Member Info for chilting

Reading the Shetland News it makes you realise just how high profile Enquest are in Shetland since they took over the running of Sullom Voe. I see that they have cut operating costs at the terminal by 25% in the last year.

I guess one reason for the STS was for a vote of confidence in Sullom Voe by Enquest and the positive PR.

Well Sirius have certainly taken it up a notch now - this endorsement by Gina gives massive credibility to the whole project and should help the Bankers to provide their stage 2 funding - all we need now are the final torps.

Also the cash is the bank through to Q2 2019 - maybe that will help to make all of stage 2 plus the extra needed to be all borrowing.

It would be very unlikely that the SP would fall below the rights issue price - the existing capital plus the capital to be raised would still value the company at well above the rights issue price.

This also usually ensures that the rights issue shares are a bargain - I would guess they could even be offered at just below 20p..

A rights issue to cover the cost of the extra expenditure identified in the last RNS would be ok but not an open offer.

At least with a rights issue it is only existing shareholders who benefit and even those that don't buy can sell their rights.

The opportunity for investors to purchase some cheap shares in a rights offer for around the 20p mark would go some way to compensate for the reduction of dividend income later.

After yesterdays aborted attempt at a break though we await another attempt.

The good news is that the hedge funds are pilling into Brent so hopefully the break though will come soon.

Shorts love the volatility created by uncertainty - I guess they will be sniffing around until after stage 2 funding - we could I think see more wild swings.

Its high risk for them though, they can get badly caught out - hopefully !!!

Total stock out on loan in August was reported at 9.02% by Euroclear so shorts could be over 10% by now ???

It will be after 2nd October when the SP goes ex rights - actual last payment day is 19th October.

Brent in a strong push for $80 - EIA due in less than 10 mins.

Select log on as guest - then select month - latest available is August.

https://my.euroclear.com/en/login.html?resource=%2Fcontent%2Foperations%2Fapps%2Fen%2Fmonthly-stock-loan-data.html&$$login$$=%24%24login%24%24&j_reason=unknown&j_reason_code=unknown#

Yes, Euroclear is down at the end of August compared to July - hopefully it will stay that way.

Marshall Wace are up 0.18% to 0.77% - as at 7th September.

No other short positions recorded on Castellian.

L3

Maybe but I think traders are still risk adverse probably because of the threat of sanctions.

But general trend is still up over the long term.

Interesting times - Brent may break through $80 - WTI may finally get through the $70.41 resistance that it has been trying to break since July.

EIA has revised US production down for this year and next but it is worries about Florence that have pushed up POO.

OPEC monthly production figures due out today could reverse gains.

Speedway is now moored alongside the number 4 jetty waiting for Heather - switch to sattelite map to see the full detail.

https://www.marinetraffic.com/en/ais/home/centerx:-1.298/centery:60.463/zoom:15

Thank you Matrix

Pay day for rights issue is Friday 19th October as stated on RNS.

I contacted share.com today regarding the timetable for the rights issue.

The ex date as we know is 2nd October.

They expect the pay day to be on or around Monday 22nd October.

I guess Enquest would just use contractors from other EU counties - but probably bad news for UK based oil support companies.

I certainly agree - profit taken - I am out.

The gap between Brent and WTI has now opened up to more than $10.

This is great news for Enquest because the Americans need the heavy Kraken oil to blend with their light crude.

I note though that some North Sea oil may be slow to get to market - the fully loaded super tanker Marbet has only just left for Singapore after a wait of several months south east of Orkney.

"Additional potential in the Kraken area is being reviewed for further possible drilling options in 2019 - 2020"

Is this new information???