Serica Energy Share Discussion Threads

[nigelpm] 02/3/2024 10:26

Thanks stemis. Actually slightly better than I thought.

[oilinvestoral] 02/3/2024 10:10

CCPI'm not sure if you are new here but to give you some background about the Pugnacious Mendacious. His track record is literally worse than Jim Cramer! The pugnacious one turned up at SQZ in 2022 during the gas price boom armed with his trusted abacus. In hindsight that was my cue to leave (having been here since 2015). His track record in the energy sector in recent years includes buying Hurricane Energy at 60p , Cairn Energy at 240p and soco international at 400p +! Watch him claim otherwise and deny it ! His posts are still there for all to see! lolThe company where most of us made life changing money in recent years in the oil sector (Rockrose Energy), was one he continually & incessantly de-ramped on Twitter until it was taken over ! Unbelievable! In non oil and gas companies he was recently seen pumping POLX! I kid you not! So be careful before you start listening to his ilk or taking any investment advice based on his years of untold wisdom!

[oilinvestoral] 02/3/2024 10:04

Also one other thing, the 2022 end of year reserves figures came out in 2023 in Q2. But you know that don't you... Why stop there though? Why not wait until the 2023 reserves are audited and use those figure to make the calculation even more favourable? Only 6 weeks to go and we can all claim that SQZ purchased TW for £7-8/ bbl !

[oilinvestoral] 02/3/2024 09:57

Morning Stemis I really do respect you so I'll be kind. First of all, the PM has never been "right" about anything in his life!!What happened to the cash that Mercuria were given or does the price paid only include shares and debt taken on ??2P reserves on slide 6 of the deal presentation shows that tailwind brought to the table around 40 million! Check the slide deck! Don't know why anyone would use later figure! That was what they negotiated based on!Regardless of what we all think, the market has spoken! The shares are now worth less than the cash in the bank that we had at the time! share price on the day before the deal was near 300p! Today it is 177p! All the number crunching 2 years later is lipstick on a piggy! nuff said!

[oilinvestoral] 02/3/2024 08:58

Oh dear CCP!!Initially in post 5711 he claimed that they were purchased at £14/ bbl. He then edited that post and changed the figures! In post 5713 he claimed that they were purchased at £12/ bbl In post 5722 he then checked his calculations and claimed that they were actually purchased at £11.55/ bbl Does anyone else see a theme here ? Soon he's going to claim that SQZ were given money to take on Tailwind!!! LOLZEven if he uses the 2023 figures (that never came out until Tailwind was part of the SQZ group), his calculation is still wrong!So let me get this straight if Ganett reserves increase next year is going to claim the purchase was made at an even lower price ? He likes to argue for the sake of arguing! I say just filter him and enjoy your weekend!

[coffeecanportfolio] 02/3/2024 08:53

Nigel, I think you are using the 2023 figures that came out after Tailwind became part of the Serica Group (not the 2022 figures that TW was purchased on the basis of). I have proven & probable reserves at the time of the deal are £15.5-16/ bbl (approximately $19.5- $20.3/bbl)

[nigelpm] 02/3/2024 08:31

I'll take that as a no then. :)

[oilinvestoral] 02/3/2024 08:08

If you weren't so much of a * unt with a capital "C" , I would actually send you my SQZ spreadsheet that I use for hundreds oil investment related calcs ! Unfortunately your ultra pugnaciousness makes you extremely unlikeable! Anyway, that's you back on filter ! Please combust quietly ! If you do behave yourself I might give you a reprieve! But you need to be on best behaviour! LOLZ!!

