London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
"has, on 10 September 2021, received notification from its appointed solicitors that an Adjudication Claim had been served against Enquest Petroleum Production Malaysia Ltd (“ENQUEST”) on 6 September 2021 through ENQUEST’s appointed solicitors for the total sum of RM73,570,587.19 (“Outstanding Sum”)"
I would say the relevant word is "Adjudication " when two parties disagree the court will adjudicate, suppose it was too much for Judge Rinder to handle, agree with Chilting could be a knock on from the Riser problems in some context, we have been billed for something we contest and the court will decide and both sides will abide by the decision.
I think thats exactly right Simplyme. In H1 2021 $15M would maybe be something worth mentioning, but this was not paid in H1. In H2 and in 2022 it is just not "expected to have, a material adverse effect on the Company’s and/or the Group’s financial position or profitability". Might of course be that it was unknown or missed in the report, or that they consider it so highly unlikely to be paid that the prudent expected discounted cashflow is even much lower.
GLAD
Could there be some connection to the riser detachment in late 2020 - maybe Enquest consider the company at fault in some way? - just speculation.
Yes seems real but in total is only around $15,000,000 so although not great is not that material in the grand scheme of things. If production is increased in Malaysia then it will soon be covered!! Indeed going through the figures if $75 Poo is maintained and GE completed I can see dividends next year also!! Gla
Hi L3
It's for real I think.
http://barakahpetroleum.com/bop/
Legal announcement after last report so might have been unreportable at that point.
Dropbox file updated. It's done that a couple of times, need to be careful with page sizes I think.
Will email at some point
GLAXXX
Hi Therapist,
The piece of news about a contract having gone wrong in Malaysia must be "fake" news.
ENQ's half year results press release explictly states (see page 27): "The Group becomes involved from time to time in various claims and lawsuits arising in the ordinary course of its business. The Group is not, nor has been during the past 12 months, involved in any governmental, legal or arbitration proceedings which, either individually or in the aggregate, have had, or are expected to have, a material adverse effect on the Company’s and/or the Group’s financial position or profitability, nor, so far as the Group is aware, are any such proceedings pending or threatened."
Now, note the last few words at the end of the last sentence... The results were released on 2 September.
Thank you for the file with the production data. In the last page unfortunately both the left and right side are cut out. Any chance you could upload or send it, please?
By the way I would like to discuss some production figures with you, but perhaps better via email, which is
l3traderuk (at the Sergey Brin and Larry Page's domain!)
ATB
p.s.: As for people engaging on rational discussions, you would know that assumes they are rational to start with. That basically means such people that do not need either your services or those of other health professionals... The best way to guarantee that you only participate on rational discussions is to filter those that are so rude that you would not talk to them face to face anyway -:)
You've got me wrong there Therapist. He wasn't speaking directly to me but about 200 of us who'd just been taken over. He didn't stay long anyway and moved into vulture funds and distressed lending. Bit like comparing my football skills with Ronaldo. One thing I do admit is that the closer you get to certain individuals is that you find they also have a lot of normal, ordinary drivers too. AB and his board have more EnQuest information than we'll ever have but the macro is beyond practically anybody's control.
We have to read between the lines and take our own stab at the future. On the PR side I was wondering what the impact and value of Tulchan is. Is it a bit like an AA subscription in case you break down? I'll try and find out more. They seem to have good Conservative connections but in my experience votes count for more than donations or access to a minister. KO's point about modern media is true. It has changed beyond recognition and perhaps it would be wasted anyway against the tsunami of ESG and associated bandwagons.
Be lucky
Hi Romaron,
You do the boardroom, I'll do the shopfloor. Perfect recipe.
xxx
I'm impressed by your research Therapist but I doubt its impact on the company. Maybe we're holding back a payment due to unsatisfactory work etc... The company will have to report on it if its consequential in financial or operational terms. I doubt it's either.
A company I once worked for was bought and briefly run by Quadrex Holdings which in turn was run by a certain Mr. Gary Klesch. He always said that a company running without any live law suits against it wasn't being properly run.
Hi
https://www.upstreamonline.com/finance/malaysian-contractor-takes-action-against-operator/2-1-1066267
Was a five year contract award , , . gone bad.
GLAXXX