Member Info for AIMOilking

I liked this bit as well:

".....look forward to continuing to work with our valued partner Petronas on unlocking further potential supplies," said chief executive officer Amjad Bseisu.

I agree, this is a significant production increase and will accelerate debt repayment by perhaps circa £1m per week assuming some costs and tax (not accurately worked out figure). I am expecting confirmation of buybacks at AGM, directors buys (if not before then) and a rerating of ENQ as analysts start to understand the figures, in terms of reduced debt, free cash generation, advantages of tax losses, EPL impact and actual growing net asset value of ENQ, which by the way should have increased today with confirmation of gas production, route to market and reserves.

Hunty, just give us a US$85-90 floor and we'll forgive you (the extra 10% EPL), but not the 2028 end date and we'll blame Sunak for the rest of the EPL mugging and destruction of a viable and important industry.

I sometimes day dream about the halcyon days........., when we dreamed with such certainty of the 60p party..........then I gaze back at my screen and see RED........., ENQ induced losses for 5 out of the last 7 months!

Let's hope I start seeing BLUE!

I add a few today to show AB the way................

Krak, today's RNS could have been consider insider knowledge, so hopefully AB and the directors will start buying, unless there is more news in the pipeline?!

Apologies, but could someone calculate what this is worth to ENQ on an annual basis, bit confused when it comes to gas and net and gross figures etc., or oil barrel equivalent (6 MCF/barrel), plus do we know extraction cost, which I assume is very low etc. Being a little dim this morning.

Romaron - I had two thoughts you might like to consider:

Thought 1

Table a motion for the AGM that states - "The BoD of ENQ will not consider or make no further political donations until EPL is repealed or a sensible index linked floor price of $85 per barrel is introduced". Plus AB relay this to PM in letter and repeat the motion at other AGM's.

Thought 2

A petition - Is it not the case that a petition with 100,000 signatures has to be debated in Parliament?

Does anyone know how many shareholders ENQ and the other independent NS O&G have? If the industry trade organisations and NS oilers called on their shareholders to petition surely a 100,000 is achievable, my family and friends would certainly sign up. There is also a high probability that signatories would be voters, so this might have an impact.

So what is the petition - "It is wrong that the government has unfairly imposed an excessive EPL tax on NS independents, thus destroying investment in the NS, disrupting business in the widest sense, including the companies ability to transition to renewable energy and carbon capture whilst making investment in the NS less viable, decreasing UK energy security whilst increasing our carbon footprint through the increased reliance on imported hydrocarbons?

Regrettably, I can't progress these ideas but they would send some strong messages and there is no reason not to have multiple petitions covering different subjects such as the 9x claim or real cost of transition etc. JUSTATHOUGHT!

Slogan - JUSTGETREAL

A year ago today, the share price was 36.1p and market Cap. £670m, we end today on a slight upward note from the bottom at 15.98p and £296m, production is steady and debt reduced by over £500m since the beginning 2022. By my calculation, that is a £874m negative swing in Market Cap or three times the current market Cap, it is a shame Hunty and Sunak (and Starmer and his acolytes) don't have the mental capacity to understand the damage they have caused to one of the cornerstones of UK industry and balance of payments....and normal (excluding EPL) contribution to the treasury, I pity the next Chancellor when he realised the tax revenue tap has not been maintained through a lack of investment.

I pray that the share buy backs will start as soon as possible and POO holds up above the current level.

I remember talking to the shadow chancellor many years ago (Labour), he admitted that they make it up for the head lines whilst in opposition and worry about sorting it out once they are in power. A classic was the student loans fiasco when Labour said they would right off the student loans, until someone pointed out the cost! I spoke to a Labour MP the same day all those years ago and asked if he looked forward to potentially forming a Labour government post an immanent election - his response was not what I expected - "of course, the conservatives have two or three consultancies each and we only have 30-40 between us".

Nothing has changed accept MP's are caught out more often, to the point where apologies and resigning is meaningless, prison seems to be the only solution for some of them.

Stunned again by today's ENQ sp, but pleased to see more reasoned articles appearing, hopefully now that Hunty has filled the treasury with our cash, the penny will drop and ENQ will bounce back on some good news relating to EPL.

I hope AB makes some move soon, some news or share purchases would help.

The 200,000,000 trades this morning - could this be AB's move and purchase of a further 10% of the company? Are we going to see an RNS?

The maximum he can hold is 30% without making a bid. Perhaps we'll see balancing trades at the end of the day?

If it is AB manoeuvring, it could be quite exciting and see the sp heading back to 20p range and better later in the year as debt comes down and buy backs come into play, which would be huge for AB and a 25% plus holding!

With any luck MP's and their chums self interest will come into play here........... The ENQ and other NS oilers share prices will get so low that they will see an opportunity to buy and then reverse or change the EPL goal posts and make a fortune on the basis that they won't get elected again and will need to feather their nests for a long retirement.

I think that I am past the point of worrying or baling out and will just have to sit tight. I trust that ENQ will have had enough cash coming in and hedges if POO drops to keep going and not infringe their financing covenants but I could see oilers going to wall or being snapped up for a pittance if EPL carries on as is and POO drops. Given that the government has billions from the oilers and control over the licences, having privatised the oilers profits, perhaps they will privatise the oilers and announce that oil will be required through out and beyond transition and NS is environmentally more green than imported or less regulated producers.

I am beyond words over EPL and can see the future I planned going down the drain through no fault of my own accept that I invested in a going concern - ENQ (also other oilers and financial companies) which has been mugged by moronic politicians.

Nasty wake up shock this morning 15.56p! Where next?

This is getting painful and Brent is going lower and did you notice that WTI is going to be put into the Brent pricing mix which will mean it will be driven by US input.

