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Yes beerbull and why do a cmd the sane day as as an update - good news is on the way and I can see 21p plus
Or Brent could be $40 lol
Looking on the bright side, the life of the field will be extended because of the downtime and Brent might be $100 by the time production resumes.
Agree Heardy dified gravity for years I wouldn't touch them at 80p !!
All the usual suspects piling into TLW with thousands and averaging down, calling the bottom does make me laugh, are they really doing it or are they a crew??
IMO TLW is grossly overpriced and has been for a long while, 2bn+ debt seems to be outweighed by a divi they can't really afford, I wouldn't even touch them if they went sub £1, and that's where they are heading.
Amongst other reasons the ultimate objective of the cmd is to raise ENQs capital value. If AB is trying to buy ENQ on the cheap, as some think here,not sure holding a cmd is a good plan. The man is a genius after all.
I doubt Enq would hold a CMD to deliver bad news, but never say never.
So simple maths tells me our guidance will be revised down losing 5.5kbopd is exactly that ??
Y are we holding then because tullow lost 5k and losr 30% of its mcap ??
Are we expecting a 12p share price this friday then ??
Hopefully the CMD will cover each field in some detail (pretty sure last one did, many, many moons ago), the more comprehensive, the better.
Cheers, MO
Hey gkb47
Hopefully more like 6/7 months... but is still a hit, but as any optimist would say, similar with Scolty, the barrels are still there...
Pretty certain affects Thistle and satellite tie-back field, Deveron only.
MO
Cheers KO...
I suppose it will give the wells an opportunity to have a decent pressure build-up for a good flush when production resumes.
Over recent years, ENQ have spent a lot of time/money on Thistle well integrity, including abandoning old wells... so that should also help the reservoir recover.
Not a short-term benefit, but hey, gotta look for them silver linings :)
Good luck all ENQers, MO
I'm inclined to agree, saw this with Cosalt and a couple of others over the years. Still doesn't detract from the fact that the market seems to be able to undervalue a sp along with the brokers deliberately to hoodwink PI's. I know I will get some flack but basic fundamentals are not being used or it would be 3 times this. There is obviously a legal default for the algo's when your champagne breakfast supplier want to play games.
Because if you want to take it private get the SP as low as possible I would !!
It only seems enquest only likes broadcasting negative news it does make you wonder ??
So if they were already scheduled for removal wtf didn't they speak up after the evacuation, smacks of 'let the sp drop WDGAF'
This company is as disconnected with the share holders as the sp is with poo. On the bright side NH has f'd off.
Why isn't this news a RNS this morning ?
19 November 2019
Following a precautionary down-man of EnQuest’s Thistle platform in October, a dedicated project team has been assessing remediation options.
A subsea survey showed deterioration of a metal plate connecting a redundant storage tank to one of the platform’s legs. EnQuest has worked closely with the regulators and the Thistle decommissioning co-venture partners, BP and Chrysaor, and has agreed plans to remove both tanks.
Contracts for subsea and heavy lift operations are being progressed and the team are developing plans to start the removal operation in early 2020.
To further assist in returning Thistle to safe operations as quickly as possible, a small work party returned to the platform on Saturday for the second time since the shut-down to carry out further analysis and inspection activities. These offshore visits followed remote operated vehicle subsea surveys and the development of a robust safety case in consultation with the Health & Safety Executive.
Industry organisations have commended the safety-first approach taken on the evening of the precautionary down-man.
Steve Rae, Executive Director, Step Change in Safety, said: “I’m very pleased to have been informed by EnQuest’s leadership team that the company has begun making plans to remediate the structural problem which led to the down-manning of the Thistle Alpha. The operator is also in the process of conducting thorough on-site reconnaissance and inspection visits of the entire platform and its systems to assist them in preparing for the eventual re-manning of the installation.
“I would like to re-emphasise my commendation for Managing Director Bob Davenport and his team for the safe and expedient down-manning of the Thistle platform last month. EnQuest has assured me that the safety of the entire Thistle workforce has always been, and will continue to be, foremost in the company’s mind at all times.”
A spokesman for EnQuest said: “The redundant tanks had been scheduled for removal in the summer of 2020. Following the latest surveys, we are now accelerating that plan and, weather dependent, expect activity to start early in the New Year. We have a dedicated project team working with our stakeholders and the supply chain and we continue to keep regulators engaged on progress with the view to bringing Thistle back to safe operations as quickly as possible. We would like to thank our team and contractors for their continued support during this process.”
The Thistle platform is located 125 miles north-east of Shetland.
- End -
For further information please contact:
EnQuest PLC