Member Info for AIMOilking

If they raise 2bn, ENQ would be a snip at just over 400m, hopefully AB would fight any such approach so that shareholders including AB might see some return.

When Barclays downgrade I buy - added a few today. Ridiculous valuation, JP Morgan's for more sensible at 45p.

Well, I admit I got ENQ sp wrong...........MCap less than the annual cash generated and heading towards less than the debt repaid in a year. A profitable company that even with EPL will be highly profitable given that all Corporation tax is offset for at least 2-3 years and EPL will be offset by certain CAPEX.............

Fundamentally, the government has been wrong in its approach to EPL, it has destroyed value greater than the tax it will raise in the case of ENQ, it is punitive towards hard working people that are prepared to take an investment risk, it will reduce investment in the North Sea and renewables..........I won't go on, it has all been said on this board.

ENQ shareholders need a very comprehensive update from the BoD, rather like LGEN's this morning which offset some of the ENQ loss. ENQ will come good, just add 3 months to the timescale.

onedb, agreed and extrapolating your point, if one company sells double the than another but their costs of extraction are are also double, so lets say they generate the same profit, should they be taxed the same? If one company takes twice the perceived risk and or over time has invested twice as much, should they be taxed the same? What if a company has contractually committed to a business plan that assumed only corporation tax, could EPL force them into bankruptcy or mean they breach their covenants etc? The fact that we have invested in a high risk and capital intensive industry, as shareholders why should we be penalised when let us say BAE Systems shareholders will inevitably benefit from the Ukraine war. Where does this unfair taxation end for investing in the future....... I will certainly be looking at investing overseas in future.

Do we assume that O&G profits will be taxed at 35% and Windfarm at 45%? Anyone any idea how much PMG will have to pay?

Has anyone done the sums on the likely impact on ENQ?

I didn't think they would go through with the 35% or at least would have had some minimum level of profit before tax came into effect to give the minnow O&G's a fighting chance.

Does this mean that foreign companies will be able to buy UK O&G's on the cheap in the near term and take their profits overseas?

The cut in CGT is a mistake, especially as interest rates have risen, slightly closing the gap between safe and risky investments. It will cut investment in stocks.

Well, at least I made a profit on this morning's top up, but expected a slightly higher rise on uncertainties being removed.

It now looks like a world cruise for a couple of years or a move overseas to a tax free island somewhere has suddenly become more attractive for anyone with a bit of cash - the next brain drain is about to start for anyone earning a decent salary! My kids are thinking of starting a diving school overseas because of the cost of renting, energy bills, cost of running a car, student loans (9%), student post graduate loans (6%), tax, national insurance etc. They would be better off sitting at home gaming on job seekers allowance or pretend to be homeless and get put up in a local hotel.

Any ho...........ENQ down 2.65% - disappointing - just have to wait and see how things settle down, watch the POO and await AB's ENQ update.

MRC - agree. Topped up and now waiting for the budget news.

Watching the sp fall slightly this morning - is it another buying opportunity. Been topping up recently for all the good reasons we have discussed, but is worth one final top up? Pre or post budget?

Just when you thought it could not get worse and the parallels with WWII come to mind. The stray missiles hitting Poland is a worry and whilst I hope that it will not push NATO into action, it surely warrants a response, perhaps a further acceleration of sanctions in attempt to force Russia to withdraw from Ukraine.

But this is an ENQ thread, so how do we think the markets, POO and ENQ will react to this tomorrow?

The 2021 up date was on the 18th November and was rapidly followed by a series of director buys........

This Friday is the 18th and immediately after the budget - will we get an update or will it take a few days to digest the implications of the EPL - given the update is on past performance, hopefully it will not be delayed.

Will AB and the BoD buy further shares after the update? Perhaps the question should be why wouldn't they? AB's buying after the update last year was in the high teens, but if 500m of debt has been wiped off the balance sheet, then the high 30's would be a comparable price, if not into the 40's. Budget and update should at least give us a window into the past and allow us to speculate more accurately on the future of ENQ share price.

Added, purely because the clarification of Thursday's robber EPL tax will clarify the situation and the O&G and analysts can compute companies EPL liabilities, if the government sees sense and does not hike it further, I think the sector will see an upside post Thursday. Come TC - news please?

250,000 trade earlier - shows confidence.

Romaron, totally agree with your last post.

Thanks to this latest uncertainty over EPL, I actually overall had the worst day in my entire investing career yesterday! If they had left things alone, I am sure many of us would have been contributing CGT to the treasury. However, I am still confident that ENQ and PMG, my main holdings, have prospects and news in the pipeline that will trump this interfering and unjustly applied tax. I can never understand why governments can only look at headline figures and not the whole picture, this headline EPL ignores all the other taxes stakeholders in the O&G industry would be paying instead whether it be corporation tax, CGT, Income, VAT etc., and spending on products and services and then more tax and VAT would be paid etc. Easy O&G targets are being vilified and forced to level up a nation, why not be more honest about it and simply put up income tax, then the tax would at least be relative.

Marine, like you I am waiting for news which in some form must only be days away..........

I am a long termer but could not resist a quick trade, now with 8% more shares on the trade. However, this is share I do not want to be out of prematurely. TC has pulled it out of the bag and I remember the heady few weeks when the sp went from 1p and hit 27p and whilst it is taking longer than expected, PMG has the potential of being a multi bagger again, in fact some of my holding at these levels is already a bagger. All we need is to get past Thursday's budget and hear some news on GPA and the dutch drills.

As I said, topped up today, but also sold down some other shares just in case we get a sudden dip here. Still believe ENQ will weather this tax raid reasonably well, even if Capex goes up and debt remains higher than we originally thought a few weeks ago. It will just require a little more patience as the time line is stretched a little thanks to the Hunt.

Zippy, agreed with your point about hedging impact on POO achieved and about the O&G industry being the scapegoat and easy target for tax when others are taking the chance to make money hand over fist.

Also noticed that volume and trades are about to hit a month's high, but interestingly amongst the trades there are some decent buys.

Decent buying volume and pressure today.

I think we will recover most of today's loss by the end of trading.

I also believe that tightening oil supply will mean POO will stay at the current level but will probably go higher, an increase in POO will offset some of the impact of tax. After all, you have got to make a profit to pay tax - ENQ is making a profit and paying down debt.

Our chancellor's TV appearances just provided us with a chance to top up which I did sub 26.5p. So already in profit on that tranche and almost back in profit on last week's buy.

Added today - ENQ's upward trend will be shallower due to EPL but it will remain a healthy upward trend.