Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Earlier post - apologies probably got wrong end of stick.
The trouble is that such a move by Hunty will not resolve the EPL situation, it is political "sop" to NS O&G. It looks like the government is responding but such a move in reality, where inflation and costs are running high and it does not address financing issues or materially make business cases any better. The government continues to rape the profits from NS O&G and is banking on POO and Gas prices staying above their set EPL limits and with two wars, limited investment and increasing demand over supply - they are on a pretty sure thing!
My portfolio is looking ugly with ENQ's current sp, over exposed to ENQ, so I am hoping that AB/ENQ's update demonstrates progress and a way forward to investor returns as promised.
Runner - don't give them ideas - OMG, if they realise that they can have all the profit and more with lower borrowing rates and twice the MCap/nationalisation price in FCF per year - stealing, I mean nationalising ENQ with payback in six months, God help us if any of them have a degree in economics! If Labour increases EPL, they get ENQ free, what a good way to start a nationalised business.
Well, the government cannot square a circle of supporting NS O&G without dealing with EPL - let's see what Hunty does with our spare £13bn of taxes. So some positive news for NS O&G and I started to look forward to the Autumn Statement thinking that Hunty and Sunak had grown a pair between them - is that likely?
Nothing to do accept watch the Autumn leaves fall for a couple weeks and so I turned the TV on and an eloquent Steve Reed MP Shadow Environment was speaking, so far so good..........until he started talking about NS O&G, I won't try an repeat what he said but it included blah blah massive profits, tax the hell out of them, nationalised energy company, renewables blah, blah.....................zzzzzzzzzzzz. OMG another numpty who has not got a clue - how seriously depressing............!
Come on AB buy a few more shares and sharpen your pencil on a few deals or at least a decent update.
ENQ's sp has achieved a steady upward trend over the last month and equating to a 21% rise on a month ago. But you will say this is supported by higher POO, but no, Brent is down 1.3% over the same period. So this is a positive sp trend on this grossly undervalued share. Are we seeing a steady re-rate as we head towards the next update just potentially three weeks away? I just hope that AB can shed some enthusiasm on a decent set of results and route to share holder returns.
I believe the last two broker rating put an average 26p target on ENQ, there is still a fair way to go just to reach Barclays 22p, that would be a 32% rise. All of this could dramatically change if the rules are modified on EPL which unjustly target UK NS O&G.
Felling quite positive - DYOR.
I think they were just reminding the market that they have some relatively massive write downs which will show a massive loss for the year, however, the key here is that they are not cash write downs and the underlying PMG message is that profits are up (although Dutch and UK EPL taxes will have an impact) and gas production should also increase going forward, so better news next year. What the other plans and updates are - we'll have to wait and see.
Krak - very sensible view and I agree, with background of two wars, Middle East in crisis, a hiatus with new windfarms and it is greener than importing etc., it is the logical thing to do - has anyone told him????
Now a sensible and logical decision such as including Capex and interest would seriously boost the sp and return it to where it should be and as you say benefit the small NS O&G proportionally the most.
Agreed - but just imagine if we had to pay corporation tax as well! I think we all agree EPL is a greedy and unjust fleecing of NS O&G and should be changed. The government cannot claim a champion of NS without EPL amendment or removal.
"Bloomberg reported earlier this month that freight rates on 16 global maritime routes had gone up by 50% since the Hamas attack on Israel. "
Another enhanced reason to maintain NS O&G industry to protect UK's energy security.
NoBull - you lived up to your name with your post, but you were a little unfair on AB and his mates, without EPL we might have all been at the 60p party by now. EPL was not their fault although if they had reacted a little quicker when EPL was muted, then perhaps there would not have been so much bull****!
Thanks to the tax credits - we are not paying 75% like some others.
Last year the operational update was on 24th November which is just 22 days away at which point we'll get a snapshot on progress.
Pleased to see the new Chairman bought a few shares, although I am now disappointed on three fronts:
£10,000 was a small buy;
AB has not followed suit or any other directors for that matter;
It signals that nothing material is in the pipeline at the moment that would preclude directors from buying shares.
So, let's hope it is a decent update with some net debt reduction and strengthening of the balance sheet and I hope they keep their word and describe method for future returns to shareholders.
Glad we are holding 16p at $85, bodes well if POO increases.
6. Steelmin and the extra million loan - more good money after bad. We could do with that million now!
Bell is a consummate story teller, perhaps more a "jam maker" but he caught one big fish in manganese a few years back although he frittered it all away on "the list of classic AB's".
