NewKOTB
09 May 2018
Oh Dear ! Looks like someone with a fat finger may have to explain to the wife .....husband"Dear, I just sold our SQZ shares ", wife "Great, how much did you sell for?" ...... husband, "errrr, that's the problem 0.73851p"Time / Price / Volume / Value16:55:51 0.73851 1,050 8Husband "On the plus side, I have £8 for a couple of McDonalds "
JohnyCash
09 May 2018
Long 71.56p Oversold? We'll see, but I will open further positions if it dips furtherJC
Ripley94
09 May 2018
Sliced a few @ 76p Many oil stocks up .. Trump / Iran deal concealed .
eagle51
09 May 2018
Re: Licence to operate From the 21 Nov 2017 RNS:"The Rhum field lies 380km north east of Aberdeen, 44 km north of the Bruce field and in 109 metres of water and is operated by BP (50%). On Completion it will be operated by Serica UK, with Iranian Oil Company (UK) Limited (50%) as its partner. As a consequence of US primary sanctions imposed on Iran, BP, as the current operator, has obtained a licence granted by the US Office of Foreign Assets Control for the deployment of certain resources on field operations. The field was discovered by BP in 1977 and encountered high pressure and high temperature gas. Production started in December 2005 and peaked at 300mmscfd (~51,000 boepd), shortly after start-up. Cumulative production since 2005 has been approximately 65 million boe gross, and 1H 2017 gas and condensate production was approximately 13,500[7] boepd net to BP from two wells. A third well (Rhum R3 Well) was drilled............"...........From the Admission Document
age 11.........."Shareholders’ attention is drawn to paragraph 5.3 of Part II (Further Information on the BKR Assets) and the risk factors in relation to the consequences of IOC being a partner in the Rhum field on page 42 of Part IV (Risk Factors). In particular, as a consequence of US primary sanctions imposed on Iran, BP, as the current operator, has obtained a licence granted by OFAC for the deployment of certain US-related resources on field operations. The Company will apply for a licence on similar terms prior to Completion."Page 42.........."The presence of IOC as a partner on the Rhum field and the associated risk of potential exposure to sanctions may deter some non-US contractors from providing services to support Rhum field operations In addition to the restrictions related to US sanctions and the use of US contractors and personnel on Rhum operations, the presence of IOC as a partner on the Rhum field and the associated risk of potential exposure to sanctions may deter some non-US contractors and providers of other services from providing equipment and services to support Rhum field operations. This may restrict the Enlarged Group’s flexibility in conducting Rhum operations, increase costs or delay operational and investment plans"...............
researchassist
09 May 2018
Re: totally clueless The sanctions are far more stringent than one may think. Its not just about equipment supplied by American companies, its about equipment being supplied by any company that also trades with the US. For example a pump supplier supplies equipment globally, if its deemed to supply an Iranian entity it will be liable to sanction from the US. The short term risks a very real. Broker forecasts should soon get updated to reflect the risks. Pls DYOR .
sasa43
09 May 2018
Re: totally clueless Have to agree, eagle - this perceived risk of possibly not being able to turn to the best American equipment for maintenance purposes, re: Rhum3, was mentioned in the detailed statement at the time the BP deal was announced last November.Ergo, this risk is 'old news' and now that Trump has confirmed pulling out of the Iranian nuclear deal, no surprise there, really. We're now a decent mid - tier European producer, benefiting from the higher level of oil and gas prices (85% the latter) and any success with getting access to the other 50% of Rhum3's resource we're after, will merely boost our income all the more and add to the 'frozen' funds tally applicable to the IOC share - just like now.We don't trade with Iran, we sell our production to BP who sell onto the world market and should we need some top US maintenance equipment at some point, then the 'risk' will be tested, as TCW alluded to earlier.Given the likelihood of waivers being sought by the Brits and the EU, especially where the connection with Iran, as in our case, is largely academic with them not yet benefitting from Rhum's cash generation, I don't foresee any real threat to our progression; if access to any US equipment is denied, in the event, there must be other alternatives available anyway, surely?Buying out the IOC's 50% share of the field, as some have suggested, wouldn't be a good idea, imv, given the present, sensitive, environment, as that would be a direct deal with them and thus against the embargo.Agree, in these circumstances, that today's RNS wasn't helpful in highlighting a possible problem, should SQZ need to acquire some American gear at some point, that's all - sasa.
