Member Info for AIMOilking

It appears that when there is a takeover situation, interests over 1% have to be RNS'd.

What is interesting, if anyone can be bothered open all the RNS, it will provide us with a very good indication, along with the list of holders over 3% as to who holds the majority of the company. Some may be direct holders and of course some will be proxy holders for clients.

I have not seen so many RNS of this type from any company I have invested in - so, why are they happening?

Apart from the fact that they seem irrelevant, I assume that they are costing in excess of £1,000 a day in associated costs - I would rather ENQ buy circa 8,000 of their own shares a day with the money!!

An answer would be appreciated or mt curiosity will require I email IR.....

ENQ website states that approximately 50% of the company is held by stakeholders over 3%.

I don't understand the sudden flurry of RNS's today but it flushed out at least another 8%+ held by institutions, either in their own right or for third parties, if we assume that the majority are long termers, then 60% of ENQ could be held long which would tighten liquidity.

Anyone know reasons for 14 RNS today? Several are well below 3%.

Just a theory - Waldorf is privately owned and no doubt their BoD will have been banking on higher POO to bale them out of their financial crisis. Being privately owned, relinquishing Waldorf to administrators or a fire sale would be financially painful as opposed to a listed company where "nameless" punters and banks loose out in such situations. As a result, Waldorf have bargained hard and I suspect AB has sensibly resisted over paying for assets, hence the long delay in any deal being made. My theory is that any deal needs a stalking horse to help close at an advantage and in this case ENQ has turned its attention towards Serica which might well make the Waldorf BoD panic because instead of a sale, they may have to relinquish Waldorf to an administrator and suc a situation might see some of Waldorf's investors walk away with nothing after the principle debts are paid off.

So ENQ ups the anti with Serica to snare Waldorf, which may also then play better for ENQ with Serica should a deal be done.

So, all there is to say to ENQ holders is BUY BABY BUY!! Should be an interesting couple of weeks.

Well, as I thought this BB has livened up, trades and volumes were up on Friday and last weeks buys are all in profit, not a bad week.

Until an offer is announced, we can only speculate on an outcome, but one thing that sparked my interest was a comment on the liquidity of shares. 49.85% or 927m shares are held by institutions or AB (12.25%) and I am sure there are others with significant shareholdings under 3% each, so liquidity should be tight. I am hoping that increased interest and clearly plenty of advantage (loan rates, tax losses, overhead costs, infill/new opportunities within portfolios) combined with long termers holding and or accumulating will see a decent rise next week - 20% would do for starters.

The Buybacks should also commence shortly which will further tighten share liquidity.

I still think that other assets are on the table for a deal and I suspect Waldorf heads the list in NS waters and quite possibly AB is working on a series of deals which could impact on the dynamic of the Serica offer.

Announcements/updates from ENQ later this month should be interesting and the AGM may well be worth attending in May.

We need someone who is mathematically erudite to work out the relative values of the balance sheets to determine a likely percentage, then of course said person carefully needs to look at the actual assets/reserves and liabilities. Once this has all been assessed the Capital losses need to be taken into account and this could be where ENQ punches above its weight!

We need the ENQ BB Batman and Robin on the case e.g. Stevo and Tarmac...........

Added a few today, simply because an RNS like this will generate interest and an offer/deal of some sort may crystallise some of the value in ENQ. If the company were to be valued at £500m, at least I would get out at a healthy profit after a very long wait. I have finally also learnt my lesson and will never again commit to any share in the way I have committed to ENQ!

As I say, this will rumble on for a few day/weeks, in the meantime, I still hope that ENQ will scoop up a few other assets, such as the Waldorf assets at a rock bottom price. Low POO must be accelerating the Waldorf thinking.

$1.31bn+ tax bill - ouch!

Tax rate 108% - Ouch!

$72m loss on $6,200,000,000 revenue- Ouch!

$4.7bn debt - Ouch!

sp down 11% - Ouch!

All adds up to one big Ouchy!

With ENQ's tax losses - ENQ's balance sheet and prospects look relatively good, although ENQ still does not pay a dividend and buybacks are currently suspended - AB better have a good script for the market later this month to mitigate some of the undervaluation of the sp.

Brent is now at the lowest price since 18th August 2021, the Ukraine war started on 24th February 2022 - where is the windfall?

Apologies, but when the sp drops to November 2020 levels and having paid off over a £1000,000,000 in debt and the MCap is nudging £200,000,000, I get pretty frustrated with Hunt/Sunak and Reeves/Starmer, not forgetting their side kick Millibrain, because something is very wrong (EPL) and it needs to be corrected before we loose a critical industry.

