Serica Corporate Presentations for Annual General Meeting
Serica Energy plc (AIM: SQZ), announced that at the Annual General Meeting presentations will be made by both the Chairman, Tony Craven Walker, and the Chief Executive, Mitch Flegg.
The presentations highlight the following points:
• 2022 production guidance remains unchanged at 26,000 – 30,000 boe/d net to Serica
• Cash and deposits stood at £246 million on 31 May 2022 with a further £150 million lodged as security – combined total: £396 million
• In view of continuing strong profitability and cash generation during 1H 2022, it is planned to commence the payment of interim dividends. The level will be announced with the Interim results in September and is currently expected to be 6p per share to reflect the strength of Serica’s yearto-date performance whilst leaving scope for a material final dividend
• The UK Government’s new Energy Profits Levy (“EPL”) introduces a 25% levy on profits arising on or after 26 May 2022. Serica’s profit prior to that date is unaffected. Legislation will include a sunset clause effective at the end of December 2025 should the Levy not be retired earlier
• The EPL introduces significant investment incentives designed to encourage the reinvestment of profits such that each £1 invested by Serica can lead to an overall tax saving of up to 91.25 pence
• Tony Craven Walker, currently Executive Chairman, becomes Non-Executive Chairman from 1 July
Information Source: Read More
Serica Energy plc (AIM: SQZ), announces that the resolutions put to Shareholders at the Annual General Meeting (AGM) of the Company held earlier today were duly passed.
ENERGY | ELECTRIC POWER | NATURAL GAS | AUTOMOTIVE | CLIMATE | RENEWABLE | WIND | TRANSITION | LPG | OIL & GAS | SOLAR | ELECTRIC VEHICLES| BIOMASS | SUSTAINABILITY | OIL PRICE |COMMODITIES | ELECTRIC POWER | NUCLEAR | LNG | REFINED PRODUCTS | SHIPPING|
