Member Info for 60pPARTY

Was banned a few years back for this sort of trolling. He pleaded with LSE to let him back. Which they did.
If I remember correctly he also explained back then that he was investing a lot of money from friends and family. This as he has admitted turned into big losses. This may explain his poisoned TONGUE. Maybe losing much money for his friends and family have left him a lonely and bitter man ? Sadly.
I hope he gets it back together again, as currently he seems to have lost the plot as well as his pot !

Been meaning to post my thoughts on the current valuation and share price of ENQ. I will use Facts and real numbers and of course add my thoughts/predictions.
Here they are !
Based on the last set of accounts released on the 5th September 2019, ENQ has a net asset value of $1.048 Billion. This is of course the book value of the business and not the market value. Converting the net asset value to pounds at today's exchange rate gives a net asset value of £809 million. As our market cap (valuation) and share price is based on £'s on the London stock exchange I will keep to pounds (£) from no on.
So as of today with POO at it's current level. and what historically has been reported by the company to the market , we are valued at £300m by the market and have a share price of 18p. My thoughts, bloody cheap ! The market is valuing ENQ at just 37% of it's net asset value "in the current climate". what could be the reasons behind a valuation of just 37% of NAV ?
I think a number of reasons, such as - POO, Historical financials, Historical production levels and also the fact that the company relies on "one source" for the lion share of it's production. This must add to the risk too ! So 37% of NAV today, what's going to happen next ?
I believe debt will be paid down in H2 2019. How much will ENQ reduce debt by ? £150m ? This amount in debt reduction should, in theory , increase the NAV by around the same amount . This would give a new net asset value of £959m at year end. Now currently the market is only taking 37% as the figure for valuing ENQ which would give a new share price 21p.
However with reduced debt ratio the market is likely to take a much higher figure than it's current 37% . In addition, should POO push up higher over the months ahead and into 2020 then this too will increase the market valuation % of NAV .
Indeed, and very interesting to note that historically ENQ has been valued by the market at circa 70% of NAV . This was around this time last year with 1.2b shares , a NAV of £600m and a SP mid/late 30's.
Should we get back around the 70% NAV level then I see £959m x 70% = £671 m market cap giving share price of 40p.

Summary - I see the share price moving to 21p first and then on to 40p during 2020. Should POO go back to levels of $80+ then I see our 60p party next year ! Even at current state of play I see ENQ as a good investment against risk/reward .
But do your own research . DYOR

All the best
60pparty

North sea oil production is circa 1m bpd during 2019.
It peaked around 6m bpd during 1999.
Thistle accounted for less than 0.5 % of North sea production. As for Enquest it contributes around 5% of production.
Not really a game changer is it ?
And as for the stupid comments the other day about " talk in the city about Thistle". None of the city boys are likely to be talking about a 0.5% North Sea contribution , are they !
Only an utter fool would be stupid enough to think anyone would believe that !
Thistle is a tiny "hiccup" and not worth all the fuss it has been given on here.

Agreed !
Stop feeding his ego.

A small problem and not a "game changer".
In my exoerience these type of issues get resolved. All will be forgotten in a month !

Let the derampers have their day. My mediun/long term outlokk remains the same !!!

Down -5

At swimming lessons with kids. E121 may give a breakdown later.

Well looking at dates !

January is too early.
April is the fools month, we always seem to attract the odd one here.
I like June. A little warmer and brighter ! And it begins with a 'J". Will be back on the phone to Enquest to pre-plan when we get up around the 40p mark.
All the best
Jan 60pParty

Krakenoil,
You Called !

Hi DD,
Yes your right !
I smell something.

Just to add.
It's worth going on to the companies website and check out their financials. See last year 2019 results. Then you can see why I think this is cheap !

Valued by share price almost the same as 1 year profit before tax.
Crazy cheap in my opinion.
Half year results out on 7th November should lift the SP if profit just maintained or possibly could it be greater ?
Took 13,000 yesterday will top up as my cash becomes available.

CJ66,
Thanks for your detailed reply.
I have had UKR on my watchlist for a few years. Like you I feel this will eventually come good, however it will likely take a couple of years.
All the best

There is no volume here and also with other oil stocks.
We need the outlook for oil to change before we will see our first re-rate here.
As we have seen in the past , when everyone is negative on outlook, it then changes to positive. Just waiting for the catylist to achieve this ! It could be one of a number of possibilities
I feel we will see the situation turn positive sometime before year end !
All the best

Here Thankfully.

New count -Out in 40 minutes.

Lets look for another week of "falls" in the number of rigs.
With the US production record hit in April. Since then production has failed to atain those April highs.
Are we about to see further falls in US production ?

Unbelievable.
You couldn't make this up !
A guy is forever on the board posting and boasting. Every day for ages.
Then he admits he has just a few quid on the table. I thought he was talking like the "Big Shorter" instead he turns out to be just "Bikini Man" !
Unbelievable - sold 25% of a few hundred quid. And posts 10+ posts a day ! Yep I'll be taking your advice then, Not !

Thanks for the message yesterday.
Hope all is good with you too !

Sorry
Should - Should be She !

Due to poor eyesight on mobile phone.

I had that conversation with Mrs Jan.
Should said to me ;
" Do I cook for you ? Do I clean for you? Do I wash and Iron you clothes ? - right then, you are a kept man "

I could not argue against that ( nor did I feel I should when she is in that mood) So I hastily agreed, like a nodding dog !
All the best Spin

Good to hear from you !
Yes you are right. I am going on like Victor Meldrew. Thanfully I do not have "one foot in the grave" yet .
Spin - that sounds great. She is working then you can go sailing ! Enjoy being a kept man ! Lol