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A bit quieter than yesterday. I wonder what the next step will be? GLA
Article by Tom Espiner BBC Reporter is interesting: This is an excerpt:
........When he was chancellor, Prime Minister Rishi Sunak brought in a 25% Energy Profits Levy.
This was increased to 35% from January 2023 by current chancellor Jeremy Hunt, and will run until 2028.
The levy applies to profits made from extracting UK oil and gas, but not on refining, or selling petrol and diesel.
Less than 5% of Shell's profits come from UK production.
The scheme was criticised because it allowed oil firms an 80% investment allowance which overall allowed then to claim back 91p in every pound invested, including in oil and gas.
This investment allowance was reduced from 80% to 29% from 1 January.
However, the biggest oil producer in the North Sea, Harbour Energy, has been a vocal critic of the tax.
It said on Thursday that the Energy Profits Levy had "all but wiped out our profit for the year". Harbour reported pre-tax profits of $2.5bn, but tax - including $1.5bn set aside for the levy - had left the company with $8m in post-tax profit.
The tax "has driven us to reduce our UK investment and staffing levels," said its boss Linda Z. Cook, who used to be a Shell executive.
She added that it had given impetus to the firm to expand internationally.
Harbour Energy has not gone ahead at drilling at two sites, and did not take part in the latest North Sea offshore licensing round, a spokesman said.
That said, I think the investment allowance is good for JOG negotiations which clearly are continuing. I continue to have faith in the Board to deliver a favourable outcome for investors, including themselves who have significant skin in the company.
75% energy levy is imo there due to the string pullers at Davos , our politicans bow their heads to them , it has to stop the Tories are committing suicide and taking the UK with them. The Buchan field must be a 4 year project ? by then the green energy scam and ridiculous tax rates will I hope be over. If that is right then why not start work now as profits are 6 years away .
That’s quite a pullback over the last two days…it is probably day traders selling up.
This is still undervalued and due a rerate. Buyers will be back as these levels offer good risk v reward. Remember, there were massive buys only a couple of days ago…it wasn’t punt money IMHO.
Weak small time lightweight investors ( Fraser!) bailing out . Serious players are sitting tight waiting for news . The investment relief is still there and companies have to be crazy giving money back to the government .
yes - as I read it, C61
Isn't the charge because it's not payable until 2024/5?
Credit moresmash on HBR board
So basically Harbour have not paid the tax but put it as a charge on the accounts, therefore being able to keep the money as free cash flow?
This has therefore then reduced the normal tax payments that exist without the windfall tax and thus keeping our losses for future use? Am I correct?
If so this free cash flows together with Linda's statement about diversifying abroad indicates the money to be used for an aqcuistion at some point
So the government haven't got as much tax as they thought they were going to get?
The horror message on tax may be more complex as some members on the Harbour board are seeing it as a tax strategy to optimise post-tax returns. 75% does not wipe out profits unless you make a huge provision to that end as Harbour has done.
'UK capex targeting high return, near field and/or infrastructure-led opportunities'
'2023 total capital expenditure is estimated at $1.1 billion, split 85 per cent UK, 15 per cent international. We reduced our planned 2023 UK capital expenditure following the changes to the Energy Profits Levy (EPL) announced in November, with certain investment opportunities delayed or no longer being progressed. We also rephased some of our decommissioning activities.'
Who knows what this means for JOG, but there is still potential for Harbour to chuck a couple of 100 million in the pot for a consortium for GBA.
It's certain these results are communicating to UKGOV they are miffed with things. Hopefully if Hunt communicates an EPL floor on 15th (Ides of March anyone?) And we near results of Serica and Ithaca the RNS may land...
2022 saw the introduction of the UK EPL, which was subsequently increased and extended, taking our UK headline tax rate to 75 per cent until March 2028. The EPL has disproportionately impacted UK focused independent oil and gas companies. For Harbour, the largest oil and gas producer in the UK, it has all but extinguished our profit for the year, necessitated a review of our future activity and staffing levels in the country and reinforced our strategic goal to grow and diversify internationally.
Have to agree with you battery. I’ve said it before now that silence from a BOD is on AIM is never good news. This joker AB gave himself a 4 month window foe “certain” news and it surely can’t be right that it’s taken to the wire.
So we see Harbour's profits basically wiped out by the "windfall" tax. Reducing UK operations and investments, reducing staffing and overheads, focusing elsewhere. And who can blame them? Not I. I fear now the next RNS here will be in April that "discussions are ongoing with multiple interested parties". I wonder who those MIPs are, perhaps just a few of ABs mates down the pub. I can see him now, "Come on lads, tell me about all your grand plans for buying JOG so I can tell it to the mug PIs and they'll keep me at the helm of this dead in the water project earning a decent six figure salary for as long as I can get away with it! Drinks on me." I'm afraid this is the end of the road for me in JOG, some painful decisions ahead now.
Everhopeful,. "POO *WILL* be going up , a lot.... ". (my emphasis). Great username by the way.
Another 500 shares added to my JOG pot for just under £1000 - happy with that. :)
Added another 4,500 shares to my ****nal .
The usual pattern with Jog as the price goes up people get excited . Nervous investors lock in profits but the big boys with big balls are sitting tight and waiting for the excitement . Hold tight any sign of good news these will rocket to infinity .
Lots of small sells getting mopped up, I reckon someone wants them before news arrives.
Only batterymetals knows his situation , if he has just 5% of his portfolio in JOG then it isn't a problem and he can wait and see. POO will be going up , a lot ,so things have to change for JOG and all the others.
https://www.energyvoice.com/oilandgas/north-sea/488428/harbour-energy-forecast-2022-profits/
Note extract on Harbour needing assets to offset EPL
DYOR
BM, yes your lesson learned is valuable. From your focus on what needs to happen to the price for you to get your money back, it seems you are psychologically anchored to your entry price. This is a basic mistake: you might be better off taking your loses here now and investing the remnants of you capital in a stock where you believe in the management. Be sure to buy at the right price though. There are some excellent books available which explain all the many investor errors made thousands of times before . Learning from other's pains rather than experiencing them all yourself is the the number 1 investment rule. I hope you get your money back and then some if you hang on here (you probably will because price anchoring is very powerful). Good luck.
Just five more days of 12% compounded increases and I can get my money back here and walk away from the Benitz show with some valuable lessons learned about not being too quick to trust management.
I hope we will have another enjoyable day or even more.
In the meantime I do believe Surety has discovered the winning moves. I wonder who it will be!!??
PC01 is right the S n R lines tell the tale.
thanks Hindhead , you are right excellent
Apologies, just excited on two big up days as we come to the end of the story (end of the beginning?).
Obviously no idea if there's a leak but does seem odd a massive bounce. But it's AIM...
Just idle talk. DYOR as obviously I have done loads for that last comment.