Member Info for AIMOilking

Apparently, the update will be in early December after the BoD meeting and of course post the Hunty's Autumn statement tomorrow, I would guess the 7th or 8th December. Apparently, the BoD needs to approve the update before it is published, I am more inclined to think that the figures for the end of November will look better than the figures for the end of October. In addition, if as promised, the BoD is going to announce its strategy for buybacks, dividends and shareholders returns generally, perhaps that does require BoD approval and tinkering with before going public.

Sp now at lowest since early February 2021 which given the transformation of the balance sheet, production, POO and delivering on targets - IT DOES NOT MAKE SENSE!

Oxygen - interesting thought - Chinese company suing the U.K. government over NS. Just wish somone would get the ball rolling and EPL would evaporate and just imagine if EPL was refunded..............dream on!

Oxygen - good point about burning wood, both CO2 production and I myself have been surprised by how much of the UK's supply of logs are imported. If the government moves to curb burning logs, particularly rural communities will experience energy poverty.

Evi - interesting article - I can't understand why the NS O&G have not sued the UK government, I particularly can't get my head around retrospective taxation of an capital intensive industry and impacting financial covenants to the extent that impacts financial viability - Waldorf a case in point and of course ENQ's own reduced financial headroom.

After the rise in POO on Friday, I assumed we would start blue, but no - we are down 2.19% and POO is up 1.31% - I give up and can't work out why ENQ is so undervalued, even the 20m Swedish sell off represents just a 0.1% of the total shares.

Well, Brent above $81 again, so hopefully we'll end blue but not holding my breath.

Firstly, Brent rose almost 1% after UK market close on Friday, so expecting a good start tomorrow. That assumes Brent's price holds or goes up on Monday morning.

Secondly, global strife, falling investment in production falls inflation are likely to see a spike in POO and potentially sustain a higher price than $80 in the next 12 months.

Thirdly, I did a rough comparison of ENQ's sp as the price of Brent moved up and down through $80 in the last year, the staring sp was 23.75p and Fridays sp was 14.6p. Now does that make sense with ENQ making steady progress in meeting targets and reducing debt?

So, I compared 15 points on the graphs and the average ENQ sp was 19.04p, 34% higher than Friday's price, but if you averaged the first three months or 10 cross overs of the year the average ENQ sp was 21.03p or 48.6% higher than Friday's price.

This does not make sense because although we had the shut down, the company has reinforced the expectation of meeting this year's production targets and improved hedging should have increased revenue. So all things being equal, some higher costs cannot alone account for this dramatic drop in ENQ sp or undervaluation of it's FCF and assets.

This is why Hunty's Autumn statement (expectations low) and ENQ's operational update are so important for a re-rating of the sp. So what are my expectations? Hunty will do nothing material to EPL, but any concession could spring load the sp. What I would like to see from ENQ is a solid update confirming further debt reduction supported by higher end of production targets being met whilst Brent holding $80+ through period. I want to see the company explain shareholder value return (preference buybacks), Swedish de-listing no issues and could be followed by share consolidation. If there is now RNSable news, then I would like to see immediate director purchases and if at all possible buybacks starting even if the 0.5 ratio has not been reached.

Not expecting a 60p party any time soon but a 2024 30p Spring and 40p Christmas 2024 would do for now. DYOR

"Red Rock Resources Plc, the natural resource development company, with interests in gold, copper, cobalt, lithium and other minerals, announces that at the General Meeting, held today 17 November 2023 at 2:00 pm, all resolutions have been passed on a show of hands."

From the RNS, I don't think I have ever seen such wording , so who was present and what percentage of the shareholders were represented?

Well, AB's strategy can continue with all resolutions passed, I truly hope he pulls some rabbits out of the hat this week, we could all do with some solid and incontrovertible good news.

Well, that interview was not Bell's finest hour or even 9 minutes. I was not impressed and I would love to know what a speech analyst would make of his words and delivery during that interview.

It sounds like he has done a deal with the local farmers ploughing their fields - if you find any interesting rocks drop them in my stockpile.

If there is a placing tomorrow, I will personally yet again feel mislead and of course diluted again. Walter Mitty Bell can certainly spin a story, but even he was struggling today. My guess he is being cagey to reduce the chance of being accused of fraud in the future. The sad thing is that RRR does have some interesting licences, royalties and DCR but what are the chances of shareholders seeing any value?

Go on Bell, get a couple of these prospects across the line and prove us al l wrong before you run out of puff; love to know what he is on?

Like others, LGEN second largest holding to ENQ, I see LGEN as long term income provider and steady sp recovery play. It helps that most have a target price of 300p+ which is perfectly justified on dividend return alone and cover, strength of balance sheet and given the type of business, the effective forward order book.

Long term holder DYOR

Interesting IR tied the update in with the board meeting and requiring their approval, suggests either they are delaying to ensure the best report possible (in coming cash, debt reduction etc) or there is something worthy of a collective board decision in the update?

