Serica Energy Share Discussion Threads

[fardels bear] 13/7/2018 20:13

What are our historic links to Iran? Does he means BP's historic links to Iran? Because we've not bought the field yet.

[mirabeau] 13/7/2018 19:44

Serica sanguine on Iran sanctions
The firm's historic links to Iran are in the spotlight as US sanctions resume

Serica Energy is one of the firms seemingly punching above its weight in the North Sea as it seeks to acquire BP's stakes in the mature Bruce, Keith and Rhum (BKR) fields development. The acquisition would give it operatorship of a 5% share of UK gas production.

Serica's chief executive, Mitch Flegg, told Petroleum Economist the company's agility as a smaller player with a tight focus on just a handful of assets gives it an advantage. It can delay cessation of production longer than would have been possible under the operatorship of BP, which has bigger fish to fry elsewhere.

The snag is that a subsidiary of the National Iranian Oil Company owns a 50% stake in the Rhum field, which means that the asset could fall foul of tougher sanctions on Iran, announced last month by President Donald Trump. If it does, then any companies and personnel working there risk being barred from work in the US or with US institutions-a move that would effectively halt its development.

Thus far, the Iranian stake—which dates back four decades to the days of the shah—has been regarded by the US as passive, and has been granted the necessary US Office of Foreign Assets Control (OFAC) license. However, with the new tougher line against Tehran, most new work on BKR is on hold—including that on a well BP had planned to drill. The companies are waiting to see if the OFAC license is extended at its next renewal, due at the end of September.

Flegg said in mid-June that the timetable for completing the acquisition, which is due to take place after the OFAC renewal, remained in place. The company was ensuring it had contingencies in place for all eventualities, but remained confident that the license renewal would be forthcoming without the need for a major restructuring of the deal.

"There is huge political will to keep us. We've got no indication that on either side of the Atlantic they want to punish us because of the historical relic of an Iranian partner," he said.

[fardels bear] 13/7/2018 19:34

Plus one from me also.

[fanshaw] 13/7/2018 19:32

Steelwatch,

The way you run the board and supply information is a credit to you many thanks.

[dunderheed] 13/7/2018 19:01

As ever nice one Steelwatch - cheers buddy!

[captainfatcat] 13/7/2018 18:27

Nice one Steelwatch

[riot2] 13/7/2018 18:21

Nice Steelwatch,

Tks for posting. Looking forward to getting Erskine back asap.

[riot2] 13/7/2018 15:30

Chesnuts,

You are clearly nuts.
Why would there be a placing?

They arent buying up the whole north sea, as u keep suggesting....

The whole BKR deal is structured as an earn-in with BP. So no raise, Im quite sure BKR completes before anything else is actioned.
Especially whem BOD options depend on it and the share price performance!

But please go ahead and short away.

Surely the time to short was just after the sanctions were announced.

Bwtfdik.....

[captainfatcat] 13/7/2018 12:00

Chestnuts who knows but it is something to consider. My gut feeling is if BKR completes in the next couple of months (as planned) and they get a significant cash injection on completion from production backdated to January then there will be no need other than for an acquisitions which should be good for investors here. After all just look what happened to the share price after Erskine was acquired.

If BKR completion is kicked down the road then the odds must be higher, more so if Erskine pipeline fix runs into problems and is delayed. But I think this is a pretty straight forward operation. Weather risk mainly?

There are a number of scenarios that could pan out one way or the other. Personally I am not concerned enough to be shuffling funds around and I will continue averaging up if there is the opportunity in the mid 50's on any weakness .

[d1nga] 13/7/2018 11:22

Blackford Dolphin having a few issues at foinaven wells expect some delays

rig has been stacked for two years apparently and is suffering because of this

[sawney] 13/7/2018 11:21

Not totally impossible... but I reckon it would be at a very small discount if any....it's already running at less than 50% of the Broker valuation/s

[fardels bear] 13/7/2018 11:11

And nobody else thinks a placing is coming.

[chestnuts] 13/7/2018 11:05

Fardel

WE know the good news is coming but its not expected to Sept , and the market cant wait, and i still think a placing is on the cards, could be for something they are buying who knows.

[fardels bear] 13/7/2018 11:00

So you might have conjectured good news and a price rise ahead. But as usual, you didn't.

[chestnuts] 13/7/2018 10:44

Faedel

If you look at sqz chart at every major junction ie price turning up or down you will find an NR7 candle

[chestnuts] 13/7/2018 10:43

Fardel i closed my short a few days ago and looking to open it again maybe later today or Monday

[chestnuts] 13/7/2018 10:37

Really

You make me laugh, one thing i have learned over life is that people get very touchy about there shares, including myself at times, but i try and stand back and have a good look at things in life , and even the blackest of days there is funny things happening. so chill out ,

[fardels bear] 13/7/2018 10:28

He's sold out of every share he had though. And he's shorting DOW and FTSE too.You need to read all his posts in the light of that and this mumbo jumbo about candlesticks when at the time there'd only been one trade today is beginning to smack of desperation.

[reallyrich] 13/7/2018 10:18

Chestnuts you are the most miserable person on here. You seem very insecure about yourself and this share.

[fardels bear] 13/7/2018 10:13

No mate, it isn't.

[chestnuts] 13/7/2018 10:04

It looks like its going to be a NR7 candle day, could this be the prelude to a placing