Member Info for AIMOilking

Ron, articulate chap who is probably expressing the thoughts of the "silent majority", I can certainly relate to his experience.

Reeves needs to go - as Chancellor, she does not have the intelligence or experience to do the job and Starmer cannot control his harem - Rachel and Angela are particular cases in point. This is not misogynistic, merit applies equally to male or female and these individuals have taken actions that are poorly judged and should go. Unfortunately, we the voters have elected a low grade bunch of MPs and if the current officers of State are the best of this Parliament's intake - God help us all.

Starmer seems more comfortable as "Foreign Secretary" rather than dealing with U turns at home, we just need one more U turn and that is on scrapping EPL...........

I think the ENQ sp is now in the doldrums and will remain so until either a deal is announced or the results in early September, in the meantime a sharp rise in POO will be the only source of relief.

In the current environment, I would not want to be negotiating a NS deal unless it was a distressed "no brain" deal because so much would be dependent on whether EPL remains unchanged or at the other end of the scale repealed. Throw in geopolitics and fluctuating POO and that is a whole other layer of complications. ENQ is doing O.K. as it is, it is just a shame that the sp does not reflect this.

I have got so bored I have started trading ENQ, up 20,000 free shares this last week, just hope I am fully loaded when a deal is done or EPL is lifted.

The thing that caught my eye in recent articles and posts was that we are losing skilled jobs from an O&G industry that funds itself and apparently replacing those jobs with fewer jobs of less quality that - and here is the kicker - these new jobs are subsidised by the tax payer through all the subsidies. One article stated that each job cost £220,000 in subsidies, So Mr Milliband, we already know that energy is going to be more expensive but what is the real cost to the nation of your NS O&G/EPL policies and Net Zero policies?

What really annoys me is that politicians like Milliband con the nation and implement ridiculous policies and by the time people realise they have been conned/mislead, the politicians move on to nice sinecures or retirement oblivious and insulated from the damage, stress and hardship they have caused whilst we watch the pylons, windmills and fields of solar panels decay around us as we put our last stick of furniture on the fire.

Message to Starmer - ENQ is investing $84m plus development costs outside the UK, that is money that could have been spent in the UK, if the tax and investment policies were not so punitive in the UK.

Starmer are you LISTENING or do you require a TRANSLATION - for the UK this trend means less investment, less GDP, less growth, less tax revenues, more imports, less energy security, along with earlier NS decline, more jobs losses earlier decommissioning liabilities and loss of supply chain and supporting jobs whilst increasing global emissions etc etc.

Starmer is like a limp lettuce leaf and the ministers around him akin to an unpalatable salad dressing. My apologies to a decent salad which probably has more intelligence than this bunch and the last lot put together, especially when it comes to NS O&G and EPL!

POO has dropped back today despite an on going "new" war in the M.East and I have to say, if I were the Iranians taking a pummelling, I would play the Hormuz card to get all the players to the table and be in a position to dictate some terms, after all Iran is already sanctioned to some extent and disruption of key infrastructure could eventually cause the population to put pressure on the government. Further sanctions on Iran added to those already on Russia will squeeze the market which Trump will not want, as I fear he is trying to use POO as a weapon, but there will be winners and losers if that is the case.

This morning I watched the POO starting to fall and thought here is an opportunity to trade, then regretted the move only to be surprised to have my order completed with a few free bonus ENQ shares and some extra pocket money. I think the Yo-Yo discussion around the 13p mark put the idea into my head. Not sure I am brave enough to try again and be out of ENQ when news finally does arrive and I am guessing it could be reasonably soon given the reports back from the AGM or news on EPL.

My guess Milliband and his cronies will undoubtedly keep pushing the no change to EPL line, because if it is cut I suspect that Milliband's department may have to find any difference from his budget.

If we were to assume that the change in the oil price since the 30th May translated into ENQ revenue, then on an annualised basis ENQ's revenue would increase by $175m. On the 30th May the sp was 11.8p and today it is 11.8p.......even after EPL that is equivalent to £80m.

HBR seemed to hang onto gains reflected in the higher POO, why not ENQ? Let us hope for a better week this week as far as the sp is concerned.

Sounds like those with first lean of on the company and in danger of loosing out from the collapse of Waldorf are trying to hang onto the potential of getting some of their money back, the question is whether it is enough to save the Waldorf - in the short term, the increased POO will be the key factor in any plan being successful and the survival of Waldorf and or better terms of selling off assets, although I don't see asset sales as a way out for the following reasons:

Waldorf has over $1000,000,000 of decommissioning liabilities, so any sales will be heavily encumbered with decommissioning liabilities;

Waldorf cannot sell choice assets, as what was left would probably not be a going concern - I doubt that allowable asset sales would raise sufficient funds to appreciably lower debt.

The only thing that can truly save Waldorf now is a sustained and very high POO, otherwise it is just a matter of time until the company properly goes into administration (Waldorf is private, so can't go to the market), when this happens assets may be picked up for a song but only if the Government picks up the other half of the liabilities, which will be the biggest wake up call on EPL so far, apart from a lack of NS investment, lost jobs and accelerated field decline.

