Member Info for AIMOilking

Oh dear! Labour must have commissioned a 12 year old to write this guff of a paper, not worth printing for toilet paper.

This paragraph stood out as slightly frightening in terms of Labour's policy mentality especially as I believe the UK is the only country maintaining a windfall tax.

● Windfall tax: When the energy crisis hit, the Conservatives were more interested in protecting vested interests than

they were protecting the British people. That is why Rishi Sunak had to be dragged kicking and screaming to

implement Labour’s windfall tax – and why it is still full of costly loopholes.

Looking forward to the £1400 reduction in my fuel bills, however, the only way that will happen is if they implement a windfall tax on the middle classes, ah but of course they are already planning that.

At least ENQ's tax losses will paper over the EPL cracks until this lot are out of office.

Diabolical!

Sorry I meant:

DIABOLICAL!!..................

Sorry perhaps:

EDiabolical!! "Ed" Moribund being the reference to the Devil as far as the UK economy and population are concerned.

I did actually add a few today, all helps lower my average.

I agree, PMG should be taken out by ENQ, it is not a game changer but adds to the portfolio, gas, wind, cash in PMG's bank and of course lots of lovely approved licences.

I hold PMG, sitting in a back draw and have not paid them any attention recently, but there is a question that keeps crossing my mind - if PMG was a takeover target - what does PMG have that is worth having? Especially, if one had the money to develop PMG's opportunities.

If anyone could enlighten me, I would be grateful for any insight.

At least Cannaccord has circa 150% upside as opposed to Jefferies 14p target. I would be happy with 27p at the moment given EPL, but I dare say that it will be 2025 before we see 27p.

Travelling, so missed the meeting - any highlights at all?

On news - Last Scottish refinery closing and be repurposed to import fuels, loosing 400 out of 475 jobs.

Either all these so called analysts should be fired for incompetent POO forecasting or the market is being manipulated, which is it? We may have record production, but limited forward investment combined with the World in crisis as a result of war and sabre rattling.

Brent has slipped below $69 and ENQ is now at 30% of its pre EPL MCap despite a massive reduction in debt and generally good operational and fiscal management. Approaching 50% down on my ENQ investment thanks primarily to EPL and the Government's faffing around.

Unless we get news, we have the October budget to look forward to and circa 76 days to the next update at the end of November.

Given that AB indicated publicly at the AGM there would be a deal within six months, even countering the Chairman who had earlier said 18 months, I don't see how he can buy shares without publicly stated there is no deal on the table.

We are now half way through that time period which will include the budget, perhaps there is still time for a deal, although personally, the fact that Waldorf were refinanced probably moved that timescale to the right, but with lower POO, I suspect Waldorf know they are hitting the buffers again, if not now, very soon. Waldorf must want to raise cash and reduce debt, but the trouble is if they sell production at a discount, they will likely be in a death spiral.

Last time a fiddled about realising losses against gains, the share I sold pretty much tripled over night - life would have been very different if I had held for those couple of days.

Note relating to 11.625% bond which would be the first I would wish to pay down:

"c) On or after 1 November 2024 all or part of the outstanding notes at perscripted redemption prices"

AB mentioned this clause at the AGM in answer to a question about paying down higher interest debt. I suspect that if there are spare FCF, from 1st November they will start paying it down, in fact if no deal is done, some of the companies liquidity may be used.

The fact that Ed has sent this pathetic letter now demonstrates an absolutely fraudulent disregard for votes and the UK population as a whole, how can anyone believe anything this idiot says?! Starmer needs to drop him and his net zero fantasies fast and resolve the NS O&G situation equally quickly to avoid the destruction of a transition industry and an even bigger hole in our economy and national finances.

Who the hell is: Head of Mission Control for Clean ......clean what - toilets?

Glad to see 12p plus again - I was about to make a pyre on my boat from my store of renewable logs and set sail! Probably be fined for CO2 emissions or might get some Drax style subsidies.

Pyueck, I came up with a tax scheme for a company, they checked with the Treasury, who said that yes this is legal and then they immediately closed the loophole....................The simple answer is get rid of EPL.

MCap £215m.......... I think we are entering the irresistible bid zone for ENQ and the reasons I think this are as follows:

Current MCap

Well managed portfolio producing 40,000+bpd and FCF

Tax Losses alone worth say four times MCap

Couple of very prospective licences in the bag

HERE is the THING - Bressay gas power instead of diesel reducing costs, lower lease costs 2025, from November large chunks of refinancing can take place to start removing high interest loans and bonds, reduced interest costs, decommissioning capabilities, balance sheet liquidity two half times MCap, buyback programme initiated.

