Member Info for AIMOilking

An Australian man armed with a budget metal detector has hit the jackpot, finding a 4.6kg rock containing gold worth A$240,000 (£130,000; $160,000).

If only AB had tried using a metal detector.................apparently relatively near to RRR licences.

Brent at US$79.02 and with Easter around the corner, the start of the driving season, although I pity anyone trying to charge their EV around here, I'm expecting the odd person to ring the door bell with plug in hand...........

For the record I am very pro renewables but infrastructure and buffer should come first.

It is all about sound bites, a good one sticks whether true, false or misleading.

Nice rise this morning.

Added today in the hope that common sense will prevail over political expediency - a floor must be put in place to alleviate the damage that EPL /the Government has unjustly rendered upon the UK O&G industry on false premises to plug a self induced hole in the Government's finances.

Wait and see...................could be a long wait, it has already been a heavy weight on ENQ's sp!

Added today and don't think that 150p is likely. The 150p level was tested in pandemic panic and LGEN emerged in good shape and carried on paying a dividend unlike many other companies. We may go through difficult times it would require something systemically wrong with LGEN to revisit those levels.

Sit back, take the dividend and be patient for the 300p+ levels to return.

My feeling is that the Government will put a floor in but it will be around $65, which will be meaningless to most small O&G companies. They should put a floor in at $85, to give small O&G companies some head room and help with financing covenants and ratings. The cop out maximum will likely be the current Brent POO of $73, which would provide a little relief and would have an impact on the sp, perhaps an immediate 3p, taking us back to 20p.

Tax credits of 2.6bn is worth at least a net billion in taxes that are offset, but MCap £316m.

£500m free cash p.a. - MCap £316m

Net asset value around £1bn - MCap £316m

Share price same as two years ago, but £100m's debt repaid, reducing risk - MCap £316m

What is wrong with the above statements?

A takeover and taking the company private must increase in likelihood the lower the sp. The 23rd March 2023 is the next key date for ENQ as we'll see what happened last year and hopefully get updated guidance on the future including returns to shareholders - plus one day EPL will be properly thought through and changes made.

Re the tick, it appears I have a sympathetic friend and you do not, but don't worry I'll tick your post.

AB has a choice, either stop donating to the Tory Party or increase his donation to get a louder voice, personally I would stop and wait for the Tories to come begging and make sure they listen and act before considering a further donation - trouble is where does the line fall between donating based on belief, lobbying or corruption - tricky one!

In my experience, when you consistently support an organisation year after year, after year two they consider you part of the furniture and take you (and your contribution) for granted.

The 23rd March report, update and I presume related briefings should hopefully shove a stop under the drop in sp, it then all depends on AB's post EPL spin which needs to confirm ENQ's post EPL progress towards goals and time table for buy backs and shareholder returns, supplemented by the fact that AB will not be able to resist grabbing another 5% of the company. If the government puts a decent floor in place, that could put a Spring in the step of the sp recovery.

A thought crossed my mind as I wrote this post, in my experience, when "someone" takes an action that is so counter intuitive and goes against common sense, it is either complete stupidity or corruption/personal gain and usually the latter in some form. The introduction of EPL has had a massive impact of the O&G sector and any subsequent change has the potential to have an opposite but nevertheless significant impact. It is possible that we are seeing a massive manipulation of the O&G market to "someone's" benefit..............it is certainly not long term ENQ holders.

No matter how wealthy AB might be, given his endeavours and 15% in ENQ, he must be fuming, unless of course he sees this as a golden opportunity to average down/accumulate.

It is really beyond belief........... Since last November - EPL has wiped off 45% of ENQ's MCap........ a quarter of a billion pounds!

EPL has robbed investors, made O&G uninvestable, placed companies potentially in breech of banking covenants, changed business plans, lost jobs, terminated projects that would have ensured the UK's energy security, increased CO2 emissions as energy will have to imported, lost know how, opened a UK company to predation.......... the list goes on.

HOW CAN THE GOVERNMENT BE SO STUPID? The scale of stupidity is demonstrated by a MCap reduction of £250m whilst a profitable company has increased it net assets over the same period by let's say £100m, so one could easily say EPL has wiped 1/3 billion pounds off the value of ENQ..........this is INSANE and everyone should be lobbying the government for a sensible Brent floor price around US$85 with an annual inflationary review for as long as EPL lasts.

I am seriously lost for words and I wonder what the human costs will there be for those that have lost their O&G jobs, the people they in turn support and investors who have been placed in financial difficulty as a result.