To hit $130, probably requires the Straits of Hormuz to be closed or at least compromised to reduce the number of tankers transiting. Strategically interesting location, 40% of World's oil transiting through a very very narrow shipping lane. Strangely, I have actually visited and remember someone saying that the Iranians could put 600,000 personnel across the Gulf in small boats in 24 hours if they had a mind to. Quite plausible given that hundreds of speedboats completing day trips to smuggle goods across the Straits and I am quite sure they could effectively close the straits in an instant. I would not even consider escorting tankers through the straits with warships as at points they would be in sight and within Iranian territorial waters.

The news is pretty dreadful and apparently getting worse rather than better as one might hope, it is a shame that this is what is required to assist the sp instead of the underlying value of ENQ.

BT, an interim dividend has previously crossed my mind but been dismissed, as I have not seen or heard anything to substantiate the idea. However, I do think it would be a good move for long suffering holders and I think it would be good for the sp. Here is hoping!

Given that Brent is over $68.5 at the moment and expenditures will be down in H2 quite substantially, AB should have enough pennies in the kitty for a divi. Plus if EPL is revised we'll need the divi for champagne purchases or paying our increased taxes!

Krak, don't worry I agree with you and posted as such in an earlier post - ENQ is in the best position compared to most NS O&G companies. ENQ is also the go to for decommissioning, so a double positive. However, in general, for the majority, my hypothesis still stands and AB's lack of a NS deal and expansion into Malaysia and Indonesia to a degree prove it.

The problem appears to be that AB has not been able to get away a transformational NS deal and is that simply because companies are not prepared to let producing assets go cheap and wright off the difference from their books - it would not look good from a shareholders perspective. We have this 38% advantage over most companies but perhaps we don't have the scale to do the really big deals and as such have missing out. This does not worry me as ENQ is in a strong position and has a positive future even in a steady state for the time being. I do not want to see a bad deal or massive debt again or even deals loaded with decommissioning liabilities.

I believe Rachel has funded another carbon capture project which I heard referred to as "ACORN".

On the matter of rescinding EPL, I coming around to the fact that EPL will not be removed but it it will evolve into another form which allows the UK Government to retain benefit from NS O&G revenues and particularly POO upside. Furthermore, given that the Government has little financial wriggle room and cannot afford to loose EPL revenues despite the fact their policies will accelerate overall tax revenue decline.

So, I think that "we" will have to "pay" for a new mechanism that allows investment in NS O&G but ensures HMRC receives a large slice of any upside due to high POO spikes, but where is the rest going to come from, it can't be from electricity pricing as that would upset Ed and the Public would wake up to the NZ nonsense he peddles, but a "fairer" balance of taxation could be spread across retail gas and heating oil, which would of course disproportionately effect the rural community, especially the landed big house owners who would hardly vote Labour anyway following the Inheritance Tax grab of the last budget. The Government could of course reduce the scale of the problem by decoupling oil and Gas, so that they can be treated differently which again would be fairer given the current low POO and generally higher investment costs associated with Oil.

All this leads me to believe that independent NS O&G companies need to leave the NS basin immediately in the interests of shareholders and invest overseas, which unfortunately will not be in the interests of the nation, I would go as far to say that these companies should de-list from the London stock exchange and move to a more fiscally favourable domain. I would go one stage further and say that without immediate change or at the latest by the end of 2025, the damage to the independent NS O&G companies will be terminal (Waldorf a case in point) for those companies that have not initiated an exit strategy.

Failure to act on EPL will leave the UK Government with a raft of problems, accelerated decline of tax revenues and an accelerated and increasing de-commissioning liabilities, destruction of the industry and associated supply chain, destruction of NS O&G contribution to GDP, balance of payments and lost potential for growth. Oh and energy security, we'll import that and our overall energy requirements will go down thanks to high pricing as a result of NZ subsidies, brown outs and power cuts and industry will have closed - last one out won't even need to turn the lights out!

As an ENQ shareholder, thank God ENQ has tax losses and AB has already initiated a move out of the UK, perhaps ENQ should sell its UK assets?

Planting trees and reducing emissions - yes, but I have always been a sceptic when it comes to carbon capture on a national scale and about the costs associated with pumping it underground, however I am disappointed to hear Veri is already scaling back its operation before it has made much progress beyond getting licences. Having said that I did think Veri was a good way to attach ENQ to Ed's profitable subsidy gravy train.

I can imagine that AB is concentrating on getting costs down given the low POO/margins/profit post EPL, so that he can deliver profitable results with enough spare cash to pay a decent dividend. I would also rather he spent ENQ's money on expanding Malaysian and developing Indonesian projects that will deliver better results outside of punitive EPL.

It makes me wonder what ENQ and its balance sheet might look like if all NS assets were sold off and we ended up with a debt free company pumping gas in Malaysia and Indonesia?