After all the pain investors have been through, it would be nice to see a win before AB fades away, his legacy being a large number of aging and irate investors wondering how they fell for it time and time again. Come on AB, for once get one over the line!
Finally, our new Chairman has some skin in the game, albeit just £10,000. One hopes it is his own money and not part of his package.
Now if Penny is buying, it means there is nothing RNS'able in the pipeline and the questions is will the other directors including AB follow suit?
If the directors purchase a few shares, such RNS's and will hopefully encourage others and help underpin the sp.
We are now potentially less than a month away to the operational update which will give a snapshot of how the company is doing with a higher POO, less hedging and a reduction in debt. I believe AB also said that the BoD would be putting some flesh on the route to increasing shareholder returns.
Divi - No, but Share Buyback - Yes. It does not need to be a huge but regular amounts given the current low sp and the need to support the sp as most long termers are under water - it is important. Unless we see some shareholder return and preferably in the form of a higher sp, what is the point of being invested here, and may I say supporting our NS O&G industry.
Changing the subject, if the Government is going to announce supporting licencing and growth of the NS O&G, how is that going to happen without a modification of the EPL tax, surely Hunty's Autumn statement must address this to allow investment/finance to be available to the industry.
Another subject, that article stating only 19 days of gas has been discovered etc etc - is that true?
Divi - No, but Share Buyback - Yes. It does not need to be a huge but regular amounts given the current low sp and the need to support the sp as most long termers are under water - it is important. Unless we see some shareholder return and preferably in the form of a higher sp, what is the point of being invested here, and may I say supporting our NS O&G industry.
Changing the subject, if the Government is going to announce supporting licencing and growth of the NS O&G, how is that going to happen without a modification of the EPL tax, surely Hunty's Autumn statement must address this to allow investment/finance to be available to the industry.
Another subject, that article stating only 19 days of gas has been discovered etc etc - is that true?
Smokin, don't point the smoking gun at Stevo until we see the operational update in approximately one month's time. At that point either Stevo will have been proven right or something is off.
Personally, grateful for those that number crunch and chew the cud on ENQ, as I am desperate to see some sp progress and unless there is EPL, higher POO or a deal/offer of some sort, the only thing on the horizon that will underpin the sp is the November update.
Romaron - pretty stark comments and good find:
"Deceived British Public"
"For many years, the wind industry has claimed that they had seen a dramatic fall in costs, and signing “Contracts for Difference” (CfDs) to deliver power at extraordinarily low prices. This was subsequently revealed as a scam, with windfarms refusing to activate CfD contracts, and making hundreds of millions in windfall profits as a result."
"The Government’s decision to close this loophole led to the complete failure of the last CfD auction."
"Electricity prices ‘must rise by 70pc to pay for more wind farms"
Saved the best to last:
"The truth is that wind power is expensive, and becoming more so. The energy “transition” is a transition to poverty, but few in Westminster seem to have the guts to say so.”
So basically, let us destroy the one industry that will help us through transition and pay for most of the extra subsidy! People are slowly waking up to this big con and I just wish someone would tackle the government and take them to court and challenge EPL as unjust, unfair and likely discrimination in some form, hopefully illegal to boot.
If you accept climate change, then unless a miracle occurs perhaps with AI, the whole globe needs to act and levelling down will be the name of the game to achieve net zero in a fair way. At the moment the UK is leading or trying to lead by example which is failing, misleading with unsubstantiated rhetoric and making the UK noncompetitive which means our economy will shrink and then who pays to subsidise the transition?
Great - an energy security conference here in London.
It makes me laugh that the UK wants to "maximise" NS production whilst the UK is taxing what was a viable industry to a standstill.
The conference is next year, I wonder by what percentage the NS production will have fallen by the start of the conference?
Come on ENQ, what news do you have for us and I hope you are already drafting a decent operational update for November.
Has anyone asked ENQ IR for a copy of the evidence they submitted.....................and has anyone asked when exactly will this quango report?
If you read this BB and work for Hunty, please slip into his Autumn statement some of the common sense EPL revisions suggested on the board.
If Hunty did quit early, the next incumbent can't be much worse, then again...............
Typically there is a rally in the sp around now and running into December, but so far it has not started, expecting an upturn soon.
Dumbly, sadly I fear you are right..............your last point and phraseology made me laugh on this dull and wet morning and sadly, from personal experience, you are right again.
Just hope that JP Morgan's 30p target takes your points into account, it is a shame they don't put a timescale on it, but I am hoping end of November with the ENQ update.