Added today, partly triggered with the big drop in POO and the low sp. I am hoping AB has a comprehensive plan which is actually being implemented, if Waldorf is on the radar, the low POO will accelerate the need for a deal, AB promised a deal and finally the justification for EPL is increasingly questionable, falling O&G tax revenues, the Government's need for growth and looming de-commissioning costs (50/50 Government/O&G Ind) must surely increase the chances of a EPL policy change.

Not long to wait now, hopefully the company will spell it all out for us this month, including buybacks and even a dividend policy.

At the time of writing Brent is @ $68.83, so can someone in Government please explain where the O&G windfall is!

Having taken (stolen profits and destroyed MCaps), I am looking forward to the Government baling out the O&G industry as it hits the buffers - not!

I would imagine that HMRC is watching closely the falling tax revenues from corporation tax and EPL as the price of oil falls, HMRC future tax revenue projections from the O&G industry must be interesting and worrying reading, perhaps someone should remind them to include the costs of accelerated de-commissioning that the Government will share.

However, there is another side to this coin - scrap EPL and make policy changes that will encourage the NS O&G industry to invest and the picture could be very different to the tune of tax revenues on at least an additional 4,000,000,000 plus barrels of oil, plus all the job and supply chain benefits. It is the one tap that can be turned to increase growth pretty much overnight.

I think we are approaching 8% below the EPL Oil trigger price, gas needs to be de-coupled from oil for the termination of EPL.

Reality dawning...................EPL is excessive and unjust.

Thanks to my ENQ losses, I did not have to pay CGT last year and will not this year.

Since 2021, NS O&G companies have lost around two thirds of their MCap.

So, whilst reducing EPL would decrease immediate tax revenues, it would increase growth (more taxes), use up capital losses quicker, generate more investment etc etc, plus the loss of EPL would be offset by the delay in decommissioning costs to the government, maintain high value jobs and supply chain and all the CGT they would collect from a doubling or even tripling+ of the NS O&G Mcaps.

We must be approaching a cross over point in the wider picture, where maintaining EPL does not make any sense at all in terms of overall tax revenues. Rachel from accounting needs to get someone to do the sums.

There was some discussion about Shell buying out/merging with BP and we are still awaiting Shell's decision on whether to stay listed on the LSE or move to the US, I assume that BP must at least be considering this option as well to grow shareholder value.

Now Starmer has raided the overseas budget, he does not have a lot of options to raise funds except through taxation, but there is one area that he could go for growth almost instantaneously - the NS O&G sector. He just needs to ease EPL and provide policy assurances for this to happen. Blame everything on Ed and fire him - simples!

Apologies checked and Waldorf restructuring by end of May'25.

Checked Companies House and have to say Waldorf's Final Account filing history does have regular dates as one might expect and in fact there do not appear to be filings for 2023 and 2024??? Clearly too early for 2024 filing but apparently very late for 2023 filing. Given the losses shown on the 2022 account, one wonders what the 2023 accounts will look like and 2024 for that matter. I don't think it will be long now before announcements are made on the sale of Waldorf assets, most probably by 31st March '25, this being the date by which the company announced that it would be restructured. The big question is simply - who is buying?

Https://uk.yahoo.com/finance/news/bp-faces-existential-crisis-ruinous-150000440.html

“Ed Miliband made the wrong call then. The whole programme has been a disaster, costing consumers billions so far, and the deadline for completion keeps getting pushed back.

“Mr Miliband is once again in charge of the department and making some big calls on net zero – with a highly questionable track record.”

Me thinks pressure is building for Ed to go!

Being Chancellor is a tough job, especially when things are not going well.

Rachel from accountants is looking a little haggard recently, things are not going well and one wonders if peer pressure is beginning to take its toll as top of her options running out. Unless things turn and turn quickly, I think the Chancellors days in post are numbered. Starmer must be thinking or at least tempted to have a reshuffle simply to maintain his own position , the question is what to do with Rachel and Ed? One or both may be political collateral within weeks.

In the meantime, March should be a big news month for ENQ, although the price of oil could dampen ENQ's overall position, unless the Government eases off EPL, although I still think we are a few months off any movement there as the Government has little room to manoeuvre fiscally. Although with Reeves and Milliband out

of the way, that could change sooner.

If Reeves and Starmer want pretty much instant growth, then they have to let up on the NS O&G industry.

I don't suppose Labour will institute a windfall tax on the defence industry profits that will roll in from increased defence spending???!!!