Member Info for AIMOilking

Excellent Video, Sir Paul Marshall has my vote for PM! At last, someone has the guts to stand up and state the obvious despite the risk of being cancelled, although I think that risk is diminishing as common sense prevails.

B****y marvellous! Rachel from accounting has cracked it...........35 jobs for £62m investment...........what can I say..........Rachel will only need to invest a further £354,223,714,285.71p to replace the 200,000 NS O&G high skilled jobs she is killing with EPL.

Personally, I would have divided £62m by 35 and told the low skill workers to go an buy an annuity for life and even then HMRC would rake in a million on income tax receipts and then 20%+ on VAT IHT etc etc.

Sounds like a mates rates deal, someone is going to make some money but it won't be the people packing the bottles!

Good find and apparently Trump is now talking about plans to work with Republicans to implement tax cuts for oil and gas producers, allowing them to expense 100% of capital spending. How long before reality dawns and Starmer has to do the same or he will not just loose the industry but any companies left standing will leave the UK for the US stock market.

Dumbly, I was a bout to pose exactly the same question. It would help if AB woke up and announced the new buyback scheme immediately, which might help a little to underpin the sp, mop up some of the selling and tighten the liquidity of the share, may even help punters take a longer term view with a little more confidence. AB can then deal with the dividend policy at the AGM.

I suspect trading hear is quiet as O&G still out of favour and with all the geopolitical machinations, there are better prospects around for making a quick buck. I also suspect that with a deal in the offing, ENQ holders are not trading in case they are out when the news arrives that a decent deal has been struck. AB is outside his six month window (now nine months) for doing a deal and I suspect he is under pressure to get a deal done before the AGM, one presumes Waldorf is in play with restructuring due to be complete by the end of March.

On all fronts, I am afraid that patience is required.

The next 42 days should be interesting - Waldorf's restructuring must be/should be concluded before the end of March. So by then, we should have a better idea if Waldorf is simply going into administration and there will be a fire sale of assets or someone has come to the rescue with more finance (unlikely?) or a deal will be announced relating to the sale of assets. It depends on how dire the situation and liabilities are at Waldorf, but I suspect if they can walk away debt free that would be a result and a bonus would be a few minor royalties for the directors salaries at the remainder of the Waldorf Group!

In the next 42 days, we'll also see the full annual report, share and dividend policy updates, an update on debt reduction to the end of February and of course - potentially deal news.

Personally and primarily, the only news I am really interested in at the moment is an increase in the share price! Secondly, the firing of Milliband and thirdly the firing of Reeves. With the latter two, my only fear is that given the choice of alternatives, the level of incompetence could rise further......... Not to worry, according to General Lord Dannatt, Starmer has just committed 57% of the UK Army to Ukraine Peace Keeping (my percentage based on number of trained and in training personnel and number of personnel as explained by the General required to maintain the PM's commitment for peace keeping). Putin must be thinking about walking into the UK unopposed, rounding up any remaining Oligarchs and seizing their assets to pay for the war in Ukraine. The Johnny English film comes to mind!

Pleased to see that my response from the BBC was not identical to Ron's and is posted below. The Sun is out and I was soothed by the BBC's sympathetic acknowledgement of my complaint .....Ahhhhhh, but I am still flipping mad that no action was taken. Perhaps in future we should demand retractions should be made in future so that campaigners and politicians are actually called out for falsehoods, incompetency, misleading statements or outright lies.

Dear............

Thanks for getting in touch about the Today Debate, broadcast 5 February.

I was sorry to read of your unhappiness and reviewed the edition. Nick Robinson hosted a discussion on whether it’s possible to go for growth at the same time as going green.

As you say, Dale Vince, the founder of the green energy company Ecotricity, did say that Rosebank will cost the UK £7 billion in subsidies for a Norwegian company that will never pay any tax into our country.

While I appreciate your concerns, in a live debate it might not always be possible to challenge or fact-check every claim that is made by a guest. As your complaint itself acknowledges, this came towards the end of the discussion when Nick was trying to bring in some final questions to the wider panel.

The Rosebank fields were not the central focus of this debate, but they have been explored in more detail across our wider work:

https://www.bbc.co.uk/news/articles/c3e1pw7npklo

https://www.bbc.co.uk/news/business-66933832

https://www.bbc.co.uk/news/articles/c30393m4z50o

https://www.bbc.co.uk/news/articles/clyv9enlp9xo

That said, I would like to assure you that we are committed to the highest journalistic standards, and that we very much value your feedback.

Complaints are sent to senior management and we’ve included your points in our overnight reports. These reports are among the most widely read sources of feedback in the BBC. This ensures that your concerns have been seen by the right people quickly, and helps to inform decisions about current and future content.

If you’d like to understand how your complaint is handled at the BBC, you might find it helpful to watch this short film https://www.bbc.co.uk/contact/complaints. It explains the BBC’s process for responding to complaints, what to do if you aren’t happy with your response and how we share the feedback we receive.

Thanks again for sharing your views.