Disappointed we are resetting the clock for three weeks to an update but I don't think the delay is necessarily because of bad news.

AB/ENQ has been very quiet lately, the chances that they are working on something potentially get greater with time and the ENQ balance sheet/financing should be strong enough to do something. Months ago, IR said they were working on a number of possibilities but none of them were yet notifiable - time has passed...........

Just to remind everyone that there was an Operational Update on 24th November 2022, so I am expecting an update any day now. The second observation is that AB appears to regularly buy share in the late November/December time frame, so it will be interesting to see if he does this year.

My belief is that POO is likely to climb the longer Ukraine and especially the Israeli wars continue and we are coming into the winter season, so higher POO, a good update and AB buying would conceivably see an ENQ sp rally into Christmas, as historic data generally suggests this, about 80% of the time.

Dumbly, from your article - "The energy transition to renewables across the Western world is cracking. Remember, the Biden Administration's Inflation Reduction Act was all about 'sustainable' wind power... Time for another bailout? "

Add this to growing global conflict and energy insecurity - what don't you do? Suddenly increase the tax burden on NS O&G to drive out investment..........................Well done Sunnit and Soppy Hunty.

Equinors boss is sending a pretty clear message to the UK government and opening all the right doors to get that message across - where is AB?

I am beginning to wonder if the ENQ sp is being walked down for some people to make major purchases and the the government and sentiment do a U turn. We now know that the directors can buy following the Chairman's purchase, why didn't AB and the others not add a few at these prices or do they believe we have not hit the bottom?

Two weeks from an update and hoping for a positive update, but perhaps whilst the underlying progress is good, the headlines might not be pretty with a lot of costs/taxes in this period?

Letters, media, questions etc., need to keep pressure on government for meaningful changes not just sops from Soppy Hunty.

Government now nicely reversed into double whammy, having raped the NS O&G independents and accelerated the decline of a viable industry, they are now going to bale out the renewable wind industry just to hit some arbitrary green target. I still think there is a cost/technology gap between viability and that target. So, if you have saved a few quid or have a decent salary, just be aware that you are the ones paying for achieving this target, whether you realise this or not and you will be levelled down but I doubt if there will be any benefits left when you get there!

Krak, if the November update in a couple of weeks is not half decent - I too will loose patience. Having said that loosing patience has always cost me in the past.

So hang on for the update, confirmation of debt reduction and perhaps at some point EPL will be sensibly modified - that could be a game changer for the sp.

Earlier post - apologies probably got wrong end of stick.

The trouble is that such a move by Hunty will not resolve the EPL situation, it is political "sop" to NS O&G. It looks like the government is responding but such a move in reality, where inflation and costs are running high and it does not address financing issues or materially make business cases any better. The government continues to rape the profits from NS O&G and is banking on POO and Gas prices staying above their set EPL limits and with two wars, limited investment and increasing demand over supply - they are on a pretty sure thing!

My portfolio is looking ugly with ENQ's current sp, over exposed to ENQ, so I am hoping that AB/ENQ's update demonstrates progress and a way forward to investor returns as promised.

Runner - don't give them ideas - OMG, if they realise that they can have all the profit and more with lower borrowing rates and twice the MCap/nationalisation price in FCF per year - stealing, I mean nationalising ENQ with payback in six months, God help us if any of them have a degree in economics! If Labour increases EPL, they get ENQ free, what a good way to start a nationalised business.

Well, the government cannot square a circle of supporting NS O&G without dealing with EPL - let's see what Hunty does with our spare £13bn of taxes. So some positive news for NS O&G and I started to look forward to the Autumn Statement thinking that Hunty and Sunak had grown a pair between them - is that likely?

Nothing to do accept watch the Autumn leaves fall for a couple weeks and so I turned the TV on and an eloquent Steve Reed MP Shadow Environment was speaking, so far so good..........until he started talking about NS O&G, I won't try an repeat what he said but it included blah blah massive profits, tax the hell out of them, nationalised energy company, renewables blah, blah.....................zzzzzzzzzzzz. OMG another numpty who has not got a clue - how seriously depressing............!

Come on AB buy a few more shares and sharpen your pencil on a few deals or at least a decent update.

ENQ's sp has achieved a steady upward trend over the last month and equating to a 21% rise on a month ago. But you will say this is supported by higher POO, but no, Brent is down 1.3% over the same period. So this is a positive sp trend on this grossly undervalued share. Are we seeing a steady re-rate as we head towards the next update just potentially three weeks away? I just hope that AB can shed some enthusiasm on a decent set of results and route to share holder returns.

I believe the last two broker rating put an average 26p target on ENQ, there is still a fair way to go just to reach Barclays 22p, that would be a 32% rise. All of this could dramatically change if the rules are modified on EPL which unjustly target UK NS O&G.

Felling quite positive - DYOR.