ENQ is at a pivot point where all the hard work has been done with massive investment followed by massive debt reduction to very manageable levels.

The question is at what price, probably 22-26p now before some of the above hit the balance sheet but next year H1 27-31p and H2 33-36p.

Dumbly - noted the same but something tells me that NS O&G "the resistance" is gathering, going back to the RNS statement, the words were very carefully crafted to have impact.

AB is setting out the ENQ position clearly and in the interview he also took a care to balance a positive outlook for ENQ despite trashing EPL etc. He is pragmatic, and recognises he is walking a tight rope between protecting ENQ's PR image and damning EPL and government policy.

There is a lot at stake for the companies and for the individuals running them and the politicians will keep squeezing (until the pips squeak) and that time has arrived. A further ill judged move by the government in the budget will have a whole raft of unintended negative economic consequences for the industry and country.

Long term holder up to my neck in ENQ shares and losses.

P.S. Someone mentioned the drop in Serica's MCap, I happened to work out this morning that drop is about £1,250,000,000, makes ENQ's £380,000,000 seem trifling and these figures do not take into account increases in net asset values, in ENQ's case £500,000,000 since mid 2022.

A quick google shows that ENQ's message on EPL has been well covered, until the last couple of weeks, I don't think the industry has been aggressive enough in its rhetoric and arguments. If ENQ and others become more vocal, the media will be educated to the problem and hopefully pick up on the story. It is relevant now because of all that is going on EPL, cutting allowances, budget, growing the economy, GB Energy, renewable subsidies, Drax, cost of importing, energy security etc etc.

Refine the arguments and keep spelling them out and start marshalling the Oil Companies, trade bodies, oil workers, supporting industries, unions, relevant MP's/parties, communities etc etc to amply the NS O&G voice. Linda Cook made her position clear and AB has clearly spent some time and care over his chosen words, they well written, he has shown some leadership, so let's hope the other oilers follow suit.

Even the likes of BP and Shell need to wake up, if they or anyone else want to divest the rest of their assets in the NS, they will need buyers like ENQ to invest.............!

Sek, I quote you - "One thing which is quite staggering, over £4bn has been invested by Enquest. There has never been a return to shareholders and yet the company now has a market value of £234m." Agreed.

You should of added that thanks to EPL and uncertainty over government policy towards NS O&G, since 2022, ENQ has lost almost £500,000,000 in MCap.

Perhaps also added, since mid 2022, net debt has been reduced by $500,000,000 (£380m), so you could argue/evidence a staggering reduction of £880,000,000 or 46p per share of value has been destroyed.

Given the EPL tax paid to date AGAINST, I would say the net loss to the UK economy and future investment etc, plus future net loss to UK Treasury - EPL has scored an OWN GOAL on a scale that the government has yet to comprehend.

The government is trying to fill a black hole but with EPL, it is like digging a bigger hole next door to fill it in! Not to worry I am sure Ed will subsidise a suitably large turbine to go in it, although given the depth of the new whole I am not sure the blades will ever turn, but that is O.K. for the operator as ED subsidises not providing energy...........sorry, I mean we (NS investors) provide Ed with the cash subsidy!

Dumbly, not an unreasonable assessment - but it begs a question?

As investors - are we going to see a return in the form of a higher share price and when?

We have seen the latest target at 14p, in what timescale are likely to see 28p/MCap 0.5bn for example?

28p is just the arbitrary figure I would like to see TODAY!

Twal, as an aside at the AGM, from memory it was said that some of the financing has early redemption clauses but I believe that some of these time out in November '24, so there may be a little movement on high interest loan(s) by the year end. Probably all depends on POO and FCF as to how much room there is to manoeuvre and whether a decent deal pops up in the meantime.

By any standards a good RNS and by my reckoning, based on net debt figures, ENQ should be higher than last December sp by about 6-7p per share, but the sp remains at the same level as early December 2023.

I would like to see Stevo's revised EPL figures based on these results and forecasts and likely debt debt for the years end based on current POO.

Impressed with strength of upfront statement against the imposition of EPL, maybe others will follow.

Typically the Transaction RNS's have followed the day after trading accept for today. Why is this?

Is it that they have to clear the decks before tomorrow's Half year RNS or is it for some other reason? Seems strange to break the pattern.

Well, from the gut wrenching low of 11.7p at 11:10 this morning and very little trading, we seem to have turned a corner with a steady rise (12.29p) this afternoon into the results. Is this trading on possible POO upside and a decent set of results or has some news leaked ahead of the RNS?

I have to admit that if I had spare cash today, I would have taken a punt and traded on the results.