Kind regards,

Joshua Wesley

BBC Complaints Team

www.bbc.co.uk/complaints

I am so depressed over waiting for the ENQ sp to rise and sentiment and policy to change towards NS O&G, and for common sense to prevail, I have been reduced to asking Google "when will PM fire Ed" and it came up with the following article for "ConservativeHome", not a site I have heard of(?). However, the article I found did cheer me up a little, the question is who has the biggest maracas, Starmer or his Chief of Staff - McSweeney?

https://conservativehome.com/2025/02/11/will-hermer-and-miliband-be-first-in-the-sack-race/

I realise a few share have been issued since 2016 and a few have been bought back, but I still would not have expected the sp to be the same as at the beginning of 2016, especially as $1.2bn has been repaid and the scale of the company has increased, it just goes to show how unloved and undervalued ENQ is at the moment. HOWEVER, we could be just days away from a great deal of news:

A deal(s)

Further update on Jan/Feb

Repeat news of reduced leasing costs

Buybacks

Dividend

Firing of Ed

Changing in Government position/policies (might have to wait a few weeks/months)

Direction of Global politicking and price of POO

Not sure spelled out all the answers but my oh my, they are talking more sense than a lot of the other moronic politicians put together. Hope Starmer watched the video, it might edge him closer to binning Ed.

Despite Brent down over 2%, ENQ was almost up 5%, largely thanks to the steady as she goes update which included the potential of a near term deal. If Waldorf is the target, Waldorf BoD have already announced that a restructuring is required by the end of March, so anytime now out to six weeks. Of course, ENQ might be playing a couple of scenarios to create a "stalking horse" situation and hopefully a better deal, so be prepared for a surprise.

Currently 12.24p - decent number of buys going through and I am back in profit on my last batch, so feeling a lot happier about ENQ and backed up by the results - no nasty surprises.

My feeling now is that ENQ share liquidity will get much tighter; the long terms are probably holding for the transformational deal rather than trading, perhaps even loading up; we might get a few newbies hoping to profit on a deal and that some of the value from net debt will translate into the sp and finally, a buyback programme will always help.

My guess is that a Waldorf assets are on the table as we speak and that any time between now and mid March, we will see a deal signed off.

Pretty much as expected, although debt figures a little better than I expected.

Announcement of a deal or the AGM will be the next big news point.

Disappointed that we did not get an end of January net debt position or did I miss it?

Has anyone spoken to IR about the update, will it be this week or next?

Ron, my thoughts exactly. When you refer to his interview skills - I think the word you were looking for was "obfuscate".

What surprises me is the lack of interviewers knowledge, if only they understood some basic facts, they could kick Ed into touch and once the obfuscating emperors clothes are removed, Ed will be revealed as a desperate zealotry charlatan. There is nothing more annoying than someone lying to your face.

The Waldorf saga has played out over a longer period than expected as they have managed to get investors to keep them going, but with the combination of lower than anticipated POO and EPL, Waldorf's demise was inevitable. So, we now have a timescale for Waldorf's restructuring, which essentially will undoubtedly mean the sale of some assets. I think that in this case, "restructuring" is the BoD and investors last ditch attempt to maintain some control and rescue some elements of Waldorf as an on-going business. Without an immediate and dramatic rise in POO (EPL would be maintained with higher POO), I believe we can take as a fact that sometime in May, the administrators will be called in if no deals are agreed.

I would expect that AB will have been waiting for the optimum moment which would have been Waldorf going into administration, because at that point to a large extent decisions are removed from the BoD and investors as the administrators take charge and seek the quickest and most expedient route to liquidating assets the company no longer being a going concern. I respect AB for waiting and he has completed the Vietnamese deal in the meantime, although I suspect that Waldorf would not have been in a position or willing to part with cash generating assets, unless of course someone was prepared to over pay for them.

I also believe that a lack of a NS O&G deal at this point is not a problem, whilst disappointing is not the end of the World for ENQ, simply because ENQ has tax losses, will generate FCF's, reduced costs starting 2025, will still be able to reduce debt and you never know, the UK Government might suddenly wise up and reduce the impact of EPL. ENQ is a going concern!

Slightly, concerned by the year end headline debt situation at ENQ due to the 2024 EPL payment, but a well presented update, including 2025/6 forecasts should show overall progress despite the punitive effect of EPL.

I regard Simon Jacks as a good journalist and he has gone up in my mind following the Ed interview. Ed is an eloquent delusional moron and given his ministerial portfolio, he appears to have the power over the rest of the Cabinet to lead us down a very damaging path, a potentially dangerous path that could eventually lead to civil unrest as the economy and institutions buckle under the cost of energy and carbon capture.

Before taking such a path, the Government needs to complete a proper independent analysis of the cost and implications of their policies and actions and currently arbitrary targets for net zero.

I have sent a complaint to the BBC, not sure it will do much good but I am so tired of hearing Politicians, business people and campaigners blatantly or through self serving ignorance broadcast mis information at best or lies at worst to the Public.

