very positive for us

[fardels bear] 11/7/2018 16:19

At a breakfast meeting in Brussels with Nato chief Jens Stoltenberg, the US leader said: "Germany is totally controlled by Russia because they will be getting from 60% to 70% of their energy from Russia, and a new pipeline, and you tell me if that's appropriate because I think it's not and I think it's a very bad thing for Nato."

[riot2] 11/7/2018 14:29

Gas price is very high currently.
58p per therm.

FYI

[bountyhunter] 11/7/2018 13:37

"Oil prices are $75-80 and some are talking about Iranian sanctions adding $50 to that, while others suggest $150 is possible in coming years. This despite booming shale oil production in the U.S., expectations of more Russian and Saudi oil, and repeated warnings that a trade war will dampen economic growth and thus demand."



I know we are talking about gas here but Iranian sanctions get a mention and if oil goes up gas probably follows.

[fardels bear] 11/7/2018 10:04

God forbid.

[bountyhunter] 11/7/2018 09:44

or even half a kilt

[fardels bear] 11/7/2018 09:10

Can't imagine him in a kilt though.

[bountyhunter] 11/7/2018 08:18

Yes half Scottish so a request from a company based in Aberdeen may be viewed favourably. In any case it doesn't actually involve importing any oil from Iran so may be seen as a soft waiver (with or without the escrow option) if there is such a thing!

[mirabeau] 11/7/2018 08:11

Unlike the Anglophobe that was Obama, Trump is a pure bred Anglophile. Obama viewed the UK through the prism of liberal left bigotry. Trump views the UK through the prism of pride and respect for a great nation

Trump will come good for SQZ.

[bountyhunter] 11/7/2018 07:55

Yes I agree and am becoming increasingly confident that the BKR deal will complete as planned and on time.

[mirabeau] 11/7/2018 07:46

Well, after reading the article above from BH I would be shocked if SQZ is not granted a waiver vis a vis Rhum

[bountyhunter] 10/7/2018 18:36

"Secretary of State Mike Pompeo on Tuesday left the door open to granting waivers to countries seeking to import Iranian oil after U.S. sanctions on the nation take effect later this year.

"There will be a handful of countries that come to the United States and ask for relief from that," Pompeo told Sky News Arabia during a brief visit to the United Arab Emirates. "We'll consider it."

Pompeo's comments make him the first senior U.S. official to publicly float the idea that Washington could grant some countries waivers from aggressive U.S. sanctions on Iranian oil exports, which are set to take effect Nov. 4."



and



and also reported in the Financial Times. Plenty of press coverage now.

[riot2] 10/7/2018 18:18

Chesnuts,

BP and SQZ are applying.
And its end of Sept, which is Q3.

Presumably BP have applied on behalf of Serica. Anyway BP are involved, Serica arent applying on their own, how can they? They arent sqz assets yet....

From RNS

Certain services in support of Rhum field operations are currently provided under authorisations obtained from the US Office of Foreign Assets Control ("OFAC").The current OFAC licence issued to BP enabling the provision of goods, services and support by certain US persons, expires on 30 September 2018. Applications have been submitted to OFAC by BP and Serica for a renewed licence beyond that date. Meetings are scheduled to take place with OFAC in the next few weeks.

[steelwatch] 10/7/2018 18:09

For the avoidance of confusion, extract copied from the Chairman's AGM Statement:

A greater challenge is the need to obtain sanctions relief in respect of Rhum. The Rhum field is 50% owned by BP and 50% owned by Iranian Oil Company (UK) Limited whose ultimate parent is the National Iranian Oil Company. Following the signing of the Iran Nuclear deal by Iran, US, Russia, China, the European Union, Britain, France and Germany all sanctions against Iran were lifted from January 2016 other than Primary US sanctions which require a licence to be obtained from the US Office of Foreign Assets Control in order to use US persons, companies or equipment on operations involving Iranian entities. In the case of the Rhum field such a licence was granted to BP expiring at the end of September. Most of the US persons employed on the field have been replaced with non-US persons but there remain a few items which are hard to replace, such as the sub-sea wellheads. It is therefore a condition of the BKR transaction that Serica obtain a licence in respect of those items beyond that date.

