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Has the government confirmed the inflated figure for this year with respect to the gas and oil floor prices?

Not only is Shell thinking of delisting and going to the States, but ........

Shell, which invested in a series of offshore wind projects in recent years, including offshore the northeastern United States, announced last week it would lay off much of its offshore wind business staff as the oil giant advances its program of refocusing on its core oil and gas business.

RBL facility to be paid down first due to linkage to hedging, then pay down high interest, clearly some early payment restrictions on the latter. Without a deal or any material changes net zero debt late 2025/26, dependent effectively on POO (personal opinion based on comments).

Ops Dir on BoD of Energy UK and AB one of seven on new body to meet with government, ENQ position based on operational performance and not overall production levels.

Kracken 2 drills in ’25, additional partner required to progress Bressay.

AB confirmed ENQ apolitical but raised concerns over jobs losses, investment environment and energy security, ridiculed nonsense of unnecessarily importing oil and gas and commented on much higher carbon footprint.

UK Government decisions and general election brings investor uncertainty, current potential changes will have limited impact on ENQ, but resultant sentiment holding down ENQ sp

In summary, high expectation of a near term deal which will add shareholder value, looking to 75,000bpd, diversifying projects and regions (read Malaysia/Indonesia) current mid-range production forecast holding, expectation POO will rise, potentially compensating for H2 EPL payment ($80m? in H2) and some limited down time for maintenance. Going forward 2025, continued debt reduction/buybacks and use of tax losses. General feeling, sp should be in mid-twenties now and the right deal could be transformational in terms of revenues, use of tax losses and company standing etc. Continue to be impressed by professional ENQ team and performance, personally a two-year hold with increasing chances of takeover as ENQ becomes net debt positive and there is continued NS rationalisation, hopefully less government interference and +$80 poo. I have asked Santa to abolish EPL………….. DYOR.

Much has been covered already..............Shorthand notes from AGM

AGM 25-30 people present, including most of BoD, notable absentee Finance Director. All resolutions passed with high % in favour.

BoD seemed on mission, arrived on time, handshakes all round and no unnecessary hanging about afterwards, planes to catch etc. NS Ops Director and Legal on hand which suggested needed for BoD discussions earlier in the day.

Clearly, multiple discussions ongoing with most NS O&G assets on the table for deal, some from ENQ view point unsuccessful but right deal or no deal. Ambition to grow to 75,000bpd and move into top 10 NS producers and utilise tax losses.

Plug SV into grid reducing carbon emissions by 90%, obtain approval for Bressay gas to replace diesel by H2 2025 to reduce emissions by 50% and remove diesel costs. Also 2025, significant reduction on lease costs going forward. SV activities should see some results in 3 years and mention of potential SV wind turbines and hydrogen production. SV emission reductions, energy generation, carbon sequestration place ENQ as a “Transition” company not just O&G which will be needed for decades yet.

Frustration over MCap and O&G sentiment, apparently AB advised firsthand that Shell are looking at delisting and moving to US. Also noted, some US interest given FCF/MCap and bondholders moving into ENQ equity. As posted on the BB, AB stated investors cannot believe FCF/MCAp (personal comment - this ratio is highly unusual and attracted me to ENQ, especially with debt reduction track record).

Buybacks progressing and confirmation future ongoing allocation of capital for buybacks, no real answer on dividends but potentially.

Personal expectation, some form of deal in 6 weeks to 6 months’ time frame, AB stated within 6 months and others confirmed at any time, multiple on-going discussions – right deal the priority. Noted, whilst taking over partner assets is an option, looking at diversifying to spread risk both at a project level and UK NS political/economic level.

Eagle below expectation due to operators but still a financial success, suspect relationship not good, could make sense to buy out partner, if ENQ believe they can improve production.

ENQ recognised as top quartile operator and recently won awards in Malaysia for operations, operator of the year.

A large study licence in Indonesia with significant potential is being evaluated, AB been out twice to Indonesia recently.

Clearly, pace of H2 debt reduction will slow down unless Brent prices rise, which they are expected to do.

