Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Ron, summarises what we all feared was happening. I wonder how many MP's are directly/indirectly benefiting from this parasitic gravy train?
Why aren't the wind farms paying EPL to offset the subsidies they have been paid?
Service stations are a rip off and it would be interesting to find out how much they contribute to inflation - why are they not be windfall taxed?
Great video find Ron, but didn't the guy get his maths wrong, because he charged before he left and was close to empty on arrival, so his costs were 10-20% higher, say possibly 36p a mile, I wonder what expletive he would have used at the end of the video, he would have probably spontaneously combusted!
The Ed video - what a numpty - we are all doomed and I thought that the government was not supposed to compete against industry - anti competitive. Oh I forgot they are in charge of the goal posts, hence the punitive EPL theft on NS O&G profit.
Question for IR, does ENQ have loss of production insurance and given that included the down time for scheduled maintenance later in the year, might need to moderate "scrotties" expectations.
I am hoping that Bressay will be developed and ENQ will sell another 30% to raise 100m, share costs and de-risk the programme, that will give increased production, develop Bressay without increasing debt (sale proceeds offset ENQ share of costs) and there will be another 300m of capital losses and 11m cash from initial production as part of the original 15% sale agreement. More reasons to potentially be happy and hopefully we'll hear some news soon.
Frac, good spot. The article quotes a whole gang of people that grasp the truth of the matter and harm EPL is doing to the industry and country.
Scottish Tory leader Douglas Ross has said he is “deeply disappointed” that the Chancellor extended the windfall tax on oil and gas firms, branding the decision from Jeremy Hunt as a “step in the wrong direction”.
I still think that someone should make a legal challenge against the implementation of EPL, implementation retrospectively, and singling out the NS O&G industry over other industries that have arguably profited equally or more from the Ukrainian and Israeli crisis - don't forget ENQ and other small NS O&G's missed out on the full benefit of any windfall as they were partly hedged to protect their businesses and the base line for EPL does not reflect what might be considered as an acceptable baseline in terms of a windfall and the level of both risk and profit to produce O&G.
A windfall might be considered as upwards of $90 and let's be fair, why didn't the Government bail the industry out during the pandemic when the price of Brent crashed - swings and roundabouts with greedy Hunty unfairly using the NS O&G independents (relatively hit harder than oil giants) to bale out the government and pander to agitators that can't comprehend reality, which is oil from which ever geographic region will be needed beyond the transition for many decades to come. If Hunty wanted to help the economy, the poorest and reduce CO2, perhaps he should have spent his billions on reducing the cost of public transport tickets.
Thank God we have tax losses, must get AB to update what they are currently.
Just realised who Hunty is - the goat I lost as a kid.
Market closed, so just idling pondering what the impact of buybacks might be?
If buybacks are the way forward and set at 10% which currently would be £25mapprox. I am not sure that it will move the sp that much maybe 20% on the basis of an expectation of 10% now and another 10% in 12 months, I am not sure that without a dividend many punters think beyond 12 months. So a small number of buybacks might not move the sp much more than simply paying down the debt. Personally, I am thinking that the Bod needs to bethinking about 20% buyback authority to make things interesting. Greater expectation and flexibility to buyback and surprise the market at any time. This I think might double the current sp.
Anyway, just thought I would pose this hypothesis and would welcome responses.
Back over $84.
Inventories down due to the Houthis and cargoes navigating around the Cape, cease fire still awaited in Gaza, Russia seemingly getting the upper hand in Ukraine whilst the West vacillates, Saudis likely to continue with current quotas and a cold spell hitting home. I have a feeling Brent will stay in the 80's and potentially hit $90 occasionally over the coming months. In the meantime, barring a major disaster beyond the current mess, ENQ should be reducing debt at an equivalent debt reduction of 0.2p a week without any other re-rating or buybacks factored in. A 10% re-rate, 10% buyback and current FCF would be at least 0.25p per week, based on current sp (rough calculation).
Rishi - I want doesn't always get, but there is a simple answer....................preferably get rid of EPL or at least heavily modify/mitigate EPL to advantage NS O&G independents and then you'll get more oil and gas, smaller relative carbon footprint compared to importing all O & G, even if it is refined in the Netherlands and returned, delay abandonment costs, keep 200,000 gainfully employed and countless more indirectly benefiting from the spending power of well paid jobs, increase taxes and for longer and make investors happy so they support the industry and transition.
