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Starmer's U Turn affliction appears to have been caught by Millipede, after spending millions on consultants, he has done a u-turn on zonal pricing of electricity. Imagine if you were in the South expecting £300 quid of your bill only to find your bill goes up further to subsidising not just renewables but someone else's bill...............! I have seen more than £300 added to my bill, so I am now expecting £600 off thanks to Millifwit's raising my expectations.

Back to ENQ, added today and would have expected trading and the sp to be a little perkier after the RNS, even if it was old news.

Prax sounds like a real mess, CEO gone missing, poor decision making, impact on UK fuel supplies, loss of more O&G jobs and poor old Rachel is going to have to cover the £250,000,000 of unpaid taxes.

I assume the stakeholders are holding out and extending in the hope that POO will rise, so they sell assets to recover some or all of their money. The big elephant in the room is EPL, if removed the chances of Waldorf being a going concern, refinancing or getting better value for its assets increases substantially. I can't help Waldorf's position is weakening with time unless EPL is cancelled.

RNS out and almost on the dot of six weeks - well done ENQ.

At 5,700Boed, I assume that ENQ share is 53.125%, that is an extra $77,500,000 in revenue to ENQ at today's prices and of course 2P and 2C reserves to add to ENQ's asset value. It will be interesting to see what actually drops to the bottom line after costs and taxation. Any one having a guess?

The worrying question is who would take over from Starmer, Reeves is out of the picture and Burnham is not an elected MP which leaves Rayner and Streeting, both outspoken and sly enough to manage a PM bid or in the case of Rayner a coup attempt. However, the ridiculous Teflon coated Millipede has run before and is popular with the NZ brigade................. if the latter ends up as PM, I will genuinely consider emigration, but that does assume that any remaining assets I have don't evaporate over night, although I hear the benefits system is quite generous, if you know which buttons to press.

What a bunch to choose from - eh!

Just hope AB magics up some ENQ shareholder value pretty quickly.

Dumbly - excellent!

It is six weeks since the AGM and at which point, it was stated that the Harbour/Vietnam transaction should be completed.

So what is happening?

Where is the update?

What impact is this going to have on H2?

Dumbly, good summary, why not send a copy as a letter to a couple of news papers and your MP.

Krak, fair point and accepted, but it does not mean my views don't stand going forward.

Krak, I agree with everything in your post, however, whilst buybacks were not wholly successful for ENQ, I am very happy that there are 55,000,000 less shares - when the sp does eventually recover, I should proportionally benefit. On that basis, I would welcome further buybacks of our undervalued shares. Your point about the smaller return visa vie peers is well made and I also think that the company should be more aggressive with both the dividend and buybacks to attract investors and boost volumes.

Dumbly, all Government really annoy me because they don't understand economics and economic realities.

Loosing NS O&G jobs dents HMRC tax revenues either through unemployment or workers working overseas. If I were an "oil man" I would be heading straight for the airport and the nearest tax free country. Let's say an average oil worker gets paid £70,000 a year, the loss of 10% of the work force equates to £1,400,000,000, that is roughly £376,852,000 in income tax and Ni contributions, loose the whole industry that is £3,768,520,000 per year. Then there is VAT, Stamp Duty, Council Tax, Capital Gains Tax, Inheritance Tax and companies pay corporation tax etc. The simpletons in Government never look at the whole picture. In addition, I read one article that stated an apparent fact that each new clean energy job costs effectively £200,000 in subsidies etc etc.

The fact is we need O&G during transition, assuming and until other reliable methods of power generation and back up systems are in place, plus until someone develops a full suite of hydrocarbon replacements, we will still need hydrocarbons for materials and chemicals etc etc.

ENQ has perked up a little today, Brent is hovering around $70, so ENQ is making FCF's etc.

HAs anyone asked IR if there is or might be a half year dividend, at this stage I am assuming the next dividend will be next year. I would like to see share buy backs as well, it mops up some liquidity and helps long termers when there are less shares and the price eventually rises. Whilst the sp is supressed by EPL and sentiment surely ENQ should be grabbing every share it can?

