Member Info for chilting

londoner Yes, that's an interesting point about when the crude sale transaction is completed and it could make big difference to Enquest's finances. If we assume that a load is paid on delivery rather than when it left the oil field.

Since the middle of April most loads have gone to Singapore, it would take a couple of months extra to get any revenue from a load that went to Singapore compared to Rotterdam.

So a load that left Kraken in mid April might not actually be sold until mid June - by that time Brent had recovered to over $40.

So what I am saying is that AB could have pulled a blinder and was selling Kraken crude into Rotterdam up until early April then switched to Singapore when Brent was low and avoided the low point in the market.

londoner
I could have got that wrong but I remember that there was a load that went to a Scandinavian port earlier in the year and there has been the odd random load from time to time but as you say maybe Enquest just distribute the cash to Cairn.
I think that maverick suggested there were specific Cairn loads - maybe he had knowledge this was the case.

It certainly is this week but long term M&S has its mojo back.

Yesterdays news will have a direct impact on M&S Turkey sales with many customers cancelling orders or not collecting, particularly the larger birds - all in all a bit of a disaster - especially as that are the largest Turkey retailer in the UK - hopefully the fact that they have sold more smaller birds this year will offset any losses.

londoner It seems that Habrut may already have crude onboard, she is showing a 11m draught, but that could be ballast.
Certainly she may take a second load from Kraken.

The smaller Cairn loads seem to go direct via the shuttle tanker to European ports for refining, so they should be easy to spot.

Petronordic and Petroatlantic were just built and commissioned just for Glen Lyon, its only in the last few years that they have serviced other fields. They are capable of 500k loads and as this is an Enquest load it probably will be.

Amendment to last post -
Petronordic is now due for a STS at Scapa Flo with the tanker Habrut.
Habrut is then due to sail to Gibraltar, so we are probably looking at a premium Kraken load that is eventually bound for Singapore.

It looks like TS may be leaving and heading south - Petronordic is to the north of AK, unless AK rotates this will be the direction that she would hook-up from - no sign of a hook-up yet.

The weather is improving and should be OK for a hook-up later this morning. My guess is that TS was on standby because the weather was marginal for the smaller Petroatlantic to go for the hook-up but weather is OK now so she is leaving.

Today is 11 days since the last tanker left - I guess this could be a hook-up for Cairn?

A case of Cairn v Enquest for a barrel of the hard stuff.

No early hook-up today but its only 10 days since the last tanker left.

Yes, he has a mountain of experience - after getting a degree in geology he spent about 18 years working as an executive for BP - he headed up the exploration of the Magnus Field off Shetland and later was their man in Venezuela, developing their assets in this oil rich country - an excellent choice.

The current weakness of the dollar is partly responsible for todays rise - Brent hit 52.4 at one stage - Brent has steadily been going up since the start of November so we are seeing good momentum now.
Hopefully next week will be when oil shares start to respond to the rise in Brent - they still lag the market by a considerable margin - the gap has to be filled at some stage.

TS is making excellent progress towards Kraken and is now just 18.5km away from AK.
She is traveling with purpose at over 15 knots, so its possible she could be going straight to a hook-up ahead of rough weather forecast tomorrow.
TS is a new shuttle tanker, built for Canadian waters, so it will be interesting to see what she is capable of.
Today is 9 days since the last tanker left.

I am not sure that we can read anything into AB's purchases of Enquest shares.
From memory, I think that the vast majority that he has purchased in the last few years have been for his charitable foundation - maybe he was just reducing his tax bill?

Sorry about the duel post - this board is loosing posts then they suddenly appear again.

Not guaranteed Kraken - it could still be a Cairn load, if its a short hook-up and TS goes direct to a European refinery.
However, if TS goes to Scapa Flo for a STS it will probably be another premium load for Singapore.

Lets hope Kraken - although if could still be a smaller load for Cairn - if it is the hook-up will be shorter and the crude will probably go direct via TS to a European refinery rather than a STS at Scapa Flo for another premium load to Singapore.

Change of plan - Petronordic is on her way to Bergen and Tidal Spirit is Kraken bound.
Tidal Spirit is much larger then Petronordic so a full load of 500k can be expected.
ATA is this evening and a hook-up tomorrow would be 10 days since the last tanker left but the forecast isn't good for the next few days and the hook-up may be delayed until Monday. However TS was built for Canadian waters so she could be able to handle a hook-up in adverse weather.

I think that the performance of others in the oil sector that has unfairly clouded investors judgement regarding Enquest - given a recovery in the oil price fortunes will change rapidly here.
However, looking at the fortunes of long term investors in other oil companies this year - notably Tullow, PMO and Hurricane - its hardly surprising that investors are cautious. I note that there was more bad news at HUR this morning.

It seems that the poor retail sales figures in November are having an adverse effect on the SP this morning - sales of clothing were particularly badly effected in the lockdown period.

But, it is important to remember that most M&S stores actually continued to trade throughout the period - all those that that had food stores in the same building - also food sales were good - so M&S should show good results for November.

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