Decommissioning 40% below average industry cost, 10 wells already completed in 25 2024 programme. Low ENQ exposure to decommissioning costs and potential for expanding decommissioning business opportunities. Previous deals limited exposure to decom costs plus tax losses.

No analysts present at meeting, IR stated Barclays no longer have a NS O&G analyst, average targets still in mid-twe

The content of that video is well.............................. add in the perky little voice and flashing images of Putin and the UK PM in the same frame is tantamount to demonic subliminal advertising techniques which I thought were banned.

My neighbour said I can't believe what I am reading and seeing on television and now an election with unelectable options and then turned to me and asked quite seriously, "how do I prepare my family for an economic meltdown and Armageddon in two or three years time?"

Cash is going to be King as far as ENQ is concerned, a decent reduction in debt which at the same time will further define the likely timescale for ENQ being debt free will ultimately help the sp, backed up by buybacks and eventually a dividend. When the ENQ balance sheet screams net cash in the bank and tax losses to mitigate against EPL, the sp will respond. Unfortunately, it will take time (circa H2 2025/6), but we will get there. It would be a reasonable bet that Brent will stay on average above $80 as down side, production should increase and we know lease costs will come down. So the variables are the government's policy towards NS O&G and any deal that AB might conclude. On the latter, I do not see AB taking on huge debt, more likely to maintain production organically and or avoid major capital costs upfront, although Bressay might be the exception. As far as the government are concerned, EPL is here to stay, GB energy is anti competitive as far as I am concerned and the O&G industry will end up funding this folly, if industry can't make renewables work without subsidies, how on earth will a Labour Government? However, we could see a U turn buy not before 2027 or with a subsequent change of government. Realisation, that longer term, the UK economy needs NS O&G may suddenly hit home as tax revenues fall, job losses stack up, unions get excited and accelerated decommissioning wipes out tax income, not to mention energy security - there could be EPL changes and the longer they leave it the greater the change that will be required.

I though the base line oil and gas costs related to EPL cancellation were meant to go up in April, has anyone heard anything?

Perhaps we should ask AB why the analysts are not updating their targets as we might of expected after the last update?

Thanks Tarmac, yep, we'll see the figures at the AGM, however, there is usually a May Operational Update a week to ten days before the AGM, we are now 6days away?! Perhaps this is a question for IR?

The AGM is next Thursday, where is the operational update - today perhaps?

Some decent figures might just help steady the sp.

Chevron is gearing up to sell its remaining oil and gas assets in the North Sea, marking the energy giant’s exit from the region after more than five decades.

The American energy super major, which is the third-largest in the world by market value, confirmed on Thursday that it will market its assets in the basin, which may or may not result in a deal.

The sale could raise up to one billion dollars (£791 million), and the process is expected to be formally launched in June, reported Reuters, citing multiple industry sources.

Chevron was among the first oil companies to drill in the North Sea in the 1960s, but has since pulled out of exploration and production after offloading its drilling assets in 2019.

The latest planned sale would see it pull out of its remaining interests in the region, including a 19.4% stake in the Clair oilfield, west of Shetland.

It comes after a portfolio review, the company said, and follows a trend of Chevron selling its legacy assets to focus on new low-cost projects.

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The Clair oilfield, the largest in the British North Sea, is operated by BP and produces about 120,000 barrels per day.

The sale would also involve offloading Chevron’s interests in the Sullom Voe oil terminal, also in the Shetland Islands and operated by energy company EnQuest.

That includes the Ninian pipeline and SIRGE pipeline systems which are both linked to Sullom Voe.

A Chevron spokesperson said: “As part of Chevron’s focus on maintaining capital discipline in both traditional and new energies, we regularly review our global portfolio to assess whether assets are strategic and competitive for future capital.

“A portfolio review has been completed and a decision has been taken, to initiate the process of marketing Chevron’s 19.4% non-operated working interest in the Clair Field and associated assets in the UK North Sea.

“This includes various working interests in the Sullom Voe Terminal, the Ninian Pipeline, and the SIRGE Pipeline.

“The process is expected to take multiple months and may or may not result in a sale.”

