Member Info for Dumbly

Sleight of hand…

Surely, the shares to be held for Employee Benefit Trust should be in addition to the $15m shareback. Otherwise, there has been slight of hand. The 25m shares at current SP represent about a third of the $15m. This liability of the ENT is separate and pre-existing to the Buy-backs announced? So is the Buyback $15 minus or plus the liability of the EBT?

If they could, they should buy the whole $15m now at or around the current SP. Could this arrangement with ML have allowed then to secure options to purchase shares at or around the current SP?

BT, as far as I recall there is only 1 analyst note (Cannacord) currently at 33p or more. When the majority of the analysts have 33p+ it will be closer to unbelievable.

Does anyone know if there is available a consolidated list of the targets if the 5 analysts covering EnQuest?

https://www.enquest.com/investors/analyst-coverage

(James Hosie left BC over 6 months ago)

You said it right, Modestus, hypocrites.

How do people think these armaments are made and what do they run on.

It is but a small step from this to declare investments in UK oil and gas also an ethical investment.

Worth reading again what Sunky said:

He [Sunak] said: “There is nothing more ethical than defending our way of life from those who threaten it.”

At the same time, a joint statement was released by the Treasury and Investment Association on Tuesday which added that the defence [and oil and gas] industry “contributes to our national security, defends the civil liberties we all enjoy, while delivering long-term returns for pensions funds and retail investors”.

It added: “Investing in good, high-quality, well-run defence [and oil and gas] companies is compatible with ESG considerations as long-term sustainable investment is about helping all sectors and all companies in the economy succeed.”

Thanks, Therapist, I’d missed that when Mod posted it. It is reassuring to know EnQuest has direct and high quality input into OEUK, and now mainly from the smaller companies operating in the UKCS. ( Brindex seems to have become fairly non-consequential.)

Oil back over $90 following reports of missile attacks in Western Iran, Iraq, and Syria.

Agreed, Modestus. Hartshead is in a position to be sort of saying, mainly to Labour at this point, we can consider to continue and develop this opportunity, but only if you also want us to, and your preference in this regard will be signaled by your decisions on the relevant fiscal policy. EnQuest with regards to developing oil production at Bressay has positioned themselves to be in a similar position and are saying something similar (to Labour). I expect a similar and further honed message to be main one from the industry to the politicians.

Your choice on policies, our choice on investments!

Schle, agree on debt, but I am interested to see how the company manages to both reduce debt, and maintain the reduced position, and achieve its stated growth ambitions.

By the end of this month, and after they decide whether to buy or cancel shares.

The AB CNBC interview TTB referred to: https://cnb.cx/3U37F2G

Stevo, Therapist, re point 4 on your posts of 11/4, I asked IR today: “Regarding the big gas discovery in Indonesia and EnQuest’s participation with an affiliated company, is there any update available with further details, including who the affiliated company is?”

I also submitted this question at the start of last week’s PI presentation but it was not answered then or since.

Just over a month ago WP said their focus was buying UK production to use their tax losses. The expectation was to fund this thru the bond market.

https://www.energyvoice.com/oilandgas/549197/uk-north-sea-acquisitions-are-waldorfs-focus-for-2024/

“Waldorf Production shared earlier this year that it was planning to sell its stakes in a pair of CNOOC operated North Sea oilfields. However, it did say that it wanted to buy up larger UK projects soon.”

“The Waldorf CFO said: “We are in multiple discussions ongoing with our peers at the moment to acquire producing barrels in the North Sea that we can quickly slot into the entities with the tax losses to then crystallise the nearly $700 million of nominal value that we have available.””

“To be able to fund acquisitions we would, depending on the size of the acquisition, our idea would be definitely to come back to the bond markets to to raise additional funds, to acquire new assets.”

What happens next…

No intention to trivialise war or even suggest a desire to benefit from conflict, but I hope the people responsible for our defense understand Cruise missiles, long-range drones, warships, trucks and tanks are not fueled by electricity, “clean” or otherwise!

Thank you, all, for the comments about the Neo possibility I floated. The comments were constructive and helpful in understanding things better. It does now feel a rather whimsical (and too risky) possibility. Something will happen at the right time and with the right conditions. Management considering the game they decided to play and the hands they have been dealt really does seem to be playing excellently. On Bressay, they will appease the ESG crowd, reduce Kraken diesel costs, and pave the way to be in a position to stop without major financial consequences or move forward. They should be in a position to sort of say to Labour, would you, for the benefit of the country and your objectives, like we consider to move forward and produce oil from Bressay or not? Labour’s answer would come in the form of their decisions regarding the fiscal conditions they decide upon.

You can call me “Dumbly-the-dreamer” :)

https://www.woodmac.com/news/opinion/neo-energy-sval-energi-sale-rumours/

Stevo, I know you’ve explained EnQuest, with its tax credits, would benefit more from buying profitable existing production than investing to have more investment allowances to reduce its EPL. Any brief high-level comment you could make on the tax-attractiveness of M&A between the two companies would be appreciated. (Let’s assume Neo does not have tax credits/losses.) TIA.

Could the minnow buy the big fish?

Would be “transformational” and help reach pronto that top quartile target.

Would accelerate releasing the value from E’s tax credits.

Must be many operational, and other, synergies.

Balances oil and gas production.

Managing mature assets R US.

Hitecvision, owners of Neo, as “serial entrepreneurs” and energy investment specialists should be well placed to being open to finding creative deal solutions to benefit all.

https://www.energyvoice.com/oilandgas/551595/definite-potential-for-neo-acquisition-with-risk-to-buyer/?utm_source=Sailthru&utm_medium=email&utm_campaign=Energy%20Voice%20Daily%20Newsletter%20B%202024-04-12&utm_term=Energy%20Voice%20-%20Newsletter%20%28B%20Test%29

“If a domestic firm did decide to pick up NEO Energy, it could “utilise the investment allowances under the Energy Profits Levy so we feel it could probably benefit a UK taxpayer.”

However, he did add that a deal to takeover NEO Energy will need to be undertaken by a firm with “deep pockets.”

NEO Energy’s portfolio is made up of a balance of oil and gas may be seen as a good thing by potential buyers, however, the maturity of its projects could prove to be a deterrent.”

Stevo, not sure if this will work, but below should be the recording of today’s presentation. It’s around an hour.

On your question 4, the big gas discovery in Indonesia, I submitted a question but, rather strangely, it was not acknowledged or answered.

https://presentations.investormeetcompany.com/investor-meet-company/ENQUEST-PLC-Results-for-the-year-ended-31-December-2023?bmid=f89b637caa35

Nobull, Hunty and co made a calculation that there are likely far more votes gained by tax cuts than votes lost by extending the EPL date. They had to appease the OBR and the bond markets, and there was the additional benefit of removing money from RR’s future purse. They also considered the chance, anyway, of them being in government in a year’s time somewhere between remote and impossible, so do not care that much of the consequences.

Jezza is neither a stupid man or a stupid Chancellor, he’s a… Cupid Stunt.