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"This is my personal investment diary. Nothing here is financial advice or a recommendation to buy or sell. Please do your own research, and familiarise yourself with the full disclaimer HERE It has been a poor month for the Portfolios. In fact, the 7.3% drop in the JIC Portfolio’s value would be the fifth-worst month among 176 since its inception in January 2012. There are four trading days left, hopefully to pare some of the losses. If the month ended today, the chart would

Back home with a new knee. Thank you, Sam Rajaratnam, Barry Phillips and team. Leg elevated with ice machine. What happened while I was away? The Portfolios rose sharply on Monday and Tuesday, then gave most of it back on Wednesday. News: Serica Energy had a Capital Markets Day on Monday. The presentation can be found HERE. BH Macro Ltd published its 31 May NAV. The main takeaways from Serica's presentation: Production and Growth Targets Significant Production Boost: Serica

Serica Energy (SQZ.L AIM All-Share, Market Cap £1060m, 271.4p, (3.1% of JIC Portfolio) www.serica-energy.com Trading update and foreshadowing of bond issuance: Acquisitions on the way? A short but positive trading update. Q1 production of 39,000 boepd was already better than last year's. It's pleasing to see that Q2 production has accelerated to 49,000 boepd. It confirms its earlier guidance of production for the whole of 2026, averaging more than 40,000 boepd. In fact,

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Serica Energy (SQZ.L AIM All-Share, Market Cap £994m, 254.5p, (6.3% of JIC Portfolio) www.serica-energy.com 2025 Results (Full release HERE ) My conclusion: We knew much of today’s news from the comprehensive trading update on 21 January. 2025 was obviously a disappointing year from a production perspective due to the problems at Triton. Hopefully 2026 will put that all behind them and it will achieve its target of significantly more than 40,000 boepd and an end year run

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Serica Energy (SQZ.L AIM All-Share, Market Cap £776m, 198p, (5.0% of JIC Portfolio) www.serica-energy.com Trading and operational update. Full release HERE Conclusion: A disappointing 2025 due to production problems at Triton. It's good to see that so far in 2026, it has been producing near capacity. Without further production problems, it has the potential to increase output to 65,000 boepd. Experience would suggest this is unlikely, with ageing infrastructure prone to down

Serica Energy (SQZ.L AIM All-Share, Market Cap £634m, 162.4p, (4.5% of JIC Portfolio) www.serica-energy.com Acquisition of assets in the North Sea Conclusion: This looks like another sensible deal. It's not transformative, but it does add 15% to its reserves and more than that to annual production. The effective date of the transaction is 1 January this year, which means by the time the deal completes in H2 2026, it should have pretty much covered its upfront payment wit

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www.serica-energy.com Trading update: HERE Conclusion: At last, a positive production update from Serica Energy. Triton is back up, and running means that November production of 50,300 boepd is close to what we expected over the whole year before the problems at Triton, which have plagued Serica for most of this year. The completion of the Prax Upstream acquisition will boost production further with a contribution from Lancaster. As for the budget, the changes to the taxa

Serica Energy (SQZ.L AIM All-Share, Market Cap £814m, 208p, (4.7% of JIC Portfolio) www.serica-energy.com North Sea oil & gas producer responsible for 5.0% of total UK gas supply. Following the Tailwind acquisition its production is split roughly 50:50 between oil and gas. Yesterday afternoon, Total and NIO exercised their pre-emption rights over Serica’s acquisition of assets from BP, announced on 12 October. Conclusion: It’s disappointing news as this looked like a g

Serica Energy (SQZ.L AIM All-Share, Market Cap £700m, 179p, (4.2% of JIC Portfolio) www.serica-energy.com North Sea oil & gas producer...

Serica Energy (SQZ.L AIM All-Share, Market Cap £672m, 172p, (4.1% of JIC Portfolio) www.serica-energy.com North Sea oil & gas producer...

Frustrating news from Serica Energy with further problems at Triton. Guidance for 2025 was reduced to 29,000 to 32,000 boepd from 33,000...

Bloomsbury Publishing: 4.4% of the portfolio and a total return of 24.9% so far. The performance of Bloomsbury has been disappointing in...

Serica Energy (SQZ.L AIM All-Share, Market Cap £620m, 158p, (4.2% of JIC Portfolio) www.serica-energy.com North Sea oil and gas...

I have decided to raise a little cash in the JIC Portfolio. We are not far off the usually volatile summer months and there must be a...

Serica Energy (SQZ.L AIM All-Share, Market Cap £550m, 140p, (4.7% of JIC Portfolio) www.serica-energy.com North Sea oil and gas...