Serica Energy Share Discussion Threads

[chestnuts] 07/9/2018 21:45

George
I got to the agm at 10 am what time did you get there, if you got there early enough you might have got some information

[dunderheed] 07/9/2018 21:45

Nah FB I think Shell were the lomond platform operators weren't they?
Maybe bg took it from them but think they were Everest field operators and they were going to build onto lomond platform but decided against it?
It's pretty irrelevant detail though lol so I'll get me coat!!

[fardels bear] 07/9/2018 21:36

ISTR reading it was BG. That had scrimped on maintenance. But I'm getting on a bit and my memory isn't what it was.

[captainfatcat] 07/9/2018 21:30

GG thanks for the clarification from the AGM

[general george] 07/9/2018 21:13

Chesnuts,

You dont half talk alot of tosh. The pipeline hasnt been 'dogged' for 25 years. No such thing was said at the AGM.

At AGM they said in more recent times (I believe it was Shell) neglected the maintenance, prob as they were getting shot of it, eventually to Chrysoar.

As for Serica (an 18% stakeholder) calling the shots and the operator begrudingly laying 24km of pipeline at their insistance? Really?

Thats the most stupid thing you have said since you highlighted that you didnt know what a hedging 'floor' is.

'the other partners wernt bothered'

Dont be so bloody stupid.....

'Serica looked at at cooler'
Hey? Can you explain how that works then?

[chestnuts] 07/9/2018 20:02

Capt

The export pipeline as been dogged for 25 yrs because of wax in the condensate and it as closed down numerous times because of wax build up, seemingly they didnt pig it right at the start of its life this came from the horses mouth at the agm, so why do you think they bothered to change the pipe line now its because Serica pushed it, the other partners were not bothered about an old producing well thats why companies like SQZ buy in so they can squeeze every drop of oil gas and condensate out of these wells

but if a twin wall cost double the cost of a single wall pipe that would equel just one month of production instead of 2 weeks and not only that the production and reserves have hardly changed since SQZ bought into Erskin they are just a guide, Serica did look into a cooler to take the wax out but there was not any room on the platform and as for using a chemical they would have to remove the chemical before it was mixed into the Cats pipeline so they pushed for a new pipe.

[captainfatcat] 07/9/2018 18:43

Chestnuts the Lomond export pipeline has been in service for some 25 years it doesn't look like you have done the math on how long Erskin or Lomond reserves are due to last.

I would be interested in how you arrive at your conclusion the extra expense of insulated and heated pipeline is warranted as it is a different view point to the combined operation experience and wisdom of the Lomond/Erskin partners.

Independent audit confirmed Serica’s share of estimated 2P reserves at 3.1 million boe as of 1 January 2018 after net production of 1.9 million boe since acquisition

[bountyhunter] 07/9/2018 18:29

cheers CFC

[bountyhunter] 07/9/2018 17:47

chestnuts - I take your point re the possible Escrow account but if it is no revenue at all to the IOC due to no OFAC licence or revenue building up nicely in an Escrow account I think I know which one they will go for. After all Iran is not likely to fail to cooperate with the UK on this given the UK's disapproval of the US stance so they will want the gas to continue to flow whatever it takes as opposed to a shutdown thanks to the US imho.

[fardels bear] 07/9/2018 17:36

Oh well, that's alright then. Chestnuts has the answer but since he's off out to the chippy (that was me being kind), we'll all have to wait upon his munificence's return. My cap is doffed, forelock extended.

[chestnuts] 07/9/2018 17:30

Bounty

Theres too much of a risk at the moment the market reacted down on first read then went up and after digesting further the share price started to go down again , the market does not like uncertainty which there is alot of, There is also still a chance the pipeline company not taking the Gas because of the Sanctions,

The other problem with putting the Iranian share into an Escrow account is that the UK is not suppose to be imposing any Sanctions , so how can they say one thing then do the other its very politicle situation, I know what i would do and it would solve the problem . But i have to go out now so it will after wait later.

[captainfatcat] 07/9/2018 17:18

bountyhunter from Waitrose's

[bountyhunter] 07/9/2018 17:10

'til I read that last sentence I thought you must be back in! ;)

[chestnuts] 07/9/2018 17:06

I think people are right BP can run Rhum till the 4th of November But,

I think the rns is saying we havent got the ofac licence but theres till the 4th of Nov for us to get the ofac licence or for the Yanks and Iranians to come to an agreement and that there will not be any need for Sanctions, and so we can then buy BKR,
As for Erskin i think they are behind a little but the good news once production is up with a new pipe ( i would have put a twin wall pipe in so if wax builds up they then could heat the pipe up to melt the wax) i think they will top 4kboepd and the reason for this is there as always been a wax build on the old pipe which had reduced the flow even at 4k max, i wouldnt be surprised if it tops 5k

But I still think they could come out with placing while the share price is high, and the reason if the deal does not go through they will be skint untill Erskin starts building cash pile again

[almsivi] 07/9/2018 16:58

Some very warm, positive language in that RNS - a very welcome update. For my part - if Serica or BP were going to announce the deal had fallen through, this would have been the RNS that reported it. As it stands, there's absolutely no doubt in my mind that a months extension is simply a practical buffer for both parties to keep the bureaucrats happy and of course, it doesn't affect the cash-pile or the accumulation thereof. Still fully invested but if I had anything spare I'd be throwing it in before next month.

[bountyhunter] 07/9/2018 15:49

No not tried that or even seen it down the pub, are we talking about Craft Pubs or a supermarket?

[captainfatcat] 07/9/2018 15:46

Bountyhunter I'm quiet partial to IPA myself especially in the summer, if you have not tried it my favourite is.

Yeastie Boys Gunnamatta Earl Grey IPA

[fardels bear] 07/9/2018 15:44

I'm told so, my chilly amigo.

[fardels bear] 07/9/2018 15:43

One shall be quaffing a few Cheshire Golds at the sailing club tomorrow evening. That's if one hasn't drowned. One isn't very good.

[blueball] 07/9/2018 15:39

Stay long.

[bountyhunter] 07/9/2018 15:22

Abbot tends to gives me a headache unless I have just the one, so I generally stick to the IPA in Greene King pubs!

[bountyhunter] 07/9/2018 15:18

Lol CFC, I'm fed up with Guinness for now! I need a Doombar later!