Member Info for AIMOilking

I think they were just reminding the market that they have some relatively massive write downs which will show a massive loss for the year, however, the key here is that they are not cash write downs and the underlying PMG message is that profits are up (although Dutch and UK EPL taxes will have an impact) and gas production should also increase going forward, so better news next year. What the other plans and updates are - we'll have to wait and see.

Krak - very sensible view and I agree, with background of two wars, Middle East in crisis, a hiatus with new windfarms and it is greener than importing etc., it is the logical thing to do - has anyone told him????

Now a sensible and logical decision such as including Capex and interest would seriously boost the sp and return it to where it should be and as you say benefit the small NS O&G proportionally the most.

Agreed - but just imagine if we had to pay corporation tax as well! I think we all agree EPL is a greedy and unjust fleecing of NS O&G and should be changed. The government cannot claim a champion of NS without EPL amendment or removal.

"Bloomberg reported earlier this month that freight rates on 16 global maritime routes had gone up by 50% since the Hamas attack on Israel. "

Another enhanced reason to maintain NS O&G industry to protect UK's energy security.

NoBull - you lived up to your name with your post, but you were a little unfair on AB and his mates, without EPL we might have all been at the 60p party by now. EPL was not their fault although if they had reacted a little quicker when EPL was muted, then perhaps there would not have been so much bull****!

Thanks to the tax credits - we are not paying 75% like some others.

Last year the operational update was on 24th November which is just 22 days away at which point we'll get a snapshot on progress.

Pleased to see the new Chairman bought a few shares, although I am now disappointed on three fronts:

£10,000 was a small buy;

AB has not followed suit or any other directors for that matter;

It signals that nothing material is in the pipeline at the moment that would preclude directors from buying shares.

So, let's hope it is a decent update with some net debt reduction and strengthening of the balance sheet and I hope they keep their word and describe method for future returns to shareholders.

Glad we are holding 16p at $85, bodes well if POO increases.

6. Steelmin and the extra million loan - more good money after bad. We could do with that million now!

Bell is a consummate story teller, perhaps more a "jam maker" but he caught one big fish in manganese a few years back although he frittered it all away on "the list of classic AB's".

After all the pain investors have been through, it would be nice to see a win before AB fades away, his legacy being a large number of aging and irate investors wondering how they fell for it time and time again. Come on AB, for once get one over the line!

Finally, our new Chairman has some skin in the game, albeit just £10,000. One hopes it is his own money and not part of his package.

Now if Penny is buying, it means there is nothing RNS'able in the pipeline and the questions is will the other directors including AB follow suit?

If the directors purchase a few shares, such RNS's and will hopefully encourage others and help underpin the sp.

We are now potentially less than a month away to the operational update which will give a snapshot of how the company is doing with a higher POO, less hedging and a reduction in debt. I believe AB also said that the BoD would be putting some flesh on the route to increasing shareholder returns.

Divi - No, but Share Buyback - Yes. It does not need to be a huge but regular amounts given the current low sp and the need to support the sp as most long termers are under water - it is important. Unless we see some shareholder return and preferably in the form of a higher sp, what is the point of being invested here, and may I say supporting our NS O&G industry.

Changing the subject, if the Government is going to announce supporting licencing and growth of the NS O&G, how is that going to happen without a modification of the EPL tax, surely Hunty's Autumn statement must address this to allow investment/finance to be available to the industry.

Another subject, that article stating only 19 days of gas has been discovered etc etc - is that true?

Divi - No, but Share Buyback - Yes. It does not need to be a huge but regular amounts given the current low sp and the need to support the sp as most long termers are under water - it is important. Unless we see some shareholder return and preferably in the form of a higher sp, what is the point of being invested here, and may I say supporting our NS O&G industry.

Changing the subject, if the Government is going to announce supporting licencing and growth of the NS O&G, how is that going to happen without a modification of the EPL tax, surely Hunty's Autumn statement must address this to allow investment/finance to be available to the industry.

Another subject, that article stating only 19 days of gas has been discovered etc etc - is that true?

Smokin, don't point the smoking gun at Stevo until we see the operational update in approximately one month's time. At that point either Stevo will have been proven right or something is off.

Personally, grateful for those that number crunch and chew the cud on ENQ, as I am desperate to see some sp progress and unless there is EPL, higher POO or a deal/offer of some sort, the only thing on the horizon that will underpin the sp is the November update.