[oilinvestoral] 02/3/2024 08:04

The Pugnacious Mendacious: "Tell me where I'm going wrong"------------------Oh dear oh dear oh dear There's so much wrong that it's easier to tell you where you're going right!!! The 641m is WRONG!!! The 55.5 mmboe is WRONG! Couldn't be bothered reading the rest of the guff!!! Top tip: when you are doing division you need both the denominator & numerator to be correct in order to achieve the right answers! LOLZBut I'll tell ya what at least you referred to the reserves using their correct terminology and not named them after an American thriller film this time! LOLZ Your pugnaciousness precludes from the most the basic comprehension skills, understanding written words and using a calculator! Back on filter !!! I'm off to enjoy my weekend!! Ciao

[nigelpm] 01/3/2024 23:55

It's that simple - tell me where I'm going wrong.

[nigelpm] 01/3/2024 23:52

Value of Serica Equity - £367m
Tailwind Net Debt - £215m
Cash payment - £58.7m

= £641m / 55.5 mmboe 2P

updated Tailwind reserves report shows increase in 2P reserves from 41.8 million boe at 1 January 2022 to 55.5 million boe at 1 January 2023, replacing 2022 production four-fold

= £11.55 per 2P

[oilinvestoral] 01/3/2024 22:46

I see the pugnacious one has continued to vigorously combust lol! First of all , they are technically called 2P reserves! Not P2 (P2 is actually an American film SMH lolz)! Don't embarrass yourself by trying to be technical ! This feels like the time I watched my friend tried to explain the updated offside rule to his wife! lol

[nigelpm] 01/3/2024 22:08

Have a great weekend all.

[nigelpm] 01/3/2024 22:07

Or how about this from :




Substantial tax losses acquired with Tailwind
• Potential to generate over £400 million of UK
tax offsets
• Benefit of Tailwind tax losses since 23 March
2023 has lowered Serica’s overall tax burden
• Unpredictable fiscal policy and high rate of tax
deterring investment in the UKCS

[nigelpm] 01/3/2024 21:51

The evidence is all there but you and others continually whine about Tailwind when it was a pretty good deal all ends up.

[nigelpm] 01/3/2024 21:50

And by the way RE: tax losses -

The net deferred tax liability position of £52.0 million at 30 June 2023 decreased from £153.3 million at year end 2022, mainly following the introduction of the significant net deferred tax asset position of £95.0 million upon the Tailwind acquisition. This comprised deferred tax assets recognised on tax losses and future relief available on decommissioning partially offset by deferred tax liabilities arising on property, plant and equipment balances. Deferred tax liabilities arising upon the group's PP&E balances will be released in future periods as those balances are depleted.

[nigelpm] 01/3/2024 21:48

It's pretty simple and in the RNS if you care to read them.

[oilinvestoral] 01/3/2024 21:46

Never trust an accountant who can't count ! Have a nice weekend all!

[nigelpm] 01/3/2024 21:45

No comment on the numbers then at all.

Actually £12 per P2. Wrong again Al.

[oilinvestoral] 01/3/2024 21:44

Include the hedging costs that were forced up on us and the total is actually more than £17 (but being a bean counter you know that)!... Do you remember those hedges at a shockingly low price that weren't even disclosed at the time of the deal ? The ones we found out about 3-4 months after the deal closed. The ones that don't pass the smell test that were taken out by Mercuria from Mercuria! That's what the kids call hands in the cookie jar! Are we taking about the tax losses that still have us an egregious amount of tax this year and next ? Anyone still trumpeting that guff shouldn't be allowed to manage their own money IMHO! Even Fleggy stopped flogging that dead horse recently !!!!

[nigelpm] 01/3/2024 21:33

It wasn't as simple as just saying they paid £17 per 2P though was it?

In fact it wasn't even £17 per 2P -

Value of Serica Equity - £367m
Tailwind Net Debt - £215m
Cash payment - £58.7m

= £641m / 55.5 mmboe 2P

updated Tailwind reserves report shows increase in 2P reserves from 41.8 million boe at 1 January 2022 to 55.5 million boe at 1 January 2023, replacing 2022 production four-fold

= £11.55 per 2P


You also negate the value of the tax losses and any other synergies - i.e. cheaper hedging and admin costs