researchassist
09 May 2018
Re: Rhum Deal? Some sort of partnership or exchange is possible but in the circumstances the Iranian company would demand either a high price or some form of compensation. In the previous incident, around 2010 for similar reasons, production was halted as a result. Lets hope thats not the case this time round
Franconia
09 May 2018
Rhum Deal? There are suggestions on both LSE and advfn that a deal to take the IOC stake in Rhum might be done with BP/Serica. May just be wishful thinking but would certainly get my approval!!
researchassist
09 May 2018
Licence to operate It appears that Serica will need a licence from the US to operate its field with NOC. Failure to obtain licence will deny SQZ any American content equipment and services, which is significant as most production equipment and services are American sourced. Below is link to an article published a few months back. Please DYOR.[link]
Franconia
09 May 2018
Re: totally clueless eagle - I totally concur! I posted much the same thoughts on LSE earlier. I can see absolutely no point in that RNS. If I was a conspiracy theorist, I would wonder if they issued it to deliberately rattle share holders!Anyway, I have taken advantage of it and increased my holding here. Reaction way overdone IMO.
indaknow
09 May 2018
Re: totally clueless EagleYou come across as being angry a lot of the time.
eagle51
09 May 2018
totally clueless [link] have a decent holding in this company acquired over a period at favourable prices ranging from 14p to 26p. Of course I am more than content with the way things have developed and grateful to the directors and their advisors for the transformational changes they have brought about in the Serica's business and the effect these have had on the Company's share price.Right - that's the good bit.I've been around a long time and can truthfully say I don't think I have ever come across a RNS that is as clueless as today's in its timing and content. I cannot work out why the company and its advisors felt it necessary to say anything at all. Everyone knows what Trump has just come up with. Why not just take £3000, or whatever it costs to issue a RNS and throw it off a bridge.The statement says nothing. It draws attention to what the market will definitely interpret as a serious situation for SQZ (who have I believe said before what would happen in the event of a trade embargo on Iran ) and it has had the predictable result.Well done everyone involved - utterly clueless. My worry is about business nous. Please don't tell me we're going to get another one saying: "the directors note the significant fall in the Company's share price and blah blah blah".If we do, perhaps it will cite the reason for the fall in SP as the directors' and advisors' decision to cause fundamental uncertainty by highlighting the problem and not proposing any way of getting around it when we know there is one - carry on producing and hold the embargoed partner's oil in storage until the embargo is lifted.Is anyone else frustrated?imo/dyor
up protherics
08 May 2018
Re: lets hope before I sign off.Don't you find it a worry that a individual an so called advanced nation would rather deal with n korea than euroupe. \unless of course they have spied on euroupe with the same contenmenpt as themMaybe our best options are now with China and Russia. After all most of them are already based in London anyway.DYOR as I am only a humble voter in the good old great Britain land.p.S ive got some land for sale for a golf course.Anyone welcome apart from american
up protherics
08 May 2018
freightnening Maybe he is not a what real capitalistaion stands for.. INMO he is a dictator.also lets hope the FSA and the us sec are looking at the markets together with their connections.. I.e Everyone working in survelliance in the financial services industry.If they are not ..what a farce. You took exams for the industry didn't youIncluding politician
ManuelDexterity
08 May 2018
Re: lets hope If memory serves me correctly war Debt was paid off during Maggie's reign of terror,by Nigella’s dad so we owe Mr Trump Squat.Oh and it’s Gordon(on my berth cert.) let’s hope this is another buying opportunity MD
