Serica Energy Share Discussion Threads

[bountyhunter] 07/9/2018 12:44

November 4 after which BP will not wish to be still holding Rhum and so by which time the waiver should be finalised with SQZ as the new operator. There may be a temporary management scheme required again for the Escrow account (if required) in which case we should hear about that on Mon Oct 1 I guess.

[dunderheed] 07/9/2018 12:33

Yes, 'full' sanctions don't kick in until November anyway do they?

[general george] 07/9/2018 12:29

There wont be any break in production.

My understanding of the first few lines is that it seems the waiver has been agreed in principle and they are dotting the i and crossing the t. 'processes'

Seems very positive all round. I look forward to completion.

[bountyhunter] 07/9/2018 12:07

My guess is that the waiver will be issued to BP for 1st October then will need to be transferred to SQZ before SQZ can take over as operator, which may take a few weeks of "processes" - if that is the case there will need to be no break in production

[dunderheed] 07/9/2018 12:00

The first one sent was an error matey.
The second actually had some words lol!!

[general george] 07/9/2018 11:58

Gas 74p per therm now

[general george] 07/9/2018 11:57

Short it chesnuts, i will give you some borrow.

[fardels bear] 07/9/2018 11:50

Who is the chief suspect if chestnuts gets topped?

[fardels bear] 07/9/2018 11:49

There's a bloke you should meet on the PMG thread, chestnuts. You'd get on well.

[chestnuts] 07/9/2018 11:48

Sawney

Not at all, i never get down, ask Pine , but the news today didnt really say everything is ok,

Answer this what happens to Rhum 1st of Octo

Who pays for all the expence if the deal doesnt go through because Rhum is closed down.

[sawney] 07/9/2018 11:40

Chestnuts....still on a downer then....?

[lord gnome] 07/9/2018 11:25

Dunderhead - I'm looking forward to a good Christmas. +50% will do nicely. I am a seller at 110+. Mustn't get too greedy.

[chestnuts] 07/9/2018 11:24

Good morning

A couple of points

1/ The Kuwaits met Washington and you can bet Rhum was discussed what if the yanks have said if you let Rhum gas through that pipeline we will Sanction you.

2/ What happens on the 1st of October BP will probably shut down Rhum

[reallyrich] 07/9/2018 10:58

This bit was nice. Erskine back on line end of this month as planned!!!

Completion of these important transactions will enable Serica to assume operatorship and optimise the full performance of these valuable UK offshore assets, extend producing life where possible and ensure maximum recovery of remaining reserves. Coming at a time of strong gas prices and significantly improved oil prices the Company is set to benefit from the resultant strong cash flows which have occurred since the start of the year, as well as from resumed production at Erskine which is expected to occur later this month as planned. We look forward to achieving these objectives and remain on track to do so.

[dunderheed] 07/9/2018 10:55

LG well it's hardly set the world alight but at this juncture - what about £200mm market cap - this seems fair value doesn't it?
Hopefully in a month or two (final sign date could still move back a little?) it'll be 50% plus higher?

[fardels bear] 07/9/2018 10:55

FWIW I reckon processes means that all of the process required relating to the OFAC waiver and the Escrow due to IOC involvement is bing put in place behind the scenes - WITHOUT ANY ANNOUNCEMENT ON THE SUBJECT BEING MADE.


'Cos last time the OFAC waiver was issued the day after it was applied for.

[dunderheed] 07/9/2018 10:50

Reserved for Pram or Saul Goodman.

[lord gnome] 07/9/2018 10:47

Judging from the price movements, I'd say someone has had a second read of the RNS.

[sawney] 07/9/2018 10:28

Probably reading too much into this but it says...

including processes by the US Office of Foreign Assets Control (OFAC) relating to the Rhum Field.

...ie implying the detail being worked out, as opposed to an application being applied for...??

[dunderheed] 07/9/2018 10:20

Great news imho. (i.e. at least it aint off and absolutely no hint of reason to think it will not go through)
There will still be nay sayer's though saying 'oh why the delay, perhaps it aint going to happen!' and the traders will get out but good news from my sighting.

[general george] 07/9/2018 10:18

Yes good RNS. All ready to go.

2 weeks to conclude after the consents are sorted. Which is basically the reason for pushing it out slighty.

Not sure why anyone would sell on that RNS being so close to the end.......but there you go lol

[sawney] 07/9/2018 10:15

Seems ok although no mention of R3....any old excuse on AIM to give the price a kicking though...

[spandy83] 07/9/2018 10:11

Decent update in my view. Nice to see confirmation that Erskine is on track for completion at the end of RNS.PS I'm back in :)

[general george] 07/9/2018 10:11

Rns. Completion extended slightly, but all the ducks lining up.

Nearly there!