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I doubt they have done anything.. probably happy to let the balance ride unhedged for 2019.
It was going to $70 in Q1 2020 due to IMO 2020 anyway imv… this has just accelerated the process.
Demolition process takes several weeks.. so how they intend to get back to normal within a week is unlikely.. It would take several months to repair/replace/test/, but they don't want to shock the market with a realistic statement.. We should be content with $65 plus. and 21p tomorrow.
i hope they do because Trump will do everything he can to temper the rally in oil prices. SPR release now authorised
I assume Enq hedge department and AB must have made up an game plan during weekend and hopefully already taken out some hedges now.
Smart Houthi.. seem to be telling the truth, that they can target Saudi oil fields whenever they want for the price of a Mixed Kebab.
This will go on for years. Repair, bomb, destroy , repeat.
Hedge balance of 2019 production this week at $66 plus and we should get near to Barclays 23p very quickly..
Enq should go up a lot more % wise
Thanks E:-)
Probably some more attacks during this night and we wake up to 80 usd
Come on Saudi tell the world the damage is going to take weeks to repair !!!
I'll take 65...Great for Enquest..and other oilers..
Shorts burning. ..
This is a good live price site, P...
https://uk.investing.com/commodities/brent-oil-contracts
yeah, 71:-)
http://ravarumarknaden.se/pris-pa-olja-brent-wti-crude-oljepriser/
what site you use?
Yes. Kaboom for starters....
over 70 now...Phew...
Opened at 68,,,now 69...
Reeks of desperation to try and prevent a huge spike when trading starts in a minute. We shall see...
Trump Twitter-
Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount....sufficient to keep the markets well-supplied. I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.
romaron - probably the post of 11:23 from Londoner which started with your moniker - you get the first few words of the post on the rolling ticker to the left of this box under ' Latest Share Chat ' - no to either of your options - just revived a few memories when your moniker flashed up!
I won't bore you with a pitch on CERP - still in the great potential stage - not for widows and orphans ! ATB !
Lot to be said for your Be Lucky sign off - you probably know this but I only learnt some years ago that Napoleon used to ask all his aspiring Generals if they had luck during their interviews - some people make their own luck - I believe it was Gary Player who said the more I practice the luckier I get - ha ha!
Have a good life!
Hello romaron,
I believe many posters digs too deep into the terms of conditions without understanding the debt itself.
A credit facility is an umbrella loan. Whatever is drawn will be subject to interest payments and the facility can be closed by paying it down to 0 (with some stipulations that may incur a charge for early repayment).
The PIK interest convenants shall be payed next year, cash. This cash, however can come from another credit facility (preferably one with better terms). Rolling over debt is standard practise creditors bid for debtors with the terms of agreement and interest rate.
That said, digging deep into subjects without the required knowledge is a fatal misstake. Just look at some of the posters' H2 estimates after completely missing the H1 numbers. They are still using the same flawed strategy, defending their proven faulty thinking.
Human nature is a *****.
Hi Londoner 11.23 - My conclusion was that the sector is out of fashion. I was trying to find some connection but gave up. Perhaps they shouldn't mention 'peers' as coming from that direction is almost as confusing. Glad ito see you're researching the debt structures and covenants as your skills in getting into the detail far exceed anything I can do.
*I didn't wear Cuban heels or flares to the AGM. They would have clashed with my gloves and handbag.
Hi HMH 13.16 - interesting thought about the Oz loan. I'm enjoying discussions now about the debt and I appreciate the help I get from others in reading/understanding the small print. The accounts are complicated and not only to me. Oz being a good example. Having said that, BP were involved in the Magnus deal and no one is accusing them of making the deal fiendishly complicated. Oddly enough the last post jogged my mind. When I held MOG Och-Ziff were also holders and no one has ever accused them of being mugs. They don't lend to lose money but have a higher risk threshold than some of the standard lenders.
When we were on our uppers we didn't always have the strongest negotiating position and as the saying goes -"beggars can't be choosers" which created some of these covenants, PIK being one of them.
I think we may be entering an interesting phase as our options widen with the revenue we are achieving.
Be Lucky.
e121, Retail and High-yield bonds can be extended to 2023. Enquest show 2023 repayment date in a presentation of the repayment profile.
The RI document has this, 'The Company has the option to extend the maturity date of both notes to 15 April 2023.'
Hi in4cedros 11.32 - blimey, I'd almost forgotten LGO. I never held them but got a couple of holidays out of shorting them. I'd never touch a Lenigas stock but if (and I doubt very much) any of the holders have made any money out of LGO or its reincarnation as Columbus then good luck to them and I genuinely mean that. I know Lenigas resigned and they eventually dumped Ritson but haven't followed the company in years. I actually attended the court case in 2014 which started my interest as I held some Meditteranean Oil & Gas which got taken over by RKH. I only hold one oil stock now and this is it.
I did get 2 benefits from it though. I became friends with a helicopter captain who was at the court case and who works on servicing NS rigs and got filtered by onceatrader who was a total fraud but was slavishly followed by most of the bulletin board groupies at the time. Are you a holder of EnQuest or was it my reference to the Gatwick gusher that made you post?
GKB thinks he smart and trying to get his hands on my dividend “oops “.
And on top of that in hard currency!
I will send mr Bolton to have a talk with this mr GKB
So, GKB gets a tariff exemption very time and Pelle gets clocked SEKs every time he says Divs. What kind of a contract did you both draw up and who was your lawyer, P?
Thanks, L7. That's great to know and I suspect that clause was inserted knowing that if the RCF couldn't be refinanced by that day, then the prevalent economic situation that does not support a Refi, will also necessitate an extension to the retail notes duration. However, the retail notes aren't too much at circa $240 mill as of 30/06. I believe that the Bonds cen be extended to 2022, if not redeemed by 2021.