Member Info for AIMOilking

If a Labour Government sets up an Energy Company will it not be in competition with the market?

So a Labour Government would potentially be in a position to get cheaper finance, use government land, compulsorily purchase land and give itself planning permission, allocate subsidies etc..............................how do other commercial companies compete and I assume that they will be using windfall taxes to achieve all this - we appear to be getting uncomfortably close to a dictatorial or communist (even oligarch) model of doing business!

Sent message to EOUK suggesting they write about the destruction of NS O&G MCap. If others think it is a good subject or angle, please also write or to other contacts.

We need someone to do some good analysis of what EPL really adds up to - EPL may just be a quick fix that costs the UK dearly. I would like to see a ten year projection of treasury revenues for the sector, EPL, Corperation Tax, Investor Capital Gains Tax/Income Tax as I assume that all will be in decline.

Kraken, POO still above $75 and ENQ now 15.5p, I reckon yesterday's Starmer O&G PR stunt has just kicked NS Independents in the nuts again.

It seems the Government and Labour are so desperate to hang onto O&G and the general concept of windfall taxes to balance their books, they don't understand the impact of their air-head economics and pronouncements have on the market place. I wish someone would do an analysis of the market capital destroyed against the windfall tax gained and projection for falling tax income from the NS, it would make interesting reading. Perhaps this should be suggested to friendly trade associations or journalists as an idea.

Just for fun I had a quick look at the drop in market cap since EPL for Harbour, Ithica, Energean and Enquest and by my calculation THAT IS A DROP IN MCAP OF ........................WAIT FOR IT.....................£3,000,000,000!!!!!!!!!!!!!!!!!!!

So let me get this right, the overly zealous and greedy grab by the UK and Dutch governments through EPL has caused PMG to make a loss, throw away years of development work, made a big project none viable, restricted companies ability to finance such projects, destroyed NS O&G as we know it and leave PMG with a £33m liability...............Oh and made 1000's of risk taking investors poorer.

Last October, I thought perhaps I should sell all shares and go on a World tour for 2 years.................I could have done it in some style compared to the aftermath of EPL!

I assume that the government will now bail out PMG.......not!!

Kris, another victory for Hunty - just knocked another 10% off that holding market cap now less than 25% of the value before the increased EPL. Fortunately, sold out most of my holding and put into ENQ, only lost 50% here - lol.

As an investor, I was wondering how many household subsidies I have paid for in lost investments and tax and I would love to follow the actual route as to where ENQ's additional tax ended up.

Hunty is a moron - heh! I don't think they have outlawed or taxed chanting yet!

Dumbly, perceptive second paragraph, if so, probably most astute political move for some time! But then I read on and realised it was a non consequential flash in the pan.

I woke up with some excitement this morning, expecting the tide of sentiment against the NS O&G industry to have reached its zenith but sadly it was a false dawn.

Can't understand the ENQ sp being down to the level it was last week with POO considerably higher, I am wondering if the transformer chatter has unnerved a few punters? Perhaps it is time for an RNS as a communications vacuum is the surest way to create sp drift. Directors' buys would do the trick.........although still think AB is cooking a deal.

Some fairly chunky after hours trades or balancing of the days trades. Could be a director buying today? Or just wishful thinking.

We seem to be in a June mini upward trend with various indicators appearing to be strengthening.

Any analysts on the BB care to comment on ENQ's progress?

It seems that the sp has improved despite the production issues and hopefully that means we remain in production target range for the year, plus POO dropping a bit

Awaiting some news, but unless something breaks, although AB did buy a few tranches this time las t year and but otherwise 2nd August 2022 provides a clue as to when we might expect the next update.

Stupmy - The penny has dropped - this revision of EPL stinks and is virtually worthless.

The question is now what will the ENQ share price do next in the short term?

Longer term the strength of the balance sheet and buybacks should see the sp recover, but for a decent recovery I fear it will be 2024 before we are made good.

Wealth filters down to a large extent. Wealthy shareholders take a risk and invest in companies to make a return, upon which they often pay taxes and when they feel flush they spend a fair proportion of the money on local contractors, services and shopping, that puts bread on many tables. Whether you are a nurse or a CEO with investments, they are all playing their part whether in work or taking a pension. As a direct result of EPL, my priority is putting bread on my table and saving for further rainy days and hoping that ENQ amongst other sp's will come good, so my little contribution to the food chain can continue.............. Thanks in large part to EPL, I have stopped 95% of all capital expenditure and am aiming for 100%! Funny thing is, with nothing going on (projects curtailed - further lost tax income for the treasury), it leaves me free to go abroad on holiday and I can still watch ENQ and contribute to the BB from some far flung island beech, which won't help the local economy and will multiply my carbon footprint - oops! If I choose the right place and stay long enough, won't even have to pay tax - double oops for Jezza Hunty!

