Serica Energy Share Discussion Threads

[spandy83] 03/8/2018 07:08

Nice little addition there if Rhum goes through :)

[fardels bear] 02/8/2018 21:20

What do you mean, stay in cash? We're waiting for the final piece of news that will propel this into three figures and you're recommending we stay in cash?Unbelievable.

[blueball] 02/8/2018 20:43

stay in cash.

[rogerlin] 02/8/2018 14:19

CFC thanks for pointing out that the Rowallan rig has already been identified, that is reassuring.

[dunderheed] 02/8/2018 12:35

Plus maybe shallow gas?
In times of high rig rates quick seismic shot saved a day or two top hole work? Maybe both obstructions plus ahallow gas could already be done on the env survey? On phone on holiday as well lol!

[steelwatch] 02/8/2018 12:12

Bit constricted by PC crashing, so phone only. I suspect the shallow drilling is to do with ensuring seabed stability for siting the jackup rig. Can't have it toppling over!

[general george] 02/8/2018 10:53

I dont want to say done deal. But they say they have a little way to go, so seems very positive.

Im sure BP want to get R3 done asap as well....

[fardels bear] 02/8/2018 10:40

And if you read almsivi post the other day folk in Aberdeen regard it is a done deal.

[general george] 02/8/2018 10:32

I think I read that somewhere about the 60 days, but Serica have already stated they are in direct contact with the OFAC along with BP and the UK Government.

Since then, they have gone ahead and offered jobs and taken a lease on the new HQ.
Basically carried on full steam ahead.

Seems to point towards a work around. Escrow worked before, it should be acceptable again if need be. It is also written into UK law.


'The Hydrocarbons (Temporary Management Scheme) Regulations 2013 allows the Secretary of State to apply a temporary scheme to the hydrocarbons interests of a listed person which holds a relevant licence where he is satisfied that this is necessary (i) to avoid or remediate environmental damage; or (ii) to prevent permanent destruction of the value of the relevant licence.'

[sawney] 02/8/2018 10:23

If I recall....they can apply for the waiver within 60 days of the existing expiry date in September..???...is that right...???

[general george] 02/8/2018 10:13

If a waiver RNS drops it will be £1

[sawney] 02/8/2018 10:08

Target price is for end of December...by then, Erskine back on line and BKR completed? but probably not including R3 before the end of the year?. Likewise the Rowallan result.?..some of the BKR deal is already priced in so £1.04 is not unreasonable, perhaps on the lower end....???

[fardels bear] 02/8/2018 09:48

Seems a bit odd that he/she has chosen completely to ignore the large elephant in the room though.;

[sawney] 02/8/2018 09:21

It probably includes BKR but only over the next 4 months...

[general george] 02/8/2018 09:02

Hi Sawney,

104p?
Is that without BKR? :)

No mention of BKR seems a bit odd, as it's the main driver for the SP!

104p, should be 140p with BKR......

[dunderheed] 02/8/2018 08:46

It could be shallow gas survey prior to spud 're Row.

[sawney] 02/8/2018 08:38

Oil & gas:

Ashley Kelty, oil & gas research analyst – chosen stock: Serica Energy

Market cap: £183m

Current share price: 69.63p

Target price: 104p

“Serica recently announced the submission of a field development plan for its Colombus project in the North Sea. This is a big step forward for the business, as the Colombus development has been a long time coming, due to the need to get approval for export over a host platform operated by a third party.

“This is a low-cost development plan that will be welcomed by the UK government and we see the proposed development solution as being an indicator of the positive environment in the North Sea, where operators are collaborating to get fields developed.

“With commodity prices remaining high and the OPEC deal providing support at current levels, we see the outlook for investors in the sector as remaining positive.

“Serica is therefore well placed to undertake the Columbus development, being cash generative and unencumbered by debt, and the project should deliver strong cashflow in the coming years to complement the existing portfolio of assets.”

Every little helps.....

[captainfatcat] 02/8/2018 08:19

roger see post 8487

steelwatch 27 Jul '18 - 18:09 - 8356 of 8487

Permitting process for the Rowallan well has started and the rig is identified as jackup Ensco 121

-------------

there is a screen shot graphic that shows start 1st December

[rogerlin] 02/8/2018 08:11

Preparations for a well on the Rowallan prospect in the second half of 2018 are progressing to plan with a site survey completed last December and tendering for a rig underway.

Surely they already did the site survey. Time we heard about the rig. The fact that ENI have taken up adjacent blocks suggests that they are still going ahead?

[steelwatch] 01/8/2018 18:28

See post #7707



Could be the shallow drilling for geotechnical testing

[nicnic1953] 01/8/2018 16:45

Farmscam well ocean vantage could be doing straight supply at present ..but pics suggest she has a stern roller and there for an anchor handler .?maybe ready for work

[general george] 01/8/2018 16:19

After Erskine is back online.

3500boepd average should be achievable without interruption (see H1 2017)
If started 1st sept, 90 days odd production til YE

3500boepd = 203035 Therms per day, at current 57p per therm
Would be £115k per day.

or £10.35m revenue for that remaining quarter. Subject to hedging, not sure what they hedged for this year?

Used therms as is mainly gas, some condensate too.

Just to show the cashflow that can be generated.

[farmscan] 01/8/2018 13:34

Thanks Steel. Also noticed that supply ship Ocean Vantage appears to be at Rowallan well site, don't know if that is significant.