I am writing to complain about “The Today Debate” on 5th February at 11:00 with Nick Robinson. My complaint is not about Nick Robinson with whom I have a high regard or the subject of the debate around whether you can be green and have growth. My complaint about this particular programme and indeed many other BBC debates is the lack of professional and well-informed representation from the energy sector and particularly the North Sea Oil and Gas Industry. This lack of representation means that when panellists such as Vince Dale spout utterances that are incorrect, misleading, half truths and mis-direction, no one corrects or counters them. As an example, towards the end of the programme, Vince Dale with great authority stated that Rosebank would cost the UK tax payer £7bn in subsidies to a Norwegian company that would never pay any tax in the UK. This emphatic statement towards the end of the programme is incorrect and was not countered by Nick Robinson or any panellist, hence my complaint to the BBC. I realise that it is not fashionable to criticise self-serving climate zealots but these politicians, business people and campaigners are skewing information broadcast to the public to serve their own agendas whether for party donations or business subsidies, planning consents or contracts or financial support. The BBC receives significant income from the Public and should ensure that any debate, including this debate which had a large segment on energy is properly represented and mis-information is corrected.

I believe pollution is an issue and renewables play an important role in our future as will O & G, but I cannot see a sustainable and coherent UK strategy for energy. As a suggestion for a programme – O & G are part of the transition to renewables and will be needed for decades to come – why are successive governments ensuring the destruction of the North Sea Oil Industry and stifling economic growth through excessive taxation and government policies?

Ron, let me know the address to send a complaint to the BBC............ others might be encouraged to add their penny's worth.

I thought the form of your complaint was excellent.

Maybe we should suggest to Turner that he puts himself forward to the BBC as a pundit given the tide (re:O&G/energy) may be on the turn.

Finally, if that photo in the link of Ed in a kaftan(?) holding a candle in from of wind turbines is real, then Ed has finally sunk so far below the scale on my "idiotometer", I have thrown it away and our ridiculous PM should do the same with Ed.

January started well for me but then went into reverse and February so far has rinsed and repeated. The only thing I am looking forward to at the moment is the ENQ update which could be as soon as next week, although after the '24 EPL payment, I hope there will be some good news beyond the headline net debt, which may only be a snapshot of January's figures and a new buyback programme and dividend policy, the latter if we are lucky. Although given Trumps best efforts to tank the oil price, it may need delaying whilst ENQ concentrates on net debt and a deal. It would not surprise me if Trump deliberately tanked POO to make his voters feel good while he also fills up the reserves which he can then release at a later date and higher price to suit his purposes and provide some wriggle room.

Listened to BBC with Nick Robinson, with a range of so called experts including the likes of Dale Vince, the latter came across as the voice of reason whilst managing to mis direct everyone with some pearls of plausible reason - not!

It sounds like the Government are going to do a Pontius Pilate on Rosebank, with planning being resubmitted for consideration by the appropriate authority.

Not once did anyone raise the fact that imported gas has a greater carbon footprint than home grown, the case is slightly less obvious for oil as most refining is overseas, although Netherlands as an example is a lot closer than the US or Middle East. It seems that argument now is let the US pump baby pump so we all enjoy cheaper oil and gas, leave our oil in the ground (as Vince says all the high skill jobs can be redirected to the renewable industry - not) and wait until it is more valuable because it will always be needed for something in the future irrespective of net zero targets being met.

Why can we not find someone to recommend to the BBC as a pundit for common sense backed up with appropriate analysis?

Precede - 1885m voting shares, 25m in Treasury so voting shares 1860m ??

Modestus - good post.

The trouble is the Government has no wriggle room on finances ad the short term, the chances of them giving up any sources of immediate revenue such as EPL are very limited until the pendulum of immediate value swings the other way as tax revenues fall and decommissioning costs amongst others start to climb.

The sad thing is that NS O&G is one of the only growth levers that this pretender, sorry I meant Chancellor has to pull.

From Capricorn's 28th Jan update - UK North Sea contingent payment update Capricorn continues to evaluate options to recover the defaulted final settlement payment of $22.5m payable by Waldorf on 3 January 2025 (which increases to $29.5m if the Columbus acquisition does not complete by end Q1 2025). Capricorn is currently in discussions with Waldorf's secured creditors.

Surely, this sort of financial issue and given Waldorf's last 12 months, must be enough to precipitate Waldorf committing to some end game deals. There is clearly a $7m incentive applicable by the end of Q1 '25 to get something sorted. Given Waldorf's non participation on infills with ENQ as well, dealing with a single Waldorf problem is not going to cut it as they have or are running out of cash and have appointed administrators already once before being rescued. What would have saved Waldorf is a very high POO but that has not materialised or of course if EPL had not existed.

The questions is whether ENQ is at the table?

Also of note is whilst Capricorn has half ENQ's production, the majority gas and consequently much lower revenues, they have reasonable liquidity of $123m including debt @$100m.

One does have to question ENQ's MCap, when it happens today to be identical to Capricorns, who incidentally recently completed a $24m buyback programme.