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Forget last month - ENQ is lower than Feb '21 during the pandemic when oil was $74 - but just look how far ENQ has come in terms of debt and risk reduction............. The current price does not make sense ......... Let's just hope that production and POO hold at decent levels and hope that the sp spring is getting really tight! Whilst sentiment is against oil, it appears a degree of realism is dawning on politicians and people generally. Nationally and globally we need a sensible plan otherwise the lights will go out and many will return to the stone age without energy.
ENQ has every chance of coming good with a decent update and next set of results despite EPL, plus buybacks or shareholders returns will peak punters interest which should provide some upwards pressure.
We are drifting with uncertainty. Ideally we need an additional update, news on a deal or M&A activity or simply a positive update on the transformer and production issues i.e. shut down works completed, production levels returned to normal, spares sourced, insurances paid out and importantly annual production forecast remains the same or better. We are at a POO of $76.65 and yet the sp has dropped - drifting in news vacuum.
Tigar, you have just raised my blood pressure by reminding me!!!
Disappointed ENQ is not doing better today with Brent above $76 and we are still heading down. I need at least 27p to pay for the heat pump!
Chiro, an uneducated two years ago, I would have agreed with you, BUT not now. Putting aside the arguments for going GREEN, there is a point when forcing people to do things is wrong, when the GREEN manufactures and contractors are operating in cartels, the technology is not as efficient or GREEN as the mythology portrays and if your average middle class has a finite budget for their circumstances (for which they have worked for), and 69k of house improvements, perhaps sends their kid to a sub standard school and a totally different direction for both the individual and country. At certain points, if someone dumped a 69k bill on me, my hole house of cards would have come down and I would be claiming benefits. Your sentiments are right, but the middle class will not be a middle class for long as they increasingly pay for government and GREEN failings. I tried putting a heat pump system in but discovered with two phone calls that the contractor and manufacturer had a cartel style agreement and on the second call, I discovered that I could buy the same equipment 54% cheaper from Travis P. The result is I put a thicker jumper on which solves the problem, why should I be forced to spend 69k in order to take the jumper off! We need a proper plan covering technology, implementation and cost over a given time scale.
Anyhow, hopefully an improved ENQ sp will pay the bills!
Kraken - do you have any numbers re October liabilities?
At 31st March 2023, ENQ had cash and finance available of US$276m, surely this and any free cash generated should be more than enough? Is it not true that some current EPL liabilities are not payable to 2024?
EPL estimate down from £41.6bn to £26bn............but then take off £4bn for NS O&G's loss of MCap, then take off a few million times five years for lost CGT/Income Tax form dividends and traded shares, and O&G share losses traded against other gains (I certainly saved myself a bundle 1/3 of tax bill by selling ENQ at a loss in last tax year). Take off a few more million for the accelerated reduction in production times 5 years. Take a few more million off for borrowing as revenues decline to HMRC. Take off a few more millions for making investment in NS O&G univestable and the UK an uncertain and insecure place to invest. Add in a political incompetence, insane economics and declining economy and accelerated reduction in GDP, thanks to now declining £30bn p.a. NS contribution etc. etc.
Hopefully, you all get my point, when you weight up the financial pros and cons of EPL, how much will the government gain by 2028 and how much will investors lose and what will be the fallout beyond EPL, even if it is not extended.
If I were an international business, would I invest in the UK? No.
As an individual, does leaving the UK cross my mind - regularly? Yes
Do I feel as financially secure as I did say two years ago? No!
Let's hope ENQ pulls a rabbit out the hat that recovers the sp.
Anyone got any views on how things will roll in Russia and the likely impact on POO?
Unprecedented times and there are many issues and concerns but with respect to this BB, I am only interested in ENQ's prospects as a result of this turmoil and impact on the markets including the POO. Will Oil rise with the prospect of Russian supplies being interrupted or will they fall as the prospect of regime change and the Ukraine war ending abruptly or will POO rise with the prospect of reconstruction spurring economies?
Any views will be received with interest.
VCB2 - you did not make a mistake, you were mugged by Sunak and Hunty, a pair of steaming idiots that are basically destroying a viable industry. I can't bare looking at the ENQ sp..........................shocking!
Sorry, just realised that Labour are going to use convict labour to be more competitive - 12months contract and a pardon............
If a Labour Government sets up an Energy Company will it not be in competition with the market?
So a Labour Government would potentially be in a position to get cheaper finance, use government land, compulsorily purchase land and give itself planning permission, allocate subsidies etc..............................how do other commercial companies compete and I assume that they will be using windfall taxes to achieve all this - we appear to be getting uncomfortably close to a dictatorial or communist (even oligarch) model of doing business!
Sent message to EOUK suggesting they write about the destruction of NS O&G MCap. If others think it is a good subject or angle, please also write or to other contacts.
We need someone to do some good analysis of what EPL really adds up to - EPL may just be a quick fix that costs the UK dearly. I would like to see a ten year projection of treasury revenues for the sector, EPL, Corperation Tax, Investor Capital Gains Tax/Income Tax as I assume that all will be in decline.
Kraken, POO still above $75 and ENQ now 15.5p, I reckon yesterday's Starmer O&G PR stunt has just kicked NS Independents in the nuts again.
