Serica Energy Share Discussion Threads

[fardels bear] 14/7/2018 12:46

There's a very interesting book about the history of oil exploration and politics and production..A lot of people on the old GKP thread bought it, before the flood.I can't remember what it was called..

[dunderheed] 14/7/2018 12:41

Well that's 2-1 Ed.
I also understood the point FB was making from what I read as well but thanks anyway.
I do like my o&g history it is an intriguing story!!

[fardels bear] 14/7/2018 12:35

That's how I read it. An historic relationship between SQZ and Iran. Lazy journalese the problem, as per.

[ed 123] 14/7/2018 12:14

Dunderheed.

...read what was posted as history between sqz and Iran.

Why would you read it like that? I didn't.

[dunderheed] 14/7/2018 12:05

Yes Ed but I think, as did I, FB read what was posted as history between sqz and Iran.
The Persian oil company / BP stuff is pretty well known info I'd have thought but thanks for posting anyway!

Thanks for your posting sawney!

[riot2] 14/7/2018 12:00

Good post Ed.

Will be interesting to see if the escrow account is bought back into play.

Uk needs the gas!

[chestnuts] 14/7/2018 11:51

Robo

I am black not blue LOL and i wouldnt stoop so low, i have better things to do

[ed 123] 14/7/2018 11:45

Fardels Bear.

With reference to your post 8158, not sure how much you know of this? May be of interest to some investors here?

There is a long history of interaction between Iran/Persia and the UK, including military conflict and occupation (in 1856, 1919 and 1941). More recently the US became involved too. The US is widely disliked in Iran for its orchestration of the overthrow of the democratically elected leadership of Iran in 1953. The Iranian Prime Minister was jailed for 3 years and then moved to house arrest. He was considered to be too dangerous by the Americans to ever be released, and spent the rest of his life under house arrest. The danger he represented was that he was a nationalist and socialist, wanting more of Iran's oil wealth to be retained by Iran and to filter down to the poor masses of the country.

The mighty BP was born in Persia and was known at that time as Anglo-Persian Oil Company. It made huge sums operating a Persian oil field concession, the terms of which gave relatively little benefit to the people of Persia.

The 'plundering' by the UK/US, followed by their political interference was, I'd say, instrumental in pushing Iran from being a secular state into a religious one. Fast forward to today, Iran had a nuclear agreement with the membership of the UN Security Council (including the US) but that did not suit the new US Presidency and its allies of Saudi Arabia and Israel, who preferred to keep Iran under the economic pressure of sanctions.

That's where we are today with BP's (soon to be Serica's) Rhum field caught up in the latest phase of a political (independence) conflict that has its origins more than a century ago.

[riot2] 14/7/2018 11:18

Tks Sawney.

Looking forward to this finishing.
And getting the 3k boepd back online.

Exciting nrws period coming up

[robo175] 14/7/2018 11:13

I see there's a bluey been on and marked every recent post down..


Yes probably good old chesty :)

[sawney] 14/7/2018 09:41

Seven Navica will be laying the new section...

[fardels bear] 14/7/2018 09:40

I see there's a bluey been on and marked every recent post down..But marking every post down means he's just wasting his time.

[riot2] 14/7/2018 08:10

Lets play a game.

If BKR completes (I think it will)

What would be cash in the bank and new market cap be at year end?

As far as my calcs go.

I reckon will will have $20 + $109m less the first payment (was it 12m or 16m)

So $115 cash, with current market cap £160m.

New mkt cap maybe £350m?
Pe ratio of 4?

Sp circa 115p?

Opinions/objections?

[bountyhunter] 13/7/2018 22:28

making historic links ;~)

[riot2] 13/7/2018 21:19

Yes quite, what historic links, lol

[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.