Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
What do the typical person use to heat water for tea?
A lady in media complained about the prices on energy. Noticed she used gas-stove. Doubt its the most efficient way in the summer and in the winter there are probably better ways to heat your home. All about will and skill I guess
GLAD
@chilt
Did I mention anything related to esg or how come you bring that up?
Regaring flooding, are you thinking about Germany? When it comes to rivers theres a lot more to it then climate. City planning is one thing. It is of uttermost importance where and how you put up a building. Then one shall keep in mind that nature is not static, everything changes.
I think some of the main problems with the current set of renewables are the amount of waste, and there reliance on oil for construction and maintanence. In the end the only way for us to take care of our environment is to take care of our environment. Im optimistic we will find ways to survive but pessimistic we will start to care. People will continue fly across the world for vacation and hope actions have no consequences. If there are consequences from actions, then just hooe someone else takes care of it. We all deserve to be kings of the world and live in abundance, throwing waste around us and let someone else pay the bill
GLAD
@romaron
The premium in relation to brent is related to quality and geographical location. Which quality is most desired migh shift dramatically over time depening on how demand for e.g. flyung vs shiping changes. Geo might shift too e.g. due to china lockdown vs lockdown in europe. Dont think it is of relevance to imagine e.g. the gap between tapis and brent will be closed, it could widen or close or stay roughly the same the coming year. Fluctuate just as the market always fluctuates.
Looking at rhis it is importand to compare apples with apples and not e.g. 1 month future for tapis with cash brent. The actual selling procedure for enq is also complex and from what i know hidden for the public. Assume for instance AK will deliver a typical load with 500k barrels. Will enq get the whole or the partner get the whole or a proportion equal to the field interest? Maybe it is not static and varies. Maybe enq handle the selling procedure for a number of loads proportional to its interest but the profits are shared for each load.
Lets say AK sts shall take place in the range from day 0 to day 3. When is the oil sold and the price of it set? Price set 1 month before? Maybe the price is sometimes set when it reaches e.g. Singapore as some speculated? Again, har to know exactly how it is handled at the momen. Given the volatility of poo and the backwardation the timing and procedure migh make a significant difference.
GLAD
From what i knoe all hedges are pure financials and tied to brent. One can thus not really claim one field is hedged and another isnts. I would rather say all are hedged at the same level. Any premium or discount against brent for a specific oil is on top of that.
As an example, lets say 50% hedged (it is lower in reality as reported by the company) at brent $80 and production is 50k boepd. Lets say they have sold at brent $100 and average premium is $30.
That would mean 25k at average of $80+30 including hedge and 25k at $100+30, ie 50k at average of $(80+100)/2+30=$120 including hedge.
GLAD
Must be highly dependent on poo or? What if Brent ends the year at close to $200? That must bring in a lot more right? At current prices most conpany must make a profit, so any rise in price would result in let say something like 20% of the increase being paid as this extra tax
GLAD
@Tarmak
For the record my bet is 66.60 p in The Romaron Challenge. Before the levy i would say the sp was on track. With this derailment of uk (policy, or maybe the country as such) it looks a bit worse but still very much possible. 70 p today wouldnt be that expensive in my opinion.
With that said I must say that you are doing a fantastic job Tarmak/Kamrat!! You are definitely one of the persons that truly fulfill the purpose of having these kind of message boards! Good job! Keep it up!
GLAD
The below is sent to some of those in charge. To all of you I send my condolences.
Just close your eyes — and think of the UK. When I have done this in the past I have thought of beautiful things. When I do this today and think about e.g. your beautiful Queen Elizabeth II, I just feel sick.
I have thought of the UK as a fairly sustainable country. I have thought of the UK as a country that will not bow down for opportunists. I have thought of the UK as a country that stands up for national and European energy security. That realise all of the terrible disadvantages of fossil fuels, while at the same time realising how we desperately need it in the short term.
I have thought of the UK as a fairly sustainable country. I have invested some of my hard earned money in extracting some of the last drops of oil in the North sea that we so desperately need. I have thought of the UK as a fairly sustainable country, with a state of the art oil industry that scores well on environmental, safety and social comparisons. For several years the industry has struggled for survival, competing with devastating activities in e.g. the US and Canada. Then came the pandemic.
Now that oil production in the UK is once again profitable and got the chance to make up for lost years, you will introduce a "temporary" tax on those profits. Where were you when the industry gasped for breath, fighting for its survival? Where were you when the pandemic hit, fields were closed down for good, and hundreds of jobs lost forever? Where are you now, when we all rely so much more than needed on e.g. Russian oil and gas and dirty oil from elsewhere? A nation that forgets its past has no future. Was I so completely wrong in my belief about the UK?
I hope you have better thoughts about the UK than me. I hope you have the courage to stand up for what's right. To stand up and tell the truth even when it is hard. To be honest with every citizen of the country and the world. Now is the time to use resources carefully. Now is the time to tell the world that energy investments in the UK, in the past and in the future, are to be encouraged and appreciated. Now is the time to avoid a sudden tax hitting a single energy industry, an industry working hard to in the best possible way provide what all of us human beings need each and every single day.
All the best
Any suggestions on who to send it to?
GLAD
Hi all
In relation to the "windfall" tax, I plan to contact a few to express my condoleances.
Any suggestions on who, and how to get through?
Thinking about all MPs but noticed
"If more than six copies of the same email are received, all will be deleted"
Anyway, hoping for a better tomorrow for the UK.
GLAD
Jan Im quite sure i got the highest bet at 66,6 p. If im not mistaken my bet was also the first (60p something and then quickly adjusted before any other bet in the same ballpark). Still possible sp will be below 30 p at year end. Currently it however looks promising that brent and especially the sp will continue its trend upwards
GLAD
"Acquisitions would be self-funding, and he announced the new 0.5x EBITDA"
Note that 0.5x EBITDA implies debt can, and probably will, be part of financing any aquisition of a producing asset. To some extent the same goes for development of new fields.
I like the quote romaron reiterate every now and then
"explore out of equity, develop out of debt"
Jim Buckee, or where did you pick it up @romaron?
Anyway thats the way for Enq, and any company for that matter, in my opinion. Need to finde the proper level of course. Enq set the level they strive towards and I hope they never aim for 0 debt.
Better return some to the owners and spend on capex/deals.
GLAD
Some time back i think i posted that ep might end up at foinaven, and that foinaven is of strategic relevance since it utilise svt. One way or another i think enq want foinaven to continue deliver. Seems like a fairly good fit but no idea if ep is the right fpso for the job
GLAD