Member Info for Auson

Troajan,

That's A.I. for ya just keep him away from my cars cos hes useless !

Squif,

An impairment is still an accounting judgement / strategy as we are the operator I think I would pay more attention to the statement that Enquest do not expect to recognise an impairment. Bumi have made an FPSO with issues hence the delayed acceptance and reduced payments to them, of course they needed have a balance sheet impairment.

I wasn't joking we are a sitting duck at this low price ! A cheeky offer at a decent premium over the 200 DMA should do it. The 7% debt could be refinanced at a lower rate by any of the bigger players.

IvaP,

Anyone with access to 50 grand and more than just the one brain cell I should imagine.

Amjad needs to be careful here or someone ( like INEOS ) will take us out cheap just for the tax credits to use on Chevron or Conocos NS assets.
https://www.energyvoice.com/oilandgas/north-sea/112008/ineos-said-made-takeover-bid-conocophillips-uk-arm/

Nicely timed to coincide with an EIA Crude and products draw. Should see Oil going a lot higher, shorters will be getting a little nervous. I doubt they want to pay over a fiver a share !

denby69,

Its not 8 quid either guess again.

Itsaponzi,

You've said some very negative things about Premier previously, have you changed your mind or do you just follow the action and post in hindsight like you were right all along ? I reckon even a stopped clock is right more often than you are.

Dol03,

My jingo I think you've got me an answer as to why the kitchen sinking. From Cairn
'All Shares were awarded at £1.6770 per Share, being the mid-market closing price of a Share on 12 March'

giro121,

Surely not he said 850 !

Could be the shorts are doing a reverse ferret.

I was wondering why Cairn put out the statement regarding the Indian court case delay one day before their results. I found the the timing quite curious, why not put all the news out together to balance good and bad somewhat ?

romaron,

Cairn have downgraded Kraken due to the production problems and have recognised an impairment on their balance sheet. Enquest RNSed they have not. DC4 still being completed but Kraken has had some performance issues unlike Catcher for Premier Oil.

Sorry about that Wassatt, but sometimes I just like to hear your voice. lol

Squif,

I think its worth noting that the largest trades today were buys and still quite small. 100 grand is not really institutional size.

romaron,

It not a great article but it makes the case for Cairn clearing the decks. Here's some more

'The downgrade at Kraken, which reduced the estimated proved and probable reserves contained in the field by 6.8m barrels of oil equivalent (boe) to 29m boe, had been flagged but the associated impairment, plus write-offs associated with its interest in former subsidiary Cairn India, saw it post a net loss of $1.27bn.

It is worth noting these are non-cash items and the company generated cash flow of $229m from its oil and gas production.

A decision on the long-running dispute with the Indian government from an independent arbitration panel is now up in the air and effectively Cairn’s assets in the country have been frozen since 2014.'

denby69,

Are we having a rights issue ?

On Cairn 'KITCHEN SINKING EXERCISE'

'The fact Cairn has taken the step of downgrading reserves on Kraken suggests it is taking a conservative stance, given its partner Enquest (ENQ) – itself down 8.8% at 16.85p – is sticking with the previous estimate.'

bonker99,

Well done but be careful with the stop they will take it if they can !

Troajan just the usual 12.9% morning drop on Enquest nothing special. Bought more.

GLA