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Onwards and upwards!!!

Apologies to the FT they obviously don't approve of copy and paste - but it is an old article.

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https://www.ft.com/content/20c58e84-a15b-11db-8bc1-0000779e2340

Teesland directors back McCabe bid















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Jim Pickard
January 11 2007
The independent directors of property fund manager Teesland on Thursday reiterated their backing for chairman Kevin McCabe’s takeover bid, amid fears that hedge fund Polygon is seeking to block the attempt.Polygon, which is known as an activist investor, this week raised its stake in the company to 21.4 per cent through contracts for differences. The hedge fund has not yet stated its intentions. Teesland said on Thursday that the £200m bid from Mr McCabe, who is also chairman of Sheffield United football club, was the only offer on the table. The offer price of 159¼p a share, through Mr McCabe’s private company SCAMP, is 38 per cent above the stock’s last close before the bid emerged.In a statement Teesland said: “The independent directors are unclear as to Polygon’s intentions regarding Teesland and, in light of recent press speculation, the independent directors confirm that, other than the offer made by SCAMP, Teesland has received no other approaches.”The fact that Teesland’s directors should make such a statement – without knowing Polygon’s intentions – is indicative of the growing power of hedge funds in takeover situations. Polygon’s has a reputation as an aggressive investor, stemming from its blocking last year of the attempted sale of telecoms company Telent to US investment group Fortress and its legal fight with British Energy, the nuclear power groupIt is also involved in the tussle over estate agents Countrywide, where it is now the largest shareholder. 3i, the private equity group, is backing a hotly-contested management buy-out of Countrywide. Having bought Teesland shares at the same level that Mr McCabe has pitched his offer, it appears that the hedge fund either wants to scupper the approach or force a higher bid from SCAMP or another party. But a higher bid does not seem a foregone conclusion given the price being offered by the executive chairman. Two separate groups – Insight Investment and Warner Estates – bid for the company a year ago at a much lower price. The SCAMP bid is on an earnings multiple of about 20.

This is old but interesting

https://www.ft.com/content/20c58e84-a15b-11db-8bc1-0000779e2340

Just watch CCL surge - tells you all you need to know!!!

https://www.lse.co.uk/SharePrice.asp?shareprice=CCL&share=Carnival

Both drugs are readily available - Abidol and Darunavir - Abidol seems to be the same as Tramadol and Darunavir is on the WHO Model List of Essential Medicines.

They must be substantial reports - the cost of both is $1,000

Hopefully we will see a change in credit rating soon - that is unrestricted information.

If we don't we can only assume that the report was neutral - the 2018 report said that to be upgraded Moody's were looking for the following -

"What Could Change the Rating - Up
The ratings could be upgraded should EnQuest further strengthen its reserve base in order to underpin average production above 70 kboepd while maintaining a 2P reserve life of at least ten years and avoiding that adjusted total debt to EBITDA rise above 3.0x under a range of oil price scenarios. "

So maybe the rating remains unchanged???

Quite agree Bellers - switching to Hydrogen on existing forecourts on a demand led basis has to be the best option.
ITM and Shell have already started the process - HGV's and Public Transport first followed by vans and then cars.
That should be achievable in the Governments 2035 time frame.

I think that todays update has certainly proved that Enquest is making good progress after a very protracted flat period dominated by its debts.
Todays rise of nearly 5% despite the poor market conditions for Brent is a good indicator of what can be achieved when the virus fears die down and business confidence returns.
I added Enquest to my watch list on 20th November 2017 - Brent was around $61 and rising - the SP today is just 0.9% higher - patience is the key but....

Its only Brent that's holding the SP back - as soon as Brent starts to rise again the SP will be back towards 30p in no time.

Production guidance for 2020 is realistic and in line with actual production in 2019.
The point here is that the weather in the second half of the year didn't impact production at all in the North Sea.
Apart from Kraken's poor start to the year it is difficult to see much room for improvement.
The extra wells at Kraken and Magnus will help but probably only to offset reductions elsewhere.
Enquest is fast approaching the time when it will need to develop new assets or turn to other revenue streams other than hydrocarbons.

Another reduction by Richard Griffiths - he has been steadily reducing for the last 18 months or more.

Modestus
Yes, certainly - the difference with Enquest now is that it isn't just at the mercy of Brent - although that is still a major factor.
Now we have a chance to grow the market cap as debt reduces - as long as output holds at around current levels.
Enquest will then thrive.

"Up to now HUR-management has delivered and more on all of their stated goals, so why wouldn't one have faith?"

That's what we thought when we invested in SXX - right up until last September but then they were let down by the lenders.

The AIS was slow to pick up SN last night- it seems that she left AK at around 21.00 - so that was a 26 hour hook up - draught is 12.3m - load seems to be around 500k.
She is heading for Scapa Flo and a STS with the tanker San Jacinto - another one of these large super tankers - so this is probably another long distance load heading initially for Suez.

Modestus
Yes, that is certainly a major advantage but the problem is the amount of investment they need to bring the field into full production - small companies don't seem to have access to funding at this level - add to that that the funding is for oil and it becomes even more difficult.
Looking at the SP, that step down at the beginning of December 2019 and the lack of response this January looks very ominous. Another step down would be very bad news and the shorts seem to be sensing blood.
I guess all will depend on how their Capital Markets Day goes in March - good luck!!!

Modestus
As a past investor with SXX I get the comparison only too well - no offence to HUR, you can have all the potential, but if no one will lend you the cash to develop the asset you are stuffed.
Its a failure that can only lead three ways - heavy dilution with a new partner - takeover when the market cap has reduced - or administration.
Be very wary - if they say that the funding process isn't working the SP will drop like a stone - then it is too late.

29 hours and counting - just waiting for AIS to pick up SN when she moves away from AK.

Now this is a very good read - especially when Proactive compare the market caps - a very solid case for avoiding Hurricane and choosing Enquest for investment.

https://www.proactiveinvestors.co.uk/companies/news/911851/is-hurricane-energy-the-next-sirius-minerals-the-uk-oil-shares-value-is-rooted-in-undeveloped-potential-911851.html

21 hours and counting.