When will the UK Government wake up and smell the coffee - albeit soured by EPL?

Prime Minister, Chancellor, Secretary of State, offices that despite being held by "politicians" are offices that garnered a degree of respect and dignity and the holders at least appeared to have the majority of citizens interests at heart, albeit whilst being self serving and lining their own pockets where ever possible (few exceptions). Blair was the first to truly break the mold as a career politician who promoted a celebrity culture and started the rot and as the old guard of political figures fell by the way, the self centred careerists, zealots and opportunists followed the money until we arrived at today's sorry state of affairs.

If I were younger, I think I would emigrate at this point but then the choice of alternatives seems to be narrowing as ineptitude and dictatorship seems to be washing across the World.

The UK is currently a laughing stock to the point that other heads of state opening criticise UK Government Policy with the NS O&G debacle being a case in point. Unfortunately Reeves is so short of head room (and intelligence), I fear that any action on EPL has moved to the right and the next opportunity to do anything about EPL is when Rachel shafts the middle classes with tax rises in the Autumn Budget.

The only faith I have in anything at the moment is AB and his ENQ team, who despite EPL have made progress on all fronts with some accolades along the way e.g. Malaysia. I HOPE for changes in EPL and I LOOK FORWARD to the next dividend...........

Yours

Long term loyal and very patient ENQ Supporter

I thought I had changed my instruction stop reinvesting dividends, but evidently the instruction vanished in the ether, however, I am now pleased that my reinvested divi's have effectively born a new divi+ already this week. I hope this new trend continues.

I note that all the evidence for the post EPL revue was due in by 30th May, I added my penny's worth. So now we wait for an outcome and changes in policy. I am only hoping that the focus on EPL will have highlighted the dire situation that particularly NS Independents have been placed with the result that there will be an earlier change in EPL policy and at least the decoupling of O&G to allow the oilers to recover and invest. I noted that the scare mongers are forecasting lower POO in 2025, it will be interesting to see if the Government bails out the industry in the downturn - NOT!

In any other parliament Reeves would not have lasted this long and sadly she has not grown into the role as Chancellor, in fact increasingly she and the Government look as if they are floundering. The trouble is having wedged themselves into a NZ corner and doubled down into a fiscal corner, I fear that Liebor have no financial room to manoeuvre in the short term, so whilst EPL dwindles along with investment and decommissioning cost rise, we may not see any compromise on EPL receipts until they are eclipsed by looming decommissioning costs, by which time it will be too late for the industry.

Whilst I would not wish any company ill, a very public demise of Waldorf as a result of the imposition of EPL and no one stepping forward to pick up their half (500m) of decommissioning costs may be the wake up call that is needed. The press has turned in terms of sentiment towards the NS and the NS O&G CEO's are being more blunt in the criticism of EPL, it just needs Starmer to realise that NS O&G longevity and contribution in the longer term could actually help the UK and our current difficulties.

With reduced tax allowances across the board, I just wonder if one of Reeves's bean counters has considered the rise in CGT, dividends and income tax that would arise from the removal EPL and investment in NS O&G. Having offset some of my losses whilst waiting for ENQ to recover to 36p+ and averaged down, any sp recovery will mean that one way or another I am going to pay a lot of tax - CGT, Income Tax, Dividends, IHT and loose my Winter's fuel allowance to boot!

Not received my Divi yet, just reversing the truck up to the ENQ HQ but apparently they are all busy working on a deal. Have to put off buying the Bentley until next week, it will have to be used one I think, I am not sure Corgi make new ones any more.

I afraid that it will now be early September before we get any scheduled news from ENQ in terms of H1 results, although deal or EPL news could easily come within that time frame, perhaps even POO will increase as well.

Cheer up you say - the gap has widened, ENQ down 10.5% whilst Brent is up 8% since early May. The market is taking the mick and my last buys sub 12p are starting to look expensive. My averaging down has been quite successful in bringing my average down by about 7p per share, but so far all I seem to have done is multiplied my acceleration towards the bottom - ouch!

Krak, it is worse than that, since the 7th May, Brent is up 6.5% and we are down 9% - it does not make sense. I can only assume that it is no news drift.

We need reduction news on EPL and a deal, preferably in that order, unless AB can produce a rabbit out of hat of a deal.

Out of interest, at the AGM, did anyone ask if the dividend would be once a year or twice a year?

Did anyone ask if the buyback scheme would be reinstated this year?

Both of these measures would help the sp and frankly at the current sp with the possibility EPL will be rolled back, surely it is insane not to buy back some shares?

Answers much appreciated.

Krak, the article you posted does not pull any punches , I hope it is sitting on Starmers desk!

11.32p ENQ sp - I am getting very bored and frustrated by ENQ sp and waiting for AB's much vaunted NS deal. Almost as bored as waiting for Starmer and Reeves to wake up over EPL and the plight of NS O&G, particularly independents. Throw in global politics and atrocities, moving onto a war footing, and its raining - pretty depressing, possibly only getting worse next Wednesday as Reeves plays with her abacus.