Share Name Share Symbol Market Type Share ISIN Share Description
Serica Energy LSE:SQZ London Ordinary Share GB00B0CY5V57 ORD USD0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 81.80p 79.60p 81.60p - - - 12,943 08:31:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 17.4 2.7 3.2 28.5 204.65

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Date Time Title Posts
21/2/201812:52Serica Energy5,857
19/2/201812:50serica energy199
25/11/201718:53Deal too good to be true.4
03/6/201716:15Serica Energy plc - Moderated7,634

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Serica Energy (SQZ) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-02-21 16:52:3781.652,2271,818.41O
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Serica Energy Daily Update: Serica Energy is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SQZ. The last closing price for Serica Energy was 81.80p.
Serica Energy has a 4 week average price of 72p and a 12 week average price of 40p.
The 1 year high share price is 93p while the 1 year low share price is currently 20.25p.
There are currently 250,179,040 shares in issue and the average daily traded volume is 569,966 shares. The market capitalisation of Serica Energy is £204,646,454.72.
fardels bear: I must be missing something here.... As I understood this SQZ are benefitting from 40% of the production of BKR fields for the year 2018. That's about 7200 boepd, isn't it? And 10K boepd if you include Erskine. So, even without Erskine production we are producing three times as much as we were last year - and the share price sits about treble what it was before the announcement of BKR purchase... If that logic (and I use the term loosely) holds true, when Erskine comes back on we should expect the share price to return to mid nineties (OK I know it isn't an exact science).. So if you want to top up you need to do it before Erskine comes back on line.
captainfatcat: I replied to a posters question on the old BB and thought it worthwhile to post the reply here as well as the old bb does not get used that much now. AdamB1978 31 Dec '17 - 11:13 - 193 of 195 0 0 0 Hello Very basic question which hopefully someone on here can help with: can someone point me in the direction of some materials which explain how to value an oiler such as this? Only reason for posting this here was I saw the announcement re potential ramp-up in production so wondered how accurately Mr Market was reflecting this in the share price. Thanks Adam captainfatcat 31 Dec '17 - 14:08 - 194 of 195 Edit 0 0 0 AdamB1978 for a peer to peer comparison try taking a look at the recent 2017 acquisition of Ithaca Energy by the Delek. The Offer implies a total enterprise value of approximately US$1.24 billion Production approx 25k boepd, 2P reserves of 57 million boe plus debt of cica 600Million Delek Group places offer for Ithaca Energy ABERDEEN, February 6, 2017 – North Sea player Ithaca Energy on Monday announced it had agreed to takeover bid placed by Delek Group. The Israeli entity had offered to acquire Ithaca’s issued and to be issued shares at GBP 1.20 per share, representing a value of USD 646 million. The total enterprise value was put at USD 1.24 billion. Delek already held 19.7% in Ithaca. In a statement, Ithaca Non-Executive Chairman Brad Hurtubise labelled the deal “an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the Company’s evolution.” Ithaca Energy boasts 2P reserves of 57 million boe across its North Sea Assets, the majority of which are located in the Greater Stella production hub.
gersemi: TIPPED IN THE IC: --- 'Not too late for Serica windfall IC Tip: Buy at 75.5p Tip style Growth Risk rating High Timescale Medium Term Bull points Transformative deal Free cash flow yield BP retains key liabilities Discount to core NAV Bear points Forties shutdown Oil price By Alex Newman Life comes at you fast. On 21 November, investors in Serica Energy (SQZ), a well-run if small Aim-traded oil and gas producer, awoke to news that their company had agreed to buy BP’s (BP.) stakes in three major North Sea fields. Alongside a new chief executive, the deal gave Serica the following: a 16-fold increase in net 2P reserves, a sevenfold increase in net production, 110 new staff, and a near-fivefold increase in forecast earnings per share (EPS) for 2018 and 2019. The price of this transaction? An upfront payment of just £12.8m, contingent payments of up to £39.1m, and around half of the pre-tax net cash flow from the fields until 2021 (and everything thereafter). This unique deal, something of an experiment in the history of North Sea field operatorship, is one we believe new investors can still benefit from, even after the 170 per cent share price surge seen since the transaction was announced. SQZ:LSE Serica Energy PLC 1mth Today change -1.51% Price (GBP) 81.75 But what exactly is Serica buying? Once the deal becomes effective on 1 January, the group will own 36, 35 and 50 per cent interests in the Bruce, Keith and Rhum fields respectively, and will sit as the producer-operator of all three, collectively known as the “BKR assets”. Together with its stake in Erskine, another North Sea field acquired from BP in 2015, broker Peel Hunt judges Serica’s production assets to be worth 87.5p. Including cash on the balance sheet and tax credits, the brokerage values the group’s core net asset base at £355m, or 134p a share. So this deal clearly represents a giant leap for the hitherto junior producer, but the question for investors is whether it offers value at the current price? The answer, we believe, is yes. Assuming operating costs stay below $15 (£11) a barrel and Brent crude averages $57 in 2018 and $60 in 2019, Peel Hunt reckons Serica’s interests should generate a net profit of $83m and $118m in those years, at the end of which there is expected to be $193m net cash on its balance sheet. Thereafter, field production is set to steadily decline, and assuming no discoveries are made, the group’s reserves will last less than seven years. This helps to explain why BP is happy to wave goodbye to the BKR assets (albeit for around £300m in total payments); put simply, the fields are worth a lot less to an oil major than they are to a mid-tier producer. Importantly, BP will retain financial liability for all decommissioning costs, although Serica in on the hook for 30 per cent of post-tax costs, and the job of planning and executing the fields’ closure at some point in the next decade. SERICA ENERGY (SQZ) ORD PRICE: 76p MARKET VALUE: £199m TOUCH: 75.5-76.8p 12-MONTH HIGH: 77p LOW: 74p FORWARD DIVIDEND YIELD: nil FORWARD PE RATIO: 3 NET ASSET VALUE: 36¢ NET CASH: $25.1m Year to 31 Dec Turnover ($m) Pre-tax profit ($m)* Earnings per share (¢)* Dividend per share (¢) 2014 0.0 -4.8 -2.1 nil 2015 24.0 12.8 5.9 nil 2016 21.4 3.7 4.2 nil 2017* 34.2 18.4 6.9 nil 2018* 177 116 31.5 nil % change +416 +491 +357 - Normal market size: 10,000 Matched bargain trading Beta: 0.24 £1=$1.34. *Peel Hunt forecasts and adjusted pre-tax profit and EPS numbers. IC View The state of the North Sea’s ageing infrastructure certainly came in for greater focus just three weeks after the deal was announced, when the Forties Pipeline – which carries output from Erskine and the BKR assets – was shut down after the discovery of a hairline crack. At the time of writing, Forties operator Ineos, which recently acquired the pipeline from BP, expects repair work to have completed by early January. This unfortunate development nonetheless provides a pause in recent momentum, as the market latches on to the consequences of Serica's free cash flow, which is expected to total a combined 88p in the 2018 and 2019 financial years, and the potential for rapid, near-term equity growth. Buy. - not holding but like the company
captainfatcat: Very reassuring to see the share price looking so resilient, sells are getting mopped up and the news of a temporary shutdown of the Forties pipeline hasn't made a dent in the share price Long holders are feeling very optimistic about the acquisition (that's me). But as has been mentioned its not a done deal as yet and accordingly there is an element of risk still attached to the share price which diminishing as we get closer to year end and the transfer of ownership official starts. For sure if news of the pipeline shutdown came before the acquisition announcement I think we would be sub 20p and all feeling pretty glum about it. ------------------------------ Another thought I wonder with North Sea costs driven down and the oil price seeming a little more buoyant if there might be interest again in bringing the Vette oil field (previously Bream field) into production. Small bear now and I'm not sure who the current owners are or if SQZ are still in line to benefit from a bonus payment when the field is brought into production. Have a good weekend all
stephen2010: ALBA currently trading at 0.39p target price 6p making a nice 15 bagger. Please read the following: MARKET CAP PUZZLE ❖ Alba (market cap £8.4m) is in a resources neighbourhood populated with listed companies with much enhanced market capitalisations, such as UKOG.L (£134m) and JAY.L (£172m). With either shared project interests or adjacent tenements to these companies, Alba should trade at a much higher valuation than its current token value. Like Bluejay, Alba owns 100% of its ilmenite project. Direct comparisons with UKOG are also instructive. While both companies own other projects, UKOG’s 49.9% of Horse Hill Developments Limited (HHDL), when compared to Alba’s 18.1% means that Alba has approximately one third of the value of Horse Hill compared to UKOG but only about 7% of the market capitalisation. Once the market recognises these disparities, the room for growth in Alba’s share price is undeniable. VALUATION RATIONALE - Our valuation in this First Equity Limited initiation note uses a risked valuation approach for Alba’s two main projects, at Horse Hill and TBS. The Horse Hill licences are valued using independent published technical data from Schlumberger, Xodus and Nutech on the oil potential of the licences, along with our own assumptions on recovery rates, oil discovery value, resource and development risks factors. From this a risked value of $127m net to Alba on a ‘Base Case’ basis is derived for Horse Hill. Given the similar geology and economic potential of both TBS and Dundas, we have adopted a risked closeology valuation approach, by computing an NPV for Dundas of $223m and then applying a three-tiered risked probability calculation to arrive at a value of $54.7m for TBS. Once Alba announce its JORC resource and exploration target at TBS and Bluejay its Feasibility Study results, this number is likely to be revised upwards very rapidly, possibly up to $200m, representing up to 7p per share in additional shareholder value. We compute a valuation of $185m (£139m) for Alba, equating to 6.0p per share, of which 4.1p is attributed to the stake in Horse Hill, 1.8p for TBS. Given this analysis and wealth of valuation catalysts anticipated across the project portfolio in the coming months, we recommend the shares as a ‘BUY, with a Target Price of 6.0p, representing a potential 15 times plus uplift from the current share price.
