Serica Energy Share Discussion Threads

[undervaluedassets] 04/10/2024 14:16

pineapple

very impressed with that video

Hope someone in government gets to see it.

Trouble is they are all zealots.

We need to have atleast some control over our energy supply.

Otherwise we are at the mercy of foreigners.

Good to see Serica featuring heavily in the video.

[undervaluedassets] 04/10/2024 13:14

From memory I think Serica supply 5% of the Uk's gas.

Not huge amount .. but not trivial either.

[pineapple1] 04/10/2024 11:30

A Town Called Bruce

The oil and gas sector contributes £25 billion to the UK economy and supports an estimated 200,000 jobs across the country. Many of these jobs are currently under threat from potential Government policies making future investment financially impossible. This short film, made with Brindex and the GMB, focuses on the hopes and fears of some of our colleagues from the Bruce platform. Their stories have parallels on many other platforms, in many other families across the UK. Welcome to 'A Town Called Bruce'.

Originally posted by Dr Pinkstone so credit to him.

[parob] 04/10/2024 08:01

Interim Dividend of 9p per share on 21st November, Ex dividend 24th October. That's 6.4% on current share price. That's for the interim dividend and a final dividend likely.

[parob] 04/10/2024 07:45

A close of 142p or above and this should push higher to create a higher high.

[lord gnome] 04/10/2024 06:38

Selling the oil we produce but can't use pays for the oil we use but can't produce - at least in part.

[nigelpm] 03/10/2024 23:13

Stemis is right. UK oil refineries generally can't deal with north sea oil so whilst there's a pretty strong argument to continue drilling for gas in the NS as it can be utilised close to home that argument is much weaker for oil.

[mick_oi] 03/10/2024 21:45

hxxps://www.malcysblog.com/2024/10/oil-price-serica-borders-southern-prospex-and-finally/

Serica has today confirmed that the B6 well on the Bittern field (SQZ: 64.6%), which commenced initial flowback to the Triton FPSO on 11 September, is now producing at a stable rate.

The well is producing oil and gas at a combined gross rate of around 8,000 boepd, a total of around 5,200 boepd net to Serica.

Drilling and completion activities on the Gannet GE-05 well (SQZ: 100%) have now concluded. Data collected during drilling have shown encouraging results, and production is expected to commence around the start of November. The COSL Innovator rig is now moving to drill the next well in the campaign, on the Guillemot NW field (SQZ: 10%).

Total Serica portfolio production is currently over 50,000 boepd, a level that if retained would result in the Company finishing 2024 in line with the updated guidance given at our half-year results on 10 September.

Good news from Serica today as the results from the B6 well on the Bittern field confirm success and that the well is flowing at a stable rate and has commenced flowback to the Triton FPSO and is producing oil and gas at a combined gross rate of around 8/- boepd which is around 5,200 boepd net to Serica. This is the first proof point regarding what the CEO, Chris Cox, had said so clearly at the half-year results – that Serica’s subsurface team is its secret weapon.

With drilling and completion activities on the Gannet GE-05 well concluded and data collection during drilling showing ‘encouraging results’, there could clearly be more to come. Production here is expected to start around the start of November and the rig is now moving to the Guillemot field to drill the next well in the campaign. While that one is just 10% equity for Serica, that leaves two more potentially meaningful wells to come in 2025 on the current campaign. The hope is that the Budget on 30 October will result in an environment where the subsurface team is then able to be put to work across the portfolio – there may be opportunities in other fields that could really drive the organic story.

With these completions, total production for Serica has risen to over 50/- boepd which is a meaningful rate and if retained will result in the company finishing 2024 in line with guidance updated at the recent interim results announcement.

As I said, good news from Serica as this added production is highly profitable given the additional costs, it works for the Triton FPSO and the hub and is part of the management policy of adding low cost production wherever possible. Serica stays in the Bucket List and is incredibly good value at these levels.

[bountyhunter] 03/10/2024 15:43

Good. I don't want to have to make the same point again.

[stemis] 03/10/2024 13:14

You should give up. You clearly don't understand the UK oil market, so I'll leave it there.

[bountyhunter] 03/10/2024 12:50

#7144 missing the point again Stemis, well done! I give up. If global supplies fall and prices of imported O&G rise due to the middle East situation alongside declines in home production due to political interference then that's detrimental to the UK.

[stemis] 03/10/2024 11:27

As far as I know (I'm no expert) the UK's refining capacity is set up to process lighter oil than is produced in the North Sea

[oilinvestoral] 03/10/2024 09:53

"Actually most of the oil the UK produces is exported because we don't have the/any refining capacity in the UK."-/--I thought we had about 1.245 million bbls of refining capacity in the UK. Might be slightly less now because of recent closers but certainly wouldn't classify it that as "we don't have any".

[waterloo01] 03/10/2024 09:30

That's true stemis. Where that differs is in tight situations, where security of ones own supply becomes of National importance, esp with gas.

[stemis] 03/10/2024 09:26

">> The UK imports very little of it's oil and gas from the Middle East

That's not the point. The point is that if exports from the Middle East fall then O&G prices rise globally as global supplies are reduced."

Nothing the UK does (in terms of production) will make much difference to that. Nor will much that happens in the middle east make much difference to our energy security as most of our oil comes from Norway and the US. Actually most of the oil the UK produces is exported because we don't have the/any refining capacity in the UK. I'm as much in favour of oil production in the UK as anyone but let's not pretend it's anything to do with security or cost (tax revenue and balance of payments yes, but cost is determined by world markets).

[sawney] 03/10/2024 08:57

Apart from anything Israel is thinking of doing...the Department of Stupidity and net zero confidence are in for some painful lessons....

[bountyhunter] 02/10/2024 16:44

>> The UK imports very little of it's oil and gas from the Middle East

That's not the point. The point is that if exports from the Middle East fall then O&G prices rise globally as global supplies are reduced.

[waterloo01] 02/10/2024 10:03

Bounty the other big driver is the budget and capital allowances. A better than expected announcement would be a big boon as well.

[captainfatcat] 02/10/2024 10:01

Seem to recall the UK importing oil & LNG from Libya as well

[stemis] 02/10/2024 09:56

The UK imports very little of it's oil and gas from the Middle East

[bountyhunter] 02/10/2024 09:49

There are two drivers here now, firstly production increases, and secondly the middle east situation, which is bringing home the true meaning of "energy security" to those politicians who have been living in airy fairy land.

[farmscan] 02/10/2024 09:21

At least I'm back in the blue with my divi reinvested at 1.29, was beginning to regret not waiting a bit!

[spawny100] 02/10/2024 09:17

Or at 112 ;-) - was just one of those bizarre opportunities the market throws up from time to time.

[captainfatcat] 02/10/2024 09:16

Great to see the reversal in the share price of late, kicking myself for not topping up in the 120s

[parob] 02/10/2024 09:08

Great news this morning and new uptrend on chart forming. New higher low went in a few days ago.