Romaron - pretty stark comments and good find:

"Deceived British Public"

"For many years, the wind industry has claimed that they had seen a dramatic fall in costs, and signing “Contracts for Difference” (CfDs) to deliver power at extraordinarily low prices. This was subsequently revealed as a scam, with windfarms refusing to activate CfD contracts, and making hundreds of millions in windfall profits as a result."

"The Government’s decision to close this loophole led to the complete failure of the last CfD auction."

"Electricity prices ‘must rise by 70pc to pay for more wind farms"

Saved the best to last:

"The truth is that wind power is expensive, and becoming more so. The energy “transition” is a transition to poverty, but few in Westminster seem to have the guts to say so.”

So basically, let us destroy the one industry that will help us through transition and pay for most of the extra subsidy! People are slowly waking up to this big con and I just wish someone would tackle the government and take them to court and challenge EPL as unjust, unfair and likely discrimination in some form, hopefully illegal to boot.

If you accept climate change, then unless a miracle occurs perhaps with AI, the whole globe needs to act and levelling down will be the name of the game to achieve net zero in a fair way. At the moment the UK is leading or trying to lead by example which is failing, misleading with unsubstantiated rhetoric and making the UK noncompetitive which means our economy will shrink and then who pays to subsidise the transition?

Great - an energy security conference here in London.

It makes me laugh that the UK wants to "maximise" NS production whilst the UK is taxing what was a viable industry to a standstill.

The conference is next year, I wonder by what percentage the NS production will have fallen by the start of the conference?

Come on ENQ, what news do you have for us and I hope you are already drafting a decent operational update for November.

Has anyone asked ENQ IR for a copy of the evidence they submitted.....................and has anyone asked when exactly will this quango report?

If you read this BB and work for Hunty, please slip into his Autumn statement some of the common sense EPL revisions suggested on the board.

If Hunty did quit early, the next incumbent can't be much worse, then again...............

Typically there is a rally in the sp around now and running into December, but so far it has not started, expecting an upturn soon.

Dumbly, sadly I fear you are right..............your last point and phraseology made me laugh on this dull and wet morning and sadly, from personal experience, you are right again.

Just hope that JP Morgan's 30p target takes your points into account, it is a shame they don't put a timescale on it, but I am hoping end of November with the ENQ update.

Good news - Hunty is going to quit which probably makes him a bit lame for the rest of this term, oh sorry lamer.

The trouble is that he will be elevated to the House of Lords for ever...........

Hunty, do the honourable thing and sort EPL out before you go, preferably next month. It must of dawned on you by now that you have made a massive mistake or are you just guilty of an expedient, unwarranted and unjustified grab for cash whilst destroying an industry.

Well, POO is still above $92, so ENQ should be making progress on debt reduction and we'll see what happens this week. Will Israel gamble on a prolonged war on all fronts and full blown Middle East crisis or is there another solution and what will Iran do and what will be the response, which will determine near term POO going forward.

In the absence of ENQ news, the key date is the update in November.

Dumbly, excellent article basically saying what the posters have been saying on this board for months. The narrative is slowly changing and so will sentiment towards the necessity to have home grown Oil and gas through and even beyond the transition to renewables. I frankly do not think that our global society could run without some oil until someone invents a viable and non polluting alternative for all the plastic products we rely on.

The slide from the article that showed this tax is overly punitive is the one detailing the destruction in MCap.

Well, at least ENQ had a better week, if POO remains high, the sp will continue to improve and we'll see the effect in the November update.

Looks like the Energy Secretary needs to receive some enlightening letters about the impact of EPL, still think a spreadsheet looking at the trade off between EPL and all the other taxes needs to be researched. If NS Oil production is falling so rapidly, so will all the tax revenues........... I presume that taxe revenues will actually decline quicker than the decline of oil production, so urgent action to moderate or remove the impact of EPL is required. The Government has stolen or leached £7bn extra out of the industry with EPL and higher oil prices - enough is enough!

Voice - two good points.

Enjoying the rise today!

Could 20p be on the cards soon?

Ramaron - "fertilized by EPL" - very good.

I read an article yesterday that stated HMRC had received the highest tax revenues from the NS ever this year, partly due to higher POO but largely due to EPL, an increase of £7bn, £800m of that by my calculation is our/ENQ's lost MCap!

The figures are so huge and the Government deficit so large, I can't see any government (short termers) giving up that prize without the lights going off regularly.