dunderheed: It's a fair point guys and everyone has answered intelligently. Why continue with the other silliness? Does anyone really seriously think chatter on adv is going to impact share price at this juncture!! I personally think the share price is being held by people nervous to buy and ii moppingbul any sales at the moment? Best of luck all.
mirabeau: w8643 This isn't a personal view but one from the Inv-Chronicle dated 6 Nov-2017 (ST) Apologies for o/t - In the case of Chariot, investors are now cottoning on to the potential exploration upside from the forthcoming drilling programme by oil giant Eni at the Rabat Deep Offshore permits in Morocco, which have an independently audited gross mean prospective resource estimate of 768m barrels. Drilling is scheduled for the first quarter next year. Chariot has a 10 per cent equity interest and a capped carry for its share of an exploration well which will cost over $50m (£38.6m) to drill. Larry Bottomley, chief executive of Chariot, says that “the prospect offers potential to create transformational value due to the large-scale prospective resources, excellent commercial contract terms and robust economics.” He also adds that “success will materially de-risk other targets we have identified within our neighbouring Mohammedia and Kenitra permits in which Chariot holds a 75 per cent interest". Chariot is actively seeking partners to drill Prospect-S in Namibia (prospective resources of 300m barrels) in the first half of 2018 and Kenitra-A in Morocco (prospective resources of 350m barrels) in the first half of 2019. The point here is that with the company’s £43m market capitalisation backed by net cash of £16.5m, a sum worth 6p a share, drilling success at the Rabat Deep Offshore permits could send the share price soaring, as could a successful partnering in Namibia and Kenitra-A in Morocco. So, having first advised buying Chariot’s shares at 8.29p in my 2017 Bargain Shares portfolio, and banking a 111 per cent profit on two-thirds of the holding a few months later at 17.5p (‘Bargain Shares on a tear’, 3 April 2017), I feel that there is potential for the share price to double again to FinnCap’s conservative looking target price of 35p if drilling in Morocco hits pay dirt early next year. Run profits. - cheers M
almsivi: Erskine feeds the Forties system so will be affected, as will some 80 other platforms and fields. I expect the price of oil to rocket within the next few weeks off the back of this. We're in an unusual area, the value of the BP deal hasn't been anywhere near realized yet and the Share price is rerating accordingly. Will the news of the closure prompt a sell off? If it does, it won't be from me, I know exactly where this share price is going and risking my volume to make a buck shorting it off the back of an issue like this just isn't worth it.
fuji99: mesquida - I referred to the Share Price as Bear said. Obviously it is the production increase that will boost the share price accordingly. The actual share price does not reflect the whole potential of future production as market cap - share price related - is too low.
nigelpm: Of course BP are not going to enrich us on a whim, but this elegant deal still catapults SQZ into a wholly different league without, and this is the crucial point, shareholder dilution. This deal’s immediate and eventual value to SQZ are different things - let’s see how much of its eventual value we get credit for in the share price on relisting. If the market is short-sighted enough to leave anything in the 30s on the table, I’m having it. I’m sure we would all sell at the right price, but for me that price is not in the 40s. Quietly confident about my 51p opening prediction... Yep - agree with all that. For me anything less than 50p on open will be buying material, probably up to 60/70p - anything over £1 and my selling button will get twitchy.
Serica Energy share price data is direct from the London Stock Exchange
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