Serica Energy Share Discussion Threads

[upwego] 30/7/2024 07:08

sold on the open at a 3% loss just to risky for me now. good luck to all though.

[bountyhunter] 30/7/2024 06:51

Yes no changes on these

"There are no plans to change the availability of capital allowances in the permanent regime."

and

"The government will retain the decarbonisation investment allowance."

Changes effective from 1st November.

[ashkv] 30/7/2024 06:41

Only positive that Capital Allowances will be retained though some tweak to 100% upfront measure and 80% EPL allowance allowed for Green electrification for producing platforms....

[ashkv] 30/7/2024 06:40

RIP UK Hydrocarbon Energy.... Woke suicide of Western Civilization via repeated assaults is relentless....

[spectoacc] 30/7/2024 06:26

Interesting isn't it. R Reeves needs every penny she can get, which means higher tax/lower deductions. But it also means she needs a functioning N Sea oil industry.

I believe/hope Reeves trumps Milliband & his green idiocy.

[xxnjr] 30/7/2024 06:23

JOG RNS

· EPL to increase to 38% from 1 November 2024, bringing the headline rate of tax on upstream oil and gas activities to 78%

· EPL to be extended to 31 March 2030 with the Energy Security Investment Mechanism remaining in place meaning the levy will cease to apply if prices fall consistently to, or below, historically normal levels for a sustained period

· The EPL's main 29% investment allowance for qualifying expenditure incurred will be removed from 1 November 2024

· Capital allowance claims that can be taken into account in calculating EPL profits will be reduced; however the extent of the reduction will only be announced in the October Budget following engagement with stakeholders

The Greater Buchan Area joint venture will carefully consider the impact of the tax changes to the economics of the development and project sanction. The full implications will, however, only be clear when the level of capital allowance claims available as deductions to the EPL are provided in the October Budget.

[creditcrunchies] 29/7/2024 19:44

Looks like Reeves is going to shutdown UK oil and gas, so what is SQZ strategy?

[slicethepie] 29/7/2024 07:40

And when ed is proved wrong he will swan off into the same champagne lifestyle enjoyed by his brother !

[croasdalelfc] 26/7/2024 17:16

Is the rig still at Bittern - it must be into the 3rd month now

[kenmitch] 26/7/2024 16:46

I also saw that Milliband interview and it made me as angry as it did SpectoAcc and I agree with everything in his post. He was also interviewed on the Today programme and when challenged about the costs to the UK of his idiotic North Sea policy, he just said his critics are wrong. That nonsense went unchallenged by Amol Rajan the interviewer. I’m not anti Labour and the likes of Wes Streeting are a breath of fresh air, but why on earth did Starmer give the ignorant clown Ed Milliband the Energy brief?

[pjackson2] 26/7/2024 13:26

I don’t think we will hear anything from govt. they are on summer break now.

[ashkv] 26/7/2024 12:43

Indeed - that was my point that it is ridiculous that SQZ trades at the level of GENL which is facing an existential risk and has a bond refinance next year (although GENL is has a healthy net cash balance ex-debt).

SQZ Buybacks Pls!!!

Also clarity from the recently installed Labour government prior to autumn budget announcement is required!!!

[kibes] 26/7/2024 09:13

ashkv - GENL and GKP both being murdered by the Iraq government. They want to cancel their PSCs in Kurdistan. I doubt they will be able to get away with that but if they issue an announcement saying they will do it GKP/GENL share prices will be totally obliterated and it will all end in litigation - which will take a long time. Currently wearing them down by refusing to open the pipeline to Turkey.
SQZ still looking OK to me as even with tax at 78% that is only the same as Norway which companies seem to be able to live with. As for no capital allowances, just stop spending capital and go elsewhere. Money is still coming in.

[monet] 25/7/2024 13:13

It doesn't help when Brent crude is on the decline just over $80.5

Brent crude oil futures dropped toward $81 per barrel on Thursday, sliding toward the lowest since early June as prevailing negative sentiment across global stock markets weighed on risk assets. Overnight, US stocks fell due to a sharp selloff in technology shares amid disappointing quarterly earnings results. Additionally, the prospects of an approaching ceasefire deal between Israel and Hamas, mediated by Egypt, Qatar, and the US, exerted downward pressure on oil prices. Concerns about weak demand in China, the world's largest crude importer, also persist following the country’s economic slowdown. Recently, China’s Q2 growth was 4.7%, the weakest expansion since early 2023. Meanwhile, EIA data showed a 3.74 million barrel decrease last week, the fourth consecutive decline, exceeding forecasts of a 2.05 million barrel draw.

[ashkv] 25/7/2024 13:09

SQZ should announce a further GBP 30mn Buyback

I doubt any deals will be as compelling as SQZ's share price at current levels!!!

Pocket change for SQZ!!!

[ct8637] 25/7/2024 13:05

Drip drip drip. See in my mind when the trading volume leans in favour of buys to sells it should be blue, but consistently even when it leans more towards buys it drops. Where is the negative pressure coming from? Is there a whopping great short loaded onto here or is there just such an abundance of spare stock floating about that even with loads of buying the share price just won't rise. Very frustrating position to be in.

[kernelthread] 25/7/2024 13:02

Problem is, even if it's fundamentally sound, if they have to hand over almost all their profit to the tax man there won't be much left for "shareholder value".

[farmscan] 25/7/2024 12:54

Likewise. Rightly or wrongly, we shall see.

[yasx] 25/7/2024 12:32

The chart is not yet showing much sogn of a change in prospects but the business is fundamentally sound and undervalued. I have reinvested the dividend.

[ashkv] 25/7/2024 12:00

Crazy Kurdistan oiler Genel Energy in at 89p trading at similar EV/Flowing Barrel as SQZ at 127p!!!

At present Iraq is disputing Kurdistan regional government contracts with international firms such as GKP, GENL, DNO etc plus export pipeline to Turkey is halted and Kurdistan IOC produced oil is being sold locally for less than half the value of Brent levels!!!

[davethehorse] 25/7/2024 10:59

Still think 100p level is coming here personally

[bountyhunter] 25/7/2024 06:39

Lonrho, that also crossed my mind but I didn't do the maths.

[imjustdandy] 25/7/2024 05:06

Has to be a hard bounce soon.