Pmo vs enq10 Jan 2020 12:41
The price PMO is paying for Andrew field of $450 million for 34mmboe 2p+2c makes Enquest look highly undervalued. The oil content is probably around 22 million barrels and probably represents around $16 per barrel of oil.
Enquest has over 200 million barrels of 2p North sea oil reserves and similar tax advantages. Based on the PMO deal Enquest should be worth an enterprise value of at least 3 billion dollars on a takeout basis or around 70p per share.