I have seen some SPIN in my time but Hunty has surpassed himself, not only in my view is EPL theft but Hunty has proved that he is a con man as well. He has naively tried to score political points without materially addressing the EPL issue and damage it is doing to the industry. If I were running a NS O&G, I would be brainstorming a very different corporate strategy, one which would take my company far from UK shores and listing. Hunty's actions are akin to those that one might expect in a third World corrupt dictatorship and are signaling the end of NS and questioning whether the UK is a sensible place to do business. I have met Hunty on many occasions and he is a bit thick and I do not understand why anyone would place him in high office and I could give actual documented examples of why I would not trust him, but I am so utterly speechless, I am not going to waste my time. I think ENQ's tax losses and current assets will maintain a strong enough balance sheet to manage transition or position well for M&A, along with returns to investors, but perhaps it will take job losses, O&G bankruptcies and the Scottish people to vote with their feet at the next election before EPL is properly addressed or removed. I also feel that the government's actions and Labour's proposed actions our simply wrong, morally and evidentially. We are going to be a poorer nation as a result whether in terms of economics, renewables, carbon footprint, energy security etc.

I encourage people to keep up the pressure and carry on writing to their MP's, trade associations and media, the fight for a removal or fairer EPL must continue and succeed before it is too late.

I simply cannot remember a time where I held UK or international politicians in such disregard, the Cold War had its moments but when I look at the geopolitics and UK's future, I have never felt such despair and foreboding for the future. However, I am heavily invested in ENQ and believe the management team, which has delivered well and ENQ prospects are strong enough to pull through.................but who knows?

Dumbly, sad thing is your account is probably quite accurate. I have spent quite a lot of time with politicians and civil servants over the years and it still amazes me how stupid some of them can be and unfortunately, the few exceptionally bright ones are always in the minority or trumped by the stupid ones next personal whim or objective. As with any organisation, the bright ones get bored and frustrated and can move on to bigger, brighter opportunities and pay packets. The trouble is I think they are selected by their parties for their stupidity and willingness to follow unquestioningly. Typically it is the figures in the shadows that control the politicians at National and Local levels. We need to keep piling on the pressure on the absurdity of full (35%) EPL without a floor, common sense sometimes prevails. It might take a few more months, perhaps when there is a clearer picture on the governments finances but if it gets too close to the election, any decisions will be post election. The one thing politicians are particularly good at is passing the buck so that accountability falls on some else's watch.

Re: Closed Period - given the current sp and being post updates and AGM, this should be an open period for directors buying. If at least one director does not buy at this price then something is seriously wrong and they know it! So on the basis that there is nothing seriously wrong and there has been no RNS and given the enviro/political/economic background the chances are that the BoD are in discussion with one or more entities and on a scale that any deal would be material to the sp, so no director buying.

I think we will have an RNS soon with M&A, major investment, etc. If there is nothing cooking, then the directors will start buying knowing full well that buybacks will probably start within 12 months, plus hoping a floor to EPL will be agreed. Meanwhile the balance sheet will continue strengthening with debt repayment, plus interest and liability reduction.

The ENQ story remains positive just moved to the right of previous expectations.

Bold move by Harbour, is it enough to kick UK Government into action over EPL?

Downside, a Harbour/Enquest tie up looks less likely, unless there is a multiple merger on the cards. What it does show is the the NS oilers are running around trying to do deals and seeking new listings.

Personally, I think something is afoot, otherwise AB and other directors should be buying at this level.

Personally, I think a flaw will be put in place on EPL, otherwise the North Sea production levels, tax income, GDP etc will all plummet rapidly as the NS is approaching uninvestible, especially given Labour's rhetoric.

So we wait until 2024 for buybacks to start or receive news of M&A activity any time before then.

Added a few today sub 15p and if the sp goes below 14p (only if POO or production fall), I will add again. However, no RNS on production problems suggest production target range still good for the year and OPEC's recent decision and other factors suggest H2 POO will be higher - just need a decent flaw set on EPL.

Reality dawning, I have sent more letters to MP's this year than in my whole life time - the weight of letters, news announcements, corporate actions (job losses etc), interaction with angry trade associations and shareholders, banks etc.

The message is getting through and Labour's rhetoric is effectively announcing a major whole in the UK's future finances, the loss of an industry and their plans are unachievable, naive and will increase the UK's Carbon emissions.

Labour is realising that they are losing swing voters with their silly policies.

See attached link: https://www.aol.co.uk/labour-create-cliff-edge-energy-110204956.html

Finally, some air time giving the industry's perspective - common sense appears to be making progress.

OPEC cut should make tomorrow interesting.

Hope some positive news comes out of the AGM, perhaps in Q&A's - anyone attending, please report back to the rest of us.

Perhaps we'll soon see some buybacks?

Agree January, even a small buyback would support the share price, by demonstrating future intent, perhaps we'll see some movement on this front after the AGM, but ultimately the likelihood and timescale depend on POO and or a sensible modification to EPL.

Probably a waste of time, but I have written to Reeves. I am increasingly agitated by her incredibly stupid rhetoric. The country is in a mess at the moment but Labour is squaring up to finish us off and pitch us into truly third World status.

Just hoping ENQ production and POO get higher.

They need to tax the petrol retailers, I was shocked a couple of weeks ago by the 30p litre difference in the price of petrol between the cheaper local independents and main retailers. This week I travelled and the gap has grown to 40p. So, it costs more to transport petrol to the rural areas and yet it is 40p cheaper, perhaps Reeves need to ask why?

Sekforde, scenario a possibility but $600m = 26p, so did you mean £600 = 32p, if the latter and it happened today, I would accept with disappointment.