It seems the Government and Labour are so desperate to hang onto O&G and the general concept of windfall taxes to balance their books, they don't understand the impact of their air-head economics and pronouncements have on the market place. I wish someone would do an analysis of the market capital destroyed against the windfall tax gained and projection for falling tax income from the NS, it would make interesting reading. Perhaps this should be suggested to friendly trade associations or journalists as an idea.
Just for fun I had a quick look at the drop in market cap since EPL for Harbour, Ithica, Energean and Enquest and by my calculation THAT IS A DROP IN MCAP OF ........................WAIT FOR IT.....................£3,000,000,000!!!!!!!!!!!!!!!!!!!
So let me get this right, the overly zealous and greedy grab by the UK and Dutch governments through EPL has caused PMG to make a loss, throw away years of development work, made a big project none viable, restricted companies ability to finance such projects, destroyed NS O&G as we know it and leave PMG with a £33m liability...............Oh and made 1000's of risk taking investors poorer.
Last October, I thought perhaps I should sell all shares and go on a World tour for 2 years.................I could have done it in some style compared to the aftermath of EPL!
I assume that the government will now bail out PMG.......not!!
Kris, another victory for Hunty - just knocked another 10% off that holding market cap now less than 25% of the value before the increased EPL. Fortunately, sold out most of my holding and put into ENQ, only lost 50% here - lol.
As an investor, I was wondering how many household subsidies I have paid for in lost investments and tax and I would love to follow the actual route as to where ENQ's additional tax ended up.
Hunty is a moron - heh! I don't think they have outlawed or taxed chanting yet!
Dumbly, perceptive second paragraph, if so, probably most astute political move for some time! But then I read on and realised it was a non consequential flash in the pan.
I woke up with some excitement this morning, expecting the tide of sentiment against the NS O&G industry to have reached its zenith but sadly it was a false dawn.
Can't understand the ENQ sp being down to the level it was last week with POO considerably higher, I am wondering if the transformer chatter has unnerved a few punters? Perhaps it is time for an RNS as a communications vacuum is the surest way to create sp drift. Directors' buys would do the trick.........although still think AB is cooking a deal.
Some fairly chunky after hours trades or balancing of the days trades. Could be a director buying today? Or just wishful thinking.
We seem to be in a June mini upward trend with various indicators appearing to be strengthening.
Any analysts on the BB care to comment on ENQ's progress?
It seems that the sp has improved despite the production issues and hopefully that means we remain in production target range for the year, plus POO dropping a bit
Awaiting some news, but unless something breaks, although AB did buy a few tranches this time las t year and but otherwise 2nd August 2022 provides a clue as to when we might expect the next update.
Stupmy - The penny has dropped - this revision of EPL stinks and is virtually worthless.
The question is now what will the ENQ share price do next in the short term?
Longer term the strength of the balance sheet and buybacks should see the sp recover, but for a decent recovery I fear it will be 2024 before we are made good.
Wealth filters down to a large extent. Wealthy shareholders take a risk and invest in companies to make a return, upon which they often pay taxes and when they feel flush they spend a fair proportion of the money on local contractors, services and shopping, that puts bread on many tables. Whether you are a nurse or a CEO with investments, they are all playing their part whether in work or taking a pension. As a direct result of EPL, my priority is putting bread on my table and saving for further rainy days and hoping that ENQ amongst other sp's will come good, so my little contribution to the food chain can continue.............. Thanks in large part to EPL, I have stopped 95% of all capital expenditure and am aiming for 100%! Funny thing is, with nothing going on (projects curtailed - further lost tax income for the treasury), it leaves me free to go abroad on holiday and I can still watch ENQ and contribute to the BB from some far flung island beech, which won't help the local economy and will multiply my carbon footprint - oops! If I choose the right place and stay long enough, won't even have to pay tax - double oops for Jezza Hunty!
I have seen some SPIN in my time but Hunty has surpassed himself, not only in my view is EPL theft but Hunty has proved that he is a con man as well. He has naively tried to score political points without materially addressing the EPL issue and damage it is doing to the industry. If I were running a NS O&G, I would be brainstorming a very different corporate strategy, one which would take my company far from UK shores and listing. Hunty's actions are akin to those that one might expect in a third World corrupt dictatorship and are signaling the end of NS and questioning whether the UK is a sensible place to do business. I have met Hunty on many occasions and he is a bit thick and I do not understand why anyone would place him in high office and I could give actual documented examples of why I would not trust him, but I am so utterly speechless, I am not going to waste my time. I think ENQ's tax losses and current assets will maintain a strong enough balance sheet to manage transition or position well for M&A, along with returns to investors, but perhaps it will take job losses, O&G bankruptcies and the Scottish people to vote with their feet at the next election before EPL is properly addressed or removed. I also feel that the government's actions and Labour's proposed actions our simply wrong, morally and evidentially. We are going to be a poorer nation as a result whether in terms of economics, renewables, carbon footprint, energy security etc.
I encourage people to keep up the pressure and carry on writing to their MP's, trade associations and media, the fight for a removal or fairer EPL must continue and succeed before it is too late.
I simply cannot remember a time where I held UK or international politicians in such disregard, the Cold War had its moments but when I look at the geopolitics and UK's future, I have never felt such despair and foreboding for the future. However, I am heavily invested in ENQ and believe the management team, which has delivered well and ENQ prospects are strong enough to pull through.................but who knows?