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Great meeting yesterday with Nick Griffiths from the awesome DevClever. Fantastic developments in computer games, VR, education and career advice. Their Victor AI and VR career bot looks amazing! Looking forward to our tour of Games and VFX at Staffordshire University soon. Potentially great opportunities for our graduates.

Enquest expect to see the water cut to drop post DC4 wells coming online. From the analyst call: Martin Mentiply Yes, so the first question was around what's happening at the end of the water cut plot? That is driven by the single train operations that we have been operating on since mid-December so, because we've been operating on single trains, we can then prioritize wells with lower water cut. So the DC4 wells, they have, they don't figure on this plot yet. The final DC4 well only came on a few days ago. So when those wells are on, then we would expect the field water cut to drop because you're producing significant volumes of dry oil. And then the second question was, what do you expect that water cut trend to look like? And really what we have is we have reservoir simulation models that make prediction on that, and we're expecting to see a drop when DC4 comes on and then really a continuation of that gradient.

Money where his mouth is CEO buys another £534k tranche of 2.9 million shares. 2019 will be another year of rapid deleverage combination of EBITDA growth and free cash flow.

Amjad Bseisu I think we said we were operating on one train year-to-date. So what we are saying is we will be 30,000 to 35,000 throughout the year, and we're confident. We have 2 trains running now. And I think we're confident that we will get in the range that we talked about. Again, on a portfolio basis, Kraken represents maybe 1/3 of our production, and the other 2/3 which have, Magnus has significantly outperformed, other assets have also outperformed. And so we are confident that we will be in the range of 63,000 to 70,000, and we're confident we'll deliver both on the financial returns that we're talking about and also on the production growth that we're talking about. We're absolutely confident.

Amjad Bseisu No, we said we're on one train, so we produce less than we expected obviously, less than the 30,000 to 35,000 year-to-date. But I think we're confident that we're running on 2 trains now, and we will deliver on our production target for the year.

Key changes at Kraken: 2 trains running now DC4 well online Production ramping up

Forecasts now for $80 Brent potential for rapid deleverage here.

An advance in the oil price from $60 to $70 a barrel will increase Enquest EBITDA by $150 million.

Hi Pelle, Agreed the free cash flow plus asset value alone place Enquest at a considerably higher market cap.

Broker targets are inconsistent JP Morgan Cazenove 01/03 Reiterates Neutral Neutral 35.00p

Agreed ;) The broker targets were completely out for PMO last year before the massive rise there and we’ll see the same here. Traded volume has been significant recently so some instos are adding and churning the stock. Once the shenanigans are over value will out.

How long before the sp reflects the value? The Magnus acquisition alone added approximately $500 million of value including a significant increase to both existing 2P reserves and annual production.

Expect increases from Q2 onwards when DC4 is online.

CEO buys another £533k tranche of 2.9 million shares. 2019 will be another year of rapid deleverage combination of EBITDA growth and free cash flow.

Profitaker yes apologies I meant to post the following from the analyst call: In terms of oil price sensitivity, if you follow our guidance and taking into account our hedging, we would anticipate an increase in the oil price from $60 to $70 a barrel to increase EBITDA in the region of $150 million. As Amjad mentioned earlier, if we execute on our plans, we'll be approaching net debt-to-EBITDA ratio of around 2x by the end of 2019, and we, when we intend to operate within a range of 1 or 2x.

Looking ahead, Moody's projects that incremental contribution from the 75% interest in Magnus (assumed to be acquired on 1 January 2019) combined with the continuing ramp-up of Kraken should lift EnQuest's average production by around 20% in 2019. Assuming a Brent price of $65 per barrel and capex of $250 million, EnQuest should generate EBITDA and FCF of around $950 million and $450 million respectively in 2019. Moody's expects that this cash surplus will be used to reduce adjusted debt, including inter alia the amortisation of the secured term loan, BP vendor loan and BP's profit share. Overall, Moody's estimates that this will help bring leverage down towards 3.0x at year-end 2019.

In terms of oil price sensitivity, based on 2019 guidance, an increase in the oil price from $60 to $70 a barrel will increase EBITDA by $150 million.

2019 will be another year of rapid deleverage a combination of EBITDA growth and free cash generation as we have seen in 2018. At some point the share price will re-rate to reflect this.

Enquest (ENQ) Given New GBX 35 Price Target at JPMorgan Chase & Co. Gemma CottrellTuesday, March 26th, 2019 Enquest (LON:ENQ) had its price target reduced by JPMorgan Chase & Co. from GBX 37 ($0.48) to GBX 35 ($0.46) in a research note published on Friday, March 1st. They currently have a neutral rating on the oil and gas development company’s stock.

Saudi Arabia Is Set To Drop Exports Even More HFIRMar. 25, 2019 7:03 PM Summary The Saudis have followed through on dropping crude exports. Early guidance for April is that exports will fall to ~6.5 mb/d. This implies Saudi exports to the US will be sub ~400k b/d. By early April, if Aramco keeps OSP the same to the US, then you know exports for May will also be low. We don't think the market realizes just how bullish this is.