Member Info for epiphany121

And Hydra was trying to gain entrance to the AGM by flaunting his 35p pocket money....

Moffa, If you've read the 2017 Annual Report, you would've noted a couple of points. 1. There's a $270 debt repayment due in October 2018 and that constitutes a large repayment!! It's not another that you suggest 2. When the average brent price for the past 6 months prior to when the half-yearly interest payment is due on the LT term, then the interest payment HAS to be in cash Along with the timing of receipts from oil sales along with cash operating expenditure, this can easily have impact on cash on hand at a given point in time, early in the year. Scour through previous years' H1 reports and look up cash spend in H1, you'll find that cash spend is front-end loaded, and tapers off in H2. You consider the above, and you start getting a sense for why it's difficult to make an assessment on cash based on such limited information that's put out in the RNS. That to me is a no-brainer. Best

I don't link on virus infested links, Hydra (this beast is with a single head sadly)...

Hyd doesn't quite know whether he wants to spend his 35p pocket money on Candy Floss or a share of Enquest and is pushing for the SP to get there. Hyd doesn't realise yet that they can't buy 1 share on the market with that pocket money (forgot about share dealing commission). Oh well!!!!

You can never go wrong when you blame Trump

On the 5 shares you bought, you can't even be missing buying your daily candy floss on your 20%, can you?

And we still are. Nothing's changed with you ;-)

Squiffy - have you sold your 90 shares today?

Read my other posts, Iffy Squiffy. Maybe you can read and digest, maybe you can comprehend another point of view

I didn't think we were getting a re-rate today, KO. I even said I won't be surprised if we fall 10% today and here we are. It's just the way it goes.

You're wrong as usual, Squiffy

Jan, I know it's not easy, but let's take a seat on a Lazyboy and relax. I've built up a very large position in Enq and in the short term the decline hurts, but fundamentally nothing has changed with the RNS this morning. For me the Bullish story is still intact and contrary to the despair of multiple clueless numpties on this board, drown out the noise and assess the fundamentals. Is Enq growing it's production? Is the debt being whittled down? Is the POO relatively high (anything above $65 is fab)? If yes to all of these, try and ignore day to day movements (hour by hour even). Give time for the fundamentals to work their way through the SP. The numpties talking about cash levels at the end of April need to consider quite a few things 1. Operating expenditure 2. Drilling expenses 3. Timing of cash receipt from oil sales 4. Magnus sales (25%) currently go to paying off Magnus 'debt' of $85 million to BP for the initial 25% stake, till that is repaid. Give it another one or two quarterly updates (well HY update next), and I'll be the first to acknowledge if my assessment has been wrong if the operational performance goes downhill from these levels. Best

I'll give you 20% more; can you sell your 10 shares to me? You can buy an extra toffee you know...

I don't know about today, but we'll certainly be back breaking the highs soon. Let the short term'rs and the blind sell out first and a lower POO only accentuates any potential down move. Give this another 6 months and we'll be laughing our way to the bank.

Jan, If you read the RNS carefully, you'll see that Kraken's contribution is 21K BOEPD (70% WI) out of the 56K BOEPD. Imagine what happens even if we get an average ramp up to 28K BOEPD for the entire year. Here's keeping my fingers crossed. Watch those tankers!!! ;-)

Auson, Enquest is on track to produce circa 20 million barrels this year. Hedging of 7.5 million barrels, which was done prior to the March update, was a prudent move, in my mind. At that time there was still a lot of uncertainty over what would happen to POO over a 6 month period and it was good to lock in prices at that level. Please remember that we don't get Brent spot prices for Kraken sales, as the Kraken oil is slightly heavier and the oil is sold at small discount (less than $5 a barrel is what we know). I certainly believe that today, we won't have the joy of a rebound that PMO did. POO is trending lower and the weak hands in ENQ are being shaken out. I won't rule out a 10% lower close today.

Chaps, Look, I agree that the update doesn't have great optics such as lifting the production target range from 50K to 58K, and the likes. Is this likely to happen in reality over the next few months - I certainly believe so. With even Kraken not producing as much as I like in March/April, we were still at 56K BOEPD and that's good. Even assuming the Kraken stabilises around the 40K figure and with the new Heather and Magnus well working, the 50 to 58K is a very conservative number. Yet another positive optic is the fact that Enquest is paying down debt in advance. With increased cashflow in the next few months, we'll see this happen more, along with the paydown of the tranche in October. AB/Enquest had a series of production target misses last year and I'm sure he's keen to avoid promising larger numbers, even though all internal forecasts are pointing that way, in order to regain credibility with the market. With all that said, would I be surprised to see a 10% down-day today? No. That's the just ST trader reaction. I'll add more if it does fall significantly from these levels. GLA

All in all this was a great update. Production at Kraken is not yet at optimal capacity, I suppose. But averaging 56K BOEPD is good, along with some debt retirement in May. As the year goes, additional cash will be generated and net debt to fall even more.

It doesn't help WTI that copious amounts of (ultra) light sweet oil is being extracted out of the Permian and Eagle Ford shale formations, and as such Brent WTI differentials will continue to widen. It's nothing to do with the gullibility of either sets of traders ;-). I'm sure these traders trade both WTI and Brent. Not many refineries in the US can process oil sweet crude and hence, Brent is the oil of choice with them and why RBOB gasoline pricing is based on Brent prices. Now, Don't get me started on clown and the pandering numpty in the white house. He'd say and do anything to pander to his core, and that includes empty rhetoric about high oil prices. Does he really have lasting effect on the price of oil - not really, in my assessment. Today's price action with POO was telling in the face of the huge build we had in US crude stocks. It's looking very bullish for POO in the near term. Here's hoping for a great update tomorrow morning. GLA..

It wasn't a draw, Jan - that would've been bullish. It's a build and hence the bearishness.