All very simples Rishi, all you have to do is tell that useless clown Hunty to get on with it and then I can get on with my life spending my capital gains in the local community (and CGT tax), paused here to check figures, thanks to EPL I have spent 92.5% less in the community compared with the same period last year and will pay no CGT this year.
Only two occasions when volume has been higher than today in two years, perhaps we'll know more tomorrow?
Over 2% of shares in one trade, I am expecting to see an RNS tomorrow, someone must surely cross a threshold for an RNS.
If it is a sell, is someone baling out as a result of Hunty's potential attack/leak on O&G to square the books for tax cuts.
Something is afoot and I am starting to smell something rotten, especially if this is as a result of a leak from Hunty's department or is this something more sinister, a concerted effort to lower the price of companies in the O&G sector, then of course a bounce if it turns out to be nothing - win.... win again chicken diner for those in the know.
Hunt is a spanner, I have met him many times, so this is not name calling, it is evidential. How can you trust a man that can't even buy a suit, check out next time he appears in front of No11, his trousers end just above his ankle and I am pretty sure he is not a trend setter! This guy has masqueraded as Mr Safe Hands but his utterances, leaks and actions continue to undermine the economy and industry, particularly the NS O&G industry. I am presuming the latest Treasury leak that EPL will be extended is the reason for the increased short position and further trashing of the ENQ sp. I really worry for the future and I am beginning to think that we have bigger immediate problems than climate change and attacking the O&G industry should be way down the list. Inflation was my biggest concern going back a couple of decades, given the state of the Councils and economy, I don't think it is under control and the only winners will be those with index linked pensions or benefits, the rest of us are doomed as the country is levelled down not up.
I am not a fan of Hunty, he is a fool and assumes that the rest of us are also stupid.
Got that wrong, below 13p again - obviously did not buy enough shares today!? Bonkers!!
Just as an aside and sign that things can turn around even for an NS O&G company, I bought heavily into Parkmead Group in November and even after an appalling clobbering by both UK and Dutch EPL, the sp has recovered by 66% and probably has a way to go on current production levels and prospects. The difference between PMG and ENQ apart from scale is that one is debt free and the other is not but for ENQ that is changing and with current Brent prices the fabled 0.5 ratio and strategy for shareholder returns is moving to the left again and not the right because of EPL's impact. As advised, if ENQ production is holding within forecast and Brent is above $80, then the figures will eventually translate into a higher ENQ sp. Every $1 of Brent above the production cost per barrel is £1m extra a month less EPL in the bank.
Added a few this morning purely as my contribution to hopefully burning the shorters and buying into a ENQ March expected rise. If AB spells out the strategy for buybacks or pulls a couple of rabbits (deals) out of his hat then the sp should break upwards, even if the figures simply don't do it on their own. We are at $83.50 for Brent, basically as high as it has been since the beginning of November, so I am expecting a good update for the period January up to the end February. As it has been consistently above the likely average achieved for 2023. I am also expecting Brent to remain at this level or above for the foreseeable future, I don't see global tensions easing and after the German Chancellors and Macron's comments underlying tensions with Russia are l probably a tad higher, even a ceasefire in Gaza will not ease things and I can't imagine the Huthies are going to ease up. Things will notch up further when the US finally gets of the potty and releases military aid to the Ukraine, hopefully before it is all too late and there is a massacre.
Burn the shorters and buy a few shares!
This short does not seem to make sense as any number of factors could move the sp quickly upwards and it would seem that barring a disaster, the only downside is Brent falling and sentiment, as the EPL elephant in the room has already been let out by Labour or at least EPL has been put on one of those extendable leashes.
Beginning to think this is another buying opportunity before the real figures come out later this month.
Mod - Could you please cut and paste the article for everyone?
Mansardsman, I have no idea what the combined holding of this BB is, but it has to be a couple of percent at least (anyone else better informed?). It is not enough to change any board decisions but it might be enough to register shareholder disapproval if we block voted on the re-election of directors, even lobbied some of the other major shareholders who might be keen to make a point.