Yet another layer of cost on what is surely a flawed business model or is it just an expensive conduit for more subsidies.

Robin great find and excellent letter, let's hope that Shanks is literate and takes note; his main qualification is being a teacher.

Tigar, you make a really good point, if the NS O&G has to include an environmental impact assessment, so should the renewables industry and it should include the overseas production and transportation emissions and costs, along with the environmental impact as it blights our countryside. As I see it, Nuclear providing the base load is the only current way forward even if it has its own environmental issues.

I have spent more on going green than I will ever see back, I should have bought an old oil tanker truck, filled up with heating oil (I would have lots of money left over) and parked it in the garden, it would have seen me out and the value of the balance would have increased by 50% in the meantime.

Perhaps I am just jealous that I did not get on the subsidy band wagon or invest heavily in defence (x5), funny defence companies are not paying a windfall tax!

The unfortunate thing is that the poor saps diligently paying UK tax will pay even more as taxes increase to balance the Government's books and as more people claim benefits and tax revenues fall as people avoid paying tax - I note that the downward trend on the use of cash has reversed and cash is now king again for two reasons - tax avoidance and avoidance of data capture, as data held could be used against you.

I am just gobsmacked and increasingly becoming not just frustrated but angry. The spin these politicians put on their agenda must assume that we are all stupid and that is annoying, particularly when decisions they are making ignore reality and the practicalities of running a country, an economy and balancing the books.

Having managed to increase my net value modestly year on year up until 2021, thanks EPL and various forms of tax my net value has dropped 20% and my basic living costs have gone up 266% and IHT up by 33% and Income tax due to decreased and frozen allowances has gone up more than I care to calculate.

Today's bug bare is people can't afford campsites so they camp on the roads and laybys, in front of your home and the closure of public conveniences means that laybys and gardens are the new form of convenience, roads are increasingly the new little bin and fly tipping sites and your average citizen is powerless.

My frustration might ease a little with some positive news from ENQ, always soothing, but it is a long time to the beginning of September for and update.

Added a few today - just in case there is another U turn - EPL?!

However, there is a problem - whilst NS O&G and HMRC revenues are in accelerated decline due to EPL, the Government can't afford to do much with EPL even if it would mean greater tax revenues in the future - the Government's financial crisis is immediate and I don't think we will have to wait until the budget to hear how tax payers are going to be squeezed. This time the "pips" will truly "squeak".

Is Starmer delusional on energy, he claims bills are coming down - why are mine going up?

Chaos on the government front benches with Reeves looking like she could see the bus coming with her name on it!

I think our Chancellor cannot cope, is incompetent or at least very badly advised and should resign. We need a new competent Chancellor that can balance the books and start with addressing EPL for growth and investment in the NS and put Ed back in his box on Net Zero which will alone bankrupt the country and all of us through our energy bills and higher taxes.

I am just checking my buckle, the next budget is going to be another bumpy ride!

The moving of the Lindsey Refinery into administration is going to bring a spot light onto the NS O&G industry which may provide a useful platform for calls to end the EPL windfall tax - let's hope so.

It seems to have gone a little quiet on the NS M&A front and I assume that the Iranian hiatus would have delayed pretty much all deals. Still waiting for the Waldorf fallout which might also add some heat under the EPL issue.

Unless we see a deal or higher POO, it is going to be a long Summer for ENQ shareholders although I do believe the next set of results will give us some good news, roll on September.

Frac, didn't Starmer say that Westminster was irrelevant and he would rather do business at Davos? Trouble is for Starmer is that he does not have control of his own party and his ratings are appalling as per the graph on the BBC @ -54. Whilst Starmer is a away the rats at Westminster will be plotting and colluding to promote their own interests. Either Starmer or Reeves will soon be on the chopping block, if either goes, it will give the other a moments rest bite to get their house in order. The end for one of them or both could come quickly, but razing taxes further in September will probably precipitate a reshuffle.

Sadly, it is the tax payer that will pick up the bill for pensions and security protection for the ever increasing number of failed PM's.