O.K. Romaron, you are not interested and you don't need to respond to this post. I accept the point you made and the fact that the subject has been discussed on the board. However, does it not occur to you that the BoD may have realised they had "options" after announcing the buybacks regarding share allotments etc. My question is - why did they not simply buy 25m shares for the ENQ treasury? Do the same rules apply as with buybacks? Why water down the already limited value of buybacks, it did not seem necessary?

In summary, I think the BoD realised they had an option to allocate some of the buybacks to meet the upcoming requirement for allotted share, why not, but in doing so they unnecessarily raised some little or relatively inconsequential questions.

Romaron, I take all your points but I do not understand why they have mixed up the 25m shares for treasury with the buybacks, surely they should have just bought the shares and then started the buybacks?

The AGM is on 30th May!!

Previously a resolution was passed to buy back up to 10% of ENQ shares in any year, I presume this still stands or the BoD will need to allow investors to vote on a new resolution. One presumes that the buybacks can continue after the AGM, perhaps for another set period. I don't think the BoD would want to delay the buybacks, the amount is so small and therefore it would not look good in the eyes of the market. The BoD has pretty much hit or exceeded all other targets despite EPL.

The sp is still well above $80 and I think will rise again in the remainder of H1 and in H2. 15 days to AGM, less to update.

Based on 174 trading days and a daily RNS cost of £250, that would be £43,500, the number of buybacks is getting smaller by the minute. Having announced buybacks, I would have thought that it was in the company's and investors interests to get as many buybacks in prior to the next update?

Just looking at the trading today and it appears to be virtually all sells, the site I looked had 22,100 buys to 866,639 sells, I assume this is wrong unless we are going to see a decent amount of buyback today.

Sp nicely in the 16's and touching 17p earlier today and Brent up at $84.30, hopefully we'll end well today. Whilst we have dropped a little on recent highs, the average trend line since the 12th March has been maintained. If this trend line continues with debt reduction, we should be hitting 18p by the end of the month, a good set of figures with the update could see us celebrating a 20p party with any luck. Exciting times!

I hope to be at the AGM this year as I am heavily invested here at ENQ, keen to meet the management and hopefully get a better feel for their direction and strategy.

Looking forward to the imminent update at just a couple of weeks away and seeing some hard figures for FCF and debt reduction over the last couple of months.

I wish ML would get on with these purchases, if the sp starts climbing they may be limited and we want to get the first 25m shares out of the way. The sp was down yesterday, they should have been buying a boat load!

Sek, yep, understand your point, but this tax is not applied to all businesses, so why can't a minority that is suffering punitively challenge the government? If the tax is based on the making of excessive profits, where are these profits? Why does this tax not allow for all tax losses, other businesses are allowed? I am sorry, sovereign or not, EPL is unfair and has disrupted the market and is damaging the UK economy. If it cannot be challenged, personally, I would de-list from the UK stock market and list elsewhere, still have to pay EPL but the UK Government would not benefit from other future tax revenue.

I hope they (NS O&G companies) start making noises about a legal challenge a.s.a.p. The companies should all get together (even through the trade association) and put some money in a pot for a legal challenge. Such a challenge may even help the sp if people believed it might be successful. Any successful challenge would have a massive positive impact on the sector whether from increased profits, reserve valuations and economic stability/environment perspectives.

ENQ in the low 15p and Brent up at $89.59, we should be having a decent bounce purely based on the Brent price, but nothing, plus volumes have been very low. I cannot understand why the analysts are not issuing or reiterating targets. It seems that ENQ and NS O&G have fallen off the radar. I just hope that ENQ's ridiculously low valuation represents a coiled spring that will eventually fire the sp upwards. I can't remember owning a share that has been so incredibly undervalued, particularly given the level of debt reduction - why does the sp not reflect the ENQ's net asset value and FCF?

Jan, I know this half million trade would normally be a UT and appreciate your responding. I was surprised that there should be such a large UT on such a low volume day, hence my wondering if it were a buyback trade. Thank you for putting me straight.

Topped up again, if Brent holds at the $86-88 range or higher, then the sp will surely rise into the next update, backed up by buybacks - I wonder if the late almost half million trade was the start of the buybacks. I assume ENQ will want to get a couple of purchases and then RNS to say they have started buybacks.