Member Info for Discodave4561

budd
Thought I read in the prospectus that holders of 200 shares or less are excluded from the RI.

DD

E121 & L3
Yep extrapolating, okay they haven’t stated specifically 62kboepd H2 but that would equate to an average of 58kboepd for the year which they have maintained as upper guidance - so in my book they are saying 62kboepd H2 is possible,

DD

Gold
Record date for the RI is 26th September.

MO - If you don’t take up your rights your holding will be diluted, circa 30% if you don’t take up any at all.

DD

E121
They have said they could be doing 62kboepd in H2.

DD

Correction - negative points about everything, not just debt/financing, most of which are not valid (as posted previously regarding growth in production etc).

L3
You are new here and you post balanced views which I appreciate. What I don’t appreciate as an investor here is repetition either way one or another, we have our fair share of trolls and cry babies.
I’ve held here 2.5 years and Fernan has been posting negatively here for six months or so now and tbh I’m getting bored of it, it’s the same old same old, any opportunity to crunch numbers without ever focussing on the value here is IMO of no value whatsoever (no pun intended).
Have filtered him before and will again if he can’t answer the questions I have put to him. Not bashing just asking him questions that I guess he will not answer because he would sooner just keep posting up negative points about debt.

DD

Fernan
Your second post yesterday:
“I read that some posters on this board are hopefull of better returns in the future because "production is growing". how do they know that?” - Are you taking the ****!, last year 37kboepd, this year guidance, on track, 50kboepd to 58kboepd.
“The information (or the lack of) provided my management makes it impossible to forecast near term production for indiviual fields, much less for the company.” Once again are you taking the ****!, do you seriously expect them to give monthly/quarterly updates on each well at each field and their forecasts, think you’re having a giraffe!.

Your third post was headed “Negatives of today’s RNS”, please cam you post up what you think are the positives.
Also, post up what you have valued ENQ at if you don’t mind.

Regards
DD

Fernan
In my oppinion you’re wrong, they needed to raise funds as the data room in Jan clearly didn’t get them the offers they wanted for 20% farm out of K ($400m+). IMO They we’re going to go for 75% Magnus given they had built up a better understanding of its potential and they have achieved that at least cost.
You are I guess not a holder but seek pleasure in scrutinising the negatives all the time, which is fine if it’s balanced but in your case it never is.
You posted earlier how you value ENQ but once again have failed to post up what that is, as ever just focusing on negatives.
This is worth at least 60p-70p if they achieve 7p-8p eps at year end.

Think it’s time the cage had another guest.

DD

that’s “posts yesterday”

Fernan
So what do you value ENQ at?
Try posting up as much detail on earnings, pbt, eps, as you do on debt.

You previously posted:
“Lack of justification to do a right issue to buy Magnus, after agreeing a ring-fence financing using Kraken cash flows.”

Are you serious!, please support this negative statement (most of your early pistscyesterday were just that, negative and with zero substance - unlike you constant focus on outgoings and debt).

Just my opinion (only one p not two!).
DD

L3
Thanks, you clearly know your way around a BS and P&L, nice to have you passing on your knowledge here. Ditto E121 and Fernan - who I know is not a deramper, will read his posts but never any balance, so yes will always question his motives.

Magnus deal is a no brainier IMO, as a shareholder I’m more than happy to help fund an earnings accretive acquisition which has a likely payback of less than two years and which will then add circa $160m (ish) straight to the bottom line.
They always had to find additional funds at some point but I’m happy in how they have achieved and managed that in the best interests of shareholders - me!.

Regards
DD

From the earnings call transcript:
With regards to the Magnus loan “ the vendor loan will actually be $100m rather than $200m”, so that’s $20m pa over five years.
With regards to K production they mention “36k boepd average for August”. They also mentioned that there will be no problem paying the RCF for October.
https://seekingalpha.com/article/4205046-enquest-plc-enquf-ceo-amjad-bseisu-q2-2018-results-earnings-call-transcript

DD
PS Fernan my apologies, it wasn’t you who mentioned the lack of underwriters for the RI. That said I will not apologise for stating how negative you always are here when posting, seem to enjoy it too which asks questions about your motives!.

Fernan,
As usual you always feel the need to put a negative slant on news here. You posted earlier that there was no underwriters for the RI, which I suspect you know not to be true, or you just thought you would put a bit more negativity out there, as always. You managed to find a snippet of negativity (in your opinion) on page 276 out of 344, phew, but failed from what I can see in correcting your earlier post about the RI not being underwritten, which was on page 20, tut tut:”The Rights Issue is fully underwritten (other than those New Ordinary Shares which Double A Limited and the EnQuest EBT have irrevocably undertaken to subscribe for, as described below) by the Joint Bookrunners in accordance with the terms and subject to the conditions of the Underwriting Agreement.”

DD

Happy with the news today, happy to increase my holding by 9% at a sale ticket 37% off, with no dilution and my money used to invest in an asset that is likely to have a payback of less than 18 months. This is on a forward PE of about 4 and is cash generative and reducing debt......bargain IMO.
Those that are no doubt whimpering are too focussed on looking in the rear view mirror and the daily sp movement, if you don’t like it and completely mistrust the BOD then sell up, I’m happy to buy your shares too before ex day, as I’m sure many others are too!.
Just may take a while longer to get to 60p but the risks are minimised and the growth is more assured, thus so are my profits (providing poo plays ball, naturally).

Rom - Excellent posts, thanks.

DD

Auson,
You posted earlier in agreement with squiffy, May I ask what was it you agreed?.
Sorry but are you now saying the gaps you posted are not gaps but resistance points?, no offence but that’s very misleading, as I posted, there are no gaps that I can see.

DD

No TA but not all gaps are filled, depends what type of gap it is, I see no gaps to be concerned about below it’s current sp.
This has gained over 35% in the past 3 months or so and can guess that a certain iffy squiffy is still crying and knocking the Compamy.......why would someone who holds (allegedly, pmsl) do that I wonder, particularly with results a couple of days away!?, say no more, best kept locked up IMO.

GL
DD

Hi Jan, thanks for that, sounds about right to me.........proper schoolboy error yesterday in my calcs, oh well, lol.
Hope you and the family are having a good time, our patience here will be rewarded and hopefully fund a few nice holidays!.

All the best,
DD

Please ignore my last stupid posting everyone - it’s been a long day.
Yep Jan $300m should be within reach - using average daily prod and forgetting gross prod for half the period is my mistake of the day!.

Don’t think I will be able to,post again, the shame!, lol.

DD

Hi Jan, hope you are well.
Unless I’m missing something, probably am, but from quick calcs I reckon EBITDA will be higher than $300m.
For 2017 the average price Brent was $54, this year to-date its averaged $71, an increase of 31%.
For 2017 average net production was 37k boepd, this year to end April it was 56k boepd (with net K only averaging 21k boepd, what’s its average likely to have been for the extra 2 months to end June?, net 25k?). Just using average prod to end April it could be up about 50%. So with Brent up 31% and prod up say 50% for H1 when compared to the whole of 2017, then why would EBITDA be the same!?........could be $400m. Appreciate it’s a lot more complex than my back of a fag packet quick calc but as a guide?.....plus I’m lazy and got better things to do than get it to the cent......or as I said I’m missing something!.

DD

Hi MO,
Will see if they do issue an Ops update in the week (they didn’t the year before last), either way H1 is 6th/7th Sept.
This article says what most longs (including myself) think, just need the market to think the same as well, which I’m sure in time it will:
https://www.fool.co.uk/investing/2018/08/17/3-top-oil-stocks-id-buy-today/

DD