Clarification 1: in doing the PE calculation for Serica I assumed that the NGL discount price to oil was around 10%. That was incorrect. The correct discount is 30% to 50%. Re-doing the calculations means that the PE ratios in the low and high production cases change from 2.1/3.0 to 2.3/3.3, i.e. increases them both by 10%. Thank you to Tony Norstrom for pointing this out.

We discuss the UK Oil and Gas E&P Serica Energy, which has production assets in the North Sea that are 80% gas. It will be benefitting from the strong recent price in the UK gas price that we discussed here: https://youtu.be/g_NIxyisE1c

Richard is currently on holiday so I have recorded this myself so as to have it published in a timely manner given the high gas prices.

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