My only hope is that the increasing strength of the ENQ balance sheet and a buy back programme will transform the sp in the right direction i.e. upwards.

Hunty should use the Brent average price which I believe has been around US$80 over the last five years. Averaging over five years does not take into account inflation on operating costs, especially in the last year or so.

The other factor here is that hedging means that many companies missed out on the POO price bonanza, I recall a report last year saying that ENQ achieved an average of US$79, on that basis outlined above, that would remove ENQ from EPL tax and would be fair on the company, if POO rises above US$80 and we achieve above US$80 then, O.K. we pay some extra tax..........

When you think about it, EPL on all profits for a company like ENQ is really unfair as they have not wholly benefited from the spike in POO and I still say it is robber in that investors and companies have taken a risk and the government has privatised the profit without consideration for jobs, investment, energy security and O&G's investment in home growth energy including green alternatives.

Well, a relatively big drop of over 4% on Brent combined with market sentiment seems to be doing the damage to our sp. Probably does not help with the story about ousting the BP and Shell BoD's does not help.

Perhaps the Chancellor will start to appreciate the damage his EPL policy is doing to the O&G Industry.

Once the final results are out, I bet that AB will start buying again at these levels, if he has cash, he would be crazy not to grab another 5% of the company. The fact is that even with EPL, there should be an underlying pressure for the sp to rise by 1.2p - 1.5p per month and if POO rises substantially as expected in H2, then this should be easily achievable. As the debt reduces, the cost of finance will reduce and perceived risk will rapidly improve. My guess is that, sooner or later, the government will have to put in a floor for EPL and that will trigger an instant rerating of the sector, assuming that it is around the $80 mark.

Suffering again with the drop in sp - ouch!

Ramaron - the message in your last post needs to be spread far and wide, I have written to the chancellor, we all need to be lobbying our MP's and Ministers.

Unfortunately, Hunty is not up to the job, he does not have the brain power or confidence, he is simply a puppet.

Taking ENQ private would not be a good outcome for shareholders, but with a sliding sp, it must have crossed AB's mind. Fortunately, AB is not close to 30% to take it to the next stage and there is no one else out there with 15-35% to step up in short order, so I am hopeful that any attempt to take ENQ private would require some buying which in itself would lift the sp, perhaps enough so that some of us could get out without too much of a hit. I am guessing a takeover would be more likely and would be attractive to a suitor given the cash generative nature of ENQ and tax losses.

Yep - added as well.

I was just looking back at the sp graph and apart from a couple of very minor dips, the sp is essentially the same as it was just over 2 years ago - how does this make sense?

The BoD and ENQ operations have a proven track record, paid back a shed load of debt, refinanced and the Chairman has bought a shed load of shares in ENG. How can the MCap be less than two years ago, even the net tax losses are worth three times the current MCap? I know the sector is being punished and EPL is simply the government privatising profit without taking any risk, accept for those likely to lose jobs and the nations energy security, but it still just does not add up.

Let's hope the final results beat expectation, that they clarify the EPL liability and identify the return of value to shareholders - AB's presentation better be good and tad more upbeat than usual!

The sp picked up after the last Annual Report, presentations etc., so let's hope that proven track record of ENQ delivering despite EPL will improve the sp. I don't expect he figures will be that different to the recent update but I do hope that AB will clarify his strategy going forward including the return of value to shareholders - I am hoping he will put everything in place for the buyback of ENQ shares, so that the BoD can buyback shares at the first opportunity. Dividend news can wait until next year, although a special divi would liven things up. Hopefully, we should be adding at least 1.5p per month in net asset value, so hopefully we'll see an upward sp trajectory, if not perhaps someone will be tempted to grab the assets and tax losses?

I think a special divi might be on the cards given an increasing cash balance, nice for long termers but could be a shock for traders. Broker targets all suggest there is some upward potential, so over the next 12 months there is a good chance we'll see 300p again. Roughly 7.5% yield is not to be sniffed at given a relatively secure long term business.

Flaring from North Sea offshore oil and gas production has halved in four years, according to new analysis.

North Sea Transition Authority (NSTA) analysis found that offshore flaring fell in 2022, down by 13% on the previous year to 22 billion cubic feet (bcf) of gas.

This contributed to a total decrease of 50% since 2018, when volumes totalled 44 bcf.

About a fifth of emissions from North Sea oil and gas production activities come from flaring, the process by which excess gas is burned off, resulting in carbon dioxide emissions.

NSTA said that last year’s reduction alone was equivalent to the gas demand of 80,000 UK homes.