On 8 May President Trump announced that the US Government would be withdrawing from the Iran Nuclear Deal and re-introducing more extensive sanctions on operations involving Iranian entities. Although no other signatory to the Iran Nuclear Deal has withdrawn this changes the basis for OFAC licences and obviously affects Rhum. We are evaluating the new requirements and are reviewing various possible solutions together with our US advisors. Suffice to say that all parties wish to see Rhum operations continuing and all parties are seeking a constructive solution which is capable of maintaining Britain’s offshore gas production and meeting the requirements of the US authorities. Together with Bruce and Keith, the Rhum field contributes approximately 5% of British offshore gas production and is therefore clearly an important UK strategic national asset. The position is complex but we are receiving full UK Government support and I am hopeful that, with that support, we will achieve a positive outcome.

[chestnuts] 10/7/2018 17:40

riot

Its a long way off End of October, and its sqz applying for the licence not BP,

They wont nationalise it but just put all IOC proceeds into Escrow but if it follows the time table.

There is another route

[bountyhunter] 10/7/2018 17:23

Good find riot2, that's encouraging.

Also Pompeo saying amongst the rhetoric "We will consider (waivers)" here ...



"We will consider (waivers) but make no mistake about it: We are determined to convince the Iranian leadership that this malign behavior won't be rewarded and that the economic situation in the country will not be permitted to be rectified until such time that they become a more-normal nation," he said.

I would have thought that BP/SQZ would be able to make a very strong case given it's 5% of our gas supply from UK waters and there is already a waiver in place; also given the potential damage to the field if production is interrupted.

[riot2] 10/7/2018 17:22

Chesnuts,

I agree, in essence the waiver is for Rhum. BP are applying for it and will be passed over with the asset to sqz, if all goes well.

1. No Europe aren't supporting sanctions. If US take the hardline, then IOC share will be nationalised/escrow account etc..
They will natonalise over shutting it down. Do you disagree?
Why different from when there was worldwide sanctions?

2.The british government are already involved, as per the rns.

[fardels bear] 10/7/2018 16:15

It's pig's bladder on a stick time for chestnuts, the Lord of Misrule.

[chestnuts] 10/7/2018 16:06

riot

Just to clarify a few things

The licence from ofac is for rhum and not for bp other wise they would just transfer the name, so SQZ can apply for licence to ofac at any time but the problem arises of the tightening of the rules, as i have stated a few weeks ago , i dont think a licence will be granted for a couple of reasons

1, Europe are not supporting the usa with the sanctions so why should they support Europe with waivers. This make s sense

2, If this does happen the british government will step in but we wont know till November

[riot2] 10/7/2018 15:57

SECRETARY OF STATE POMPEO SAYS U.S. WILL CONSIDER REQUESTS FROM "HANDFUL" OF COUNTRIES FOR RELIEF FROM U.S. SANCTIONS FOR BUYING OIL FROM IRAN FROM NOVEMBER -SKY NEWS ARABIA INTERVIEW

[riot2] 10/7/2018 15:33

Sorry chaps.

Cretins who got spiked on TERN.
Plse excuse them.

Lol

[fardels bear] 10/7/2018 15:27

Well yes I agree with that yet it is strange times we live in on this share..Although most trades today look like sells I know exactly how much I have stashed in cash ready for the day that we get the news we wait for.There will be many buyers about then, but it is not this day...

[pineapple1] 10/7/2018 15:15

I wouldn't be too alarmed. Steelwatch moderates and bans without mercy......lol

Bizzarely When BB's get to bullish and no bears are to be seen then a share has usually run out of buyers. Seen it happen on countless occasions...
imho

[fardels bear] 10/7/2018 14:18

Indeed. Experience has taught me that when the bashers arrive it's time to go all in. After all, somebody is paying them to bash boards to get rid of the pi shareholders.