The government must put in a floor for NS O&G operators whether it is a POO based floor or amount of profit before EPL applies, they must do something and soon, but I honestly believe the politicians as a whole do not have the wit or gumption to realise what they are doing and need for action.

https://watt-logic.com/2023/04/26/impact-of-windfall-tax/

Modestus - I have reposted the link you gave us - THIS IS AN EXCELLENT ARTICLE and sums up all that we have discussed on this board.
Does anyone know how to send this article to all MP's? Plus any media or relevant persons.

Good find Modestus and to everyone, well worth a read and passing onto other people / boards etc.

Londoner - what is so so ironic is that closing down the O&G industry in the UK will actually put up the cost of energy, at the very least in the interim, but when the average guy cannot pay for their energy bill, next time around, the O&G industry will not be around to pick up the tag and bail the government out, what is more, the government will not be collecting the Corporation Tax let alone the EPL from the O&G industry to pay for all the direct and indirect unemployment as a result. In the meantime whilst the government fritters away their one off theft, the O&G industry being uninvestible will not have the capability, investment or finance to transition to the renewable energies etc.

I am watching POO like a hawk now, it is the only roll of the dice left to save ENQ which should have been on the crest of a wave of successful investment as a result of substantial risk and good management, as I said earlier, nothing to do but see how the dice falls and that will require patience, probably until Autumn. Long term ENQ holder, will continue to hold on the basis that commonsense and cash generation will win out in the end, hopefully end of 2023 for the sp and end of 2024 for shareholder returns in some form (I wish AB and the directors would buy now and buybacks start immediately).

I am feeling as if I have been mugged.................

Our only hope is that ENQ continues to perform on the back of a decent oil price................a case of sit back and enjoy the Summer and take a look in the Autumn.

Sunak and Hunty have destroyed the O&G industry in one go, it is amazing that two thickos can destroy a viable industry and frankly rape investors in the process. The ironic thing is that having bowed to the minority extremists, they are not the ones that will vote for the Conservatives and I believe that O&G companies would have been in the best position to drive alternative energy investment because they know they need to change to survive.

Personally, now stopping all Capex for at least 12 months and probably until after the election, unfortunately probably only affects the local community but if others are thinking the same, then the pain will surely come across the company, but as a country without a viable O&G industry, it will be more painful.

If AB is going to buy anymore shares, now would be a good time.

We are finally above 18p again and by my calculation, I reckon debt is around US$570m or £456m which is not much more than the £340m MCap, it will be nice to see debt surpassed by MCap again, no particular reason, just nice. POO is up around $83, so despite EPL, we should be making headway. The Annual Report has been published and AGM approaching. If there are no major activities in the pipeline, then this will be the time for the directors to buy, I hope we'll see a RNS before the week is out, if not, I wonder what is cooking. Either way, it may give us a clue to speculate on for a few posts. If a company were ever undervalued based on management, hitting targets, net asset value and generating cash, then I think it is ENQ despite all the headwinds we are experiencing at the moment.

My sister-in-law called us yesterday, piously informing us she was off to the JustStopOil protests in London - good for her! Although the wind was taken out of her sails when she asked what we were doing - we were on route to survey dolphins and seals.

She is just back from a round the world trip and planing Australia next year again, interspersed with numerous holidays over seas and all over the UK in her 3 litre car, I reckon she has used up the UK's 1% contribution to global warming already this year. We also have a neighbour (purchased a scrap of woodland) who wild camps in the area, he has a facebook page gallery of various chainings to railings in London where he lives permanently, but I do wish he would stop rushing up here in his car and chainsawing the pristine woodland for log cabins and fire wood etc. I want to see a sensible transition plan in which we all participate but I am a bit fed up with these bleating and ill informed hypocritical zealots telling me what to do and not practicing or demonstrating by example. By the way, I am the picture of smugness (imagine and Jeremy Clarkson smug face) as my hot water is now generated by renewables without a single watt being drawn from the grid, so no energy eating electric air/ground pumps here. My hydro carbon consumption is down year on year but I still understand NS Oil and companies like ENQ play an important role in the transition and they should not be mugged for their profits having taken on massive risks in perilous conditions to keep the lights on for the last few decades. ENQ knows it has to transition, has been investing resources in potential options and in the meantime getting the last drop out of existing infrastructure and doing so increasingly efficiently. JUSTPUTAFLOORUNDEREPL! Working on it - needs to be a bit catchier.

I have been topping up as well, so I hope you have got it right! Poo not looking so good but as long as we stay in the range of 80-85 minimum, we should be alright.

Barclays recent 36p target should be achievable with debt reductions being worth about 1.5p a month in sp and as the debt comes down so does the risk.

Patience required, but if it is 36p in 12 months, I will be happy.

Dumbly, the end game of these folks does seem to very closely aligned to an extreme form of communism and perhaps EPL is the thin edge of the wedge of what governments will do next. The government needs to come up with a sensible plan that everyone can buy into and not panda to extreme views, whilst I am not denying climate change and wanton waste of our resources is not an important issue.

Filtering all the media and social media garbage that is being put out is increasingly difficult and worrying, as is the general direction society seems to be heading.

ENQ and the NS O&G companies need a clear strategy to lobby government and continued NS tax revenues and energy security are important to the economy through transition. However, I have to say that both the recent ENQ presentation whilst showing clear discontent with EPL have been quite upbeat based on ENQ's Capital Loses going forward. It appears that the risks ENQ has taken and past investment might just save the day going forward with EPL - just wish I had waited before buying more ENQ in the last week. Hope we get some good news soon.

Agreed............

Here is hoping 2024 is a better year!?