Member Info for AIMOilking

The problem now is that have spelt out the numbers and all eyes are on POO as the most influential factor, every dollar of POO is US$16m p.a. of revenue and as most costs are fixed.............2% off today @$81.5.

Sekforde - I agree, the highlights of a slightly anti-climatic presentation were the FCF figures and implications of the tax losses, which will last longer than expected because of current and future Capex.

Although, our 0.5 debt ratio has moved to the right but I assume that we will hit it late this year. If POO can stay at $85 and above and we hit mid to top end of production range, it is achievable, but higher POO could accelerate progress. As far as POO is concerned, I don't know what to think as it seems every article you you read counters the last one on an hourly basis, just as well OPEC still has a little clout or our sp would be far worse!

Added several times over the last week in the hope of substantive news but so far disappointed and don't think the 19th presentation has lit the sp touch paper............POO down does not help!

Added again today - LGEN requires a little patience, but as you say the dividend income will surely see the sp rise.

Has anyone seen today's presentation or attended the meeting?

Added today, but starting to wonder if I was premature?

Matrix, the plastic banners in particular make me laugh, so do the clothes and shoes, plus transport to get them there. They would have a lot more credibility if they turned up in furs and leather sandles, oh damn, I forgot we can't do that, never mind there is always cotton, no can't do that either, so there is wool........no, can't do that because we are planting trees and sheep don't make any money, and wool at £1 a fleece doesn't even cover cost of sheering. Hmmmm, it is a shame the transitioning oil and gas companies did not have a bit more cash and were more investible - EPL has squashed that avenue. Well the only hope is that ENQ with all its Capital losses can come up with something at tomorrow's presentation...........................I hope the numpties don't turn up to that as well, although I don't watch snooker as I prefer to play, at least the table is made out of slate, wood and wool and there are no horses involved.

Don't get me wrong, I am doing everything I can to be greener as we all should, but we need a real plan to cover renewables and carbon alternatives, globally and along with the infrastructure and in my view it is the transitioning oil companies like ENQ that will drive the technological and practical solutions, if they are left with sufficient financial resources to do so.

Re the departure of the three non-execs.......... I have been looking at their CV's, ages etc., and they seem competent chaps. However, I suspect that the new Chairman considers them less than current and not big hitters and so there has been a cull of non-execs. Again, if we are going to see a re-focus of the business and rebranding post EPL, plus an aim of getting firmly back into the FTSE 250 with associated increase in sp/MCap and shareholder returns. There needs to be a bit of a shake up. AB has the track record, commitment, including shareholding and our finance and operational directors seem to be good at their jobs and supported by AB. We have a well regarded new Chairman and a diversified BoD. What is going to be interesting is whether ENQ's prospects are interesting enough to attract some big hitting new Non-execs? On the face of it and has been explained recently (probably again more clearly tomorrow) is that because of ENQ's Capital Losses and cash generation, it is actually in a very strong position to weather the EPL storm and take advantage or indeed be taken advantage of as a target for take-over or merger.

AB has competently founded and run the ENQ ship, but perhaps we are now going to see a shift in gear with the debt now under control with continued progress on that front. As the company becomes de-risked financially, it gives our leadership far more room to manoeuvre and take calculated risks which banking covenants may have restricted.

I do think we are going to hear some real news this year on some or all of the following and this is not a full list:

New non-exec appointments - bigger names with relevant experience to new ENQ direction;
Increased Capital spend on renewables/sequestration etc to offset EPL;
Debt reaching 0.5 and announcements on returns to shareholders;
Tie ins and exploitation of assets, including partners;
Acquisition of assets or distressed companies that fit the ENQ portfolio without great capital outlay;
A major merger;
Expansion in Malaysia;
Changes to hedging policies - increased exposure to market prices;
New contracts for de-commissioning wells and pipelines;
Increased director purchases with Ab and the Chairman leading the way;
Improved share price, announced buy back and dividend policy.

I am distressed by the current sp but on the whole, I think holders have an interesting 2023-24 going forward, so those are my thoughts...........

Well written letter which should be copied to anyone that uses the nine time quote from the article. Send a copy to Ed and Starmer.

Great to see people have the intellect and energy to fight for the NS O&G corner - well done.

Although Ab has a big stake, to take it private on the cheap, he would have to buy more which would put the price up or partner with another(s) very large holders, at the moment this is unlikely, let's see if anyone starts buying in volume.

I don't know what the other interests the Non-execs have but possible conflict of interest, unlikely, just clearing the board for new blood/deals.

If someone offered me 35p today, I would consider it.

What has disappointed following the results is that none of the directors have bought shares, surely they are out of a closed period and given debt progress and future potential returns to shareholders, charm offensive to retail punters etc., I would have thought they would be buying. HOWEVER, if there is some significant deal in the pipeline, that would preclude directors from buying at this point.

Personally, gut feeling something is cooking: sale of an asset to reduce debt, takeover because of cashflow and capital losses given current sp or some deal with a partner on a major prospective asset.

Dilution at this point would be insane and likely to make the larger holders and long termers very upset because there is no need for any form of placing and it also assumes that if these holders wanted to maintain their stake, that they have the cash in the bank to do so. Debt is well managed and cash flow strong and despite EPL, capital losses are alleviating some of tax burden.

It conceivable that conditions were favourable that a complete refinancing package could be arranged but at what cost in terms of penalties and fees. I am afraid that as long as POO is at an adequate level, we just have to grin and bare the interest costs.

My view is that with a proven track record of debt reduction and de-risking of the company, now is the time to simply turn on the charm offensive to raise ENQ's profile with retail investors which if successful will support a higher sp.

Strange to clear out all three non executive male directors in one fell swoop. Are the female directors next? In this woke World it seems a little strange and unbalanced, but having said that, I see that the female directors are all more recent appointees. It just seems strange that in comes a new Chairman and three non-execs go at once, does this mean there was some disagreement over direction or does our Chairman have his own heavy hitters he wants to appoint.

Probably reading more into this RNS than I should, but the timing and three at once does make me wonder what is at play - has AB caught a tiger by the tail with the new Chairman? Is the M&A strategy and effort to get new shareholders on board signal the new Chairman's influence? At a stretch, is ENQ being prepped for sale and AB's exit? So many questions and only tome will tell!

If you made your decision based on the information in the link (interesting), you should be even more pleased as the MCap used was a £10m more than the current MCap and ENQ is paying down debt everyday - bargain!

Added today, as sooner or later common sense will prevail over the plight of the NS O&G's.

The question is? Who is the one person that could influence Sunak, Hunt and the government to make a change for the small oilers?

We have all the arguments on our side accept of course the impact of hydro carbons on the environment although although this argument is negated in the short term as it does not make sense in transition to import instead of producing.

So again, who is the one person, perhaps the Chairman of the Bank of England on the economic issues and GDP?

We need a consensus as to whom we should target with a very concise message, perhaps a sound bite and 6-10 bullets points. Simple enough for the press to argue and people to understand.

The Jefferies target is ridiculous, but at least it is above our current price. They are free to raise their target next week as punters take a gamble that there will be some sort of floor to EPL and sentiment can only improve from rock bottom. My guess is that they will have to update in the near term as ENQ will continue reducing debt and have more room to manoeuvre with POO @ $86+. ENQ's net asset value will be indisputable as debt falls and of course accompanied by continued cash generation and profit thanks to our tax losses worth 1Bn.

Once things settle down, if that is possible (UK financial and political stability, inflation and interest rates under control as a minimum, I won't mention all international variables) LGEN will fly above 300p purely on being a secure business with a secure dividend. Holding.

No - 25p would have been a great rise before the bell!!

At least Ab is being a bit more vocal about EPL and the implications are being better understood. The recent round of results has highlighted the unfairness of this tax and 350 well paid jobs are not easy to come by. Hunty's lack of financial knowledge means it appears that he completely missed the impact on financing covenants..........and he is Chancellor!

The trouble is excitement of so much cash washing round the treasury and having got off lightly with a mild winter, it is very tempting to leave the tap running, but if you make the industry un-investable , the tank will run dry. Hunty needs to man up and set a floor before more and irreversible damage is done.

Thanks Romaron, apologies, I had not realised it was Ramadan (pretty much a hermit these days), which would certainly explain away my concerns about the guys looking tired, although I am sure they have been working very hard.

I thought AB and his team looked tired. I can't imagine what a blow it must be to deliver results following the imposition of EPL, given that we all had such high expectations for 2023 e.g. return of shareholder value and an sp between 35-60p.

I for one am devastated and bewildered by Sunak and Hunty's lack of judgement. There is of course the knock on effect in all our communities, as I will certainly be shutting down capital expenditure and counting my losses until we see what happens at the next election or at least the ENQ sp recovers.

If I were AB, I would be looking to sell any superfluous assets to accelerate the reduction of debt and be readying the company for sale whilst we have capital losses to sweeten the deal alongside cash generation and assets. I read the slides and one area of enthusiasm in the presentation being the advertising of the remaining 2.5bn of losses.

It also beggars belief that given a really very positive outlook and further 60m odd of debt reduction in the last two months and the sp still goes down, maybe the May update will help go in the right direction.

EPL has a lot to answer for....................!

A Chancellor that forces companies into a loss and forces financial covenants to be potentially broken through an unfair profit grab is shameful. Lucky ENQ had the cash to pay down facility.

Debt situation less reversal of 50m operating costs shows progress and being over a month on from last stated debt position, this is looking good.

Overall an underlying good result

Both the Dutch and UK governments have a lot to answer for, how can you tax a profitable company into a loss, reduce its financing capabilities and destroy its MCap and its ability to invest in the future whether hydrocarbons or renewables. If the government does not do something soon to alleviate this mess, if I were TC, I would sell out and go on a long vacation and enjoy an early retirement. What an absolute farce and a mess, whilst PMG may weather this theft of profit, it will be interesting to see just how many jobs have to go, how many companies leave the UK or go bust whilst the UK energy security goes out the window and I wonder who accounts for the extra emissions for importing oil?

Still hold here but bitterly disappointed by the